Turning a Profit in the Event Planning Business

Turning a Profit in the Event Planning Business

Charging enough—but not too much—for your event planning services is key to ongoing business success. It’s important for first-time business owners to be cautious when they estimate the cost of holding events. Your goal when pricing a service is to mark up the labor, and costs of materials sufficiently to cover overhead expenses and generate an acceptable profit.

Typicallyfee’s are determined by three factors:
1. Experience Level & Reputation
Whether you are just staring out or have been in the industry with the experience to show its recommended to not undercharge or overcharge.

2. Niche Market (Your Audience)
There are different fee structures for each industry; social events charge differently than corporate events. For the social events industry, planners charge a fee for their services – PLUS – a percentage of vendor fees. If Social Event Planners were to break down their fee into an hourly charge, they would make anywhere from $12 to $75 per hour, plus vendor commissions.
In the corporate events industry, planners charge a fee for their services, plus a handling charge for each item they contract. For example, a planner buys flowers from a florist, marks them up (usually by 15 percent) and charges that amount to the client. Another method of invoicing is via a flat fee, or “project fee,” typically used when the event is large and the corporation wants to be given a “not to exceed” figure. Hourly rate for corporate planners can be between $16 and $150, plus vendor commissions.

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