![How to plan and track the budget of your virtual event planning agency [template]](http://onlineyougrow.com/cdn/shop/articles/cov-budget-9_23077201-5cad-4f05-9f86-dd8995341ef6.png?v=1715856585&width=1100)
If you don’t plan and track your virtual event budget properly, you're setting yourself up for failure.
When we developed our strategy pack for virtual event planners, we saw a lot of event organizers struggling with finances and planning.
They were disorganized, had no grasp of cash flow, and were drowning in financial troubles despite having substantial bookings.
Don’t let this be you—stand out and succeed.
We’ve created a small, free tool to help you get started: our Budget Tracker and Planner. Let’s turn your virtual event finances around and set you on the path to success!
Get the budget tracker tailored for planning agencies
Most planning agency owners don't know how to plan and track their budget. This spreadsheet will help you.
Example of a full budget for planning agencies
Here is an example of a (very) detailed budget for a virtual event planning agency, to give you some inspiration
1. Software and Subscriptions
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Event Management Software | Platform for managing virtual events | $500 | $6,000 |
| Video Conferencing Tools | Zoom, Microsoft Teams, etc. | $200 | $2,400 |
| Project Management Tools | Asana, Trello, etc. | $100 | $1,200 |
| Design Software | Adobe Creative Cloud, Canva Pro | $50 | $600 |
| Internet & Phone | High-speed internet and business phone | $150 | $1,800 |
| Cloud Storage | Google Drive, Dropbox, etc. | $50 | $600 |
| Insurance | Business liability insurance | $100 | $1,200 |
2. Salaries & Wages
| Position | Number of Employees | Monthly Cost per Employee | Total Monthly Cost | Annual Cost |
|---|---|---|---|---|
| Event Manager | 1 | $4,000 | $4,000 | $48,000 |
| Event Coordinator | 2 | $3,000 | $6,000 | $72,000 |
| Technical Support | 1 | $3,500 | $3,500 | $42,000 |
| Marketing Specialist | 1 | $3,000 | $3,000 | $36,000 |
| Graphic Designer | 1 | $2,500 | $2,500 | $30,000 |
| Customer Support | 2 | $2,000 | $4,000 | $48,000 |
3. Marketing & Advertising
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Online Advertising | Google Ads, Facebook Ads, etc. | $300 | $3,600 |
| Social Media Management | Managing social media accounts | $500 | $6,000 |
| Email Marketing | Email campaigns and newsletters | $150 | $1,800 |
| Content Creation | Blog posts, videos, graphics | $200 | $2,400 |
| SEO Services | Search engine optimization | $300 | $3,600 |
| Website Maintenance | Hosting, domain, updates | $100 | $1,200 |
4. Miscellaneous Expenses
| Item | Description | Monthly Cost | Annual Cost |
|---|---|---|---|
| Office Supplies | Stationery, pens, printer ink, etc. | $100 | $1,200 |
| Staff Training | Training programs and materials | $200 | $2,400 |
| Contingency Fund | Emergency repairs and unexpected costs | $500 | $6,000 |
| Client Gifts | Thank you gifts for clients | $100 | $1,200 |
| Professional Memberships | Industry associations and memberships | $50 | $600 |
Some planning agencies make 5x more profit than you!
We have studied the strategies of the best planning agencies in the world. Replicate them now!
What are the biggest expenses for a virtual event planning agency?
Be mindful of these potential pitfalls. Here are five major costs every virtual event planning agency needs to consider, along with some tips on how to manage them effectively.
- Technology and software costsThese can consume a significant portion of your budget. You're dealing with various platforms, tools, and software subscriptions that can fluctuate based on usage, updates, and licensing fees. To keep these costs in check, focus on using versatile, multi-functional tools, negotiate better rates with vendors, and regularly review your subscriptions to eliminate unnecessary expenses. It's easy to overspend by opting for high-end software that doesn’t add enough value.
- Your teamYour team is your backbone, but paying for their salaries, benefits, and training can be costly. This expense is always high because you need a skilled team to deliver exceptional virtual events and keep operations running smoothly. You can optimize labor costs by scheduling efficiently, cross-training team members, and monitoring productivity. However, be careful not to underpay or overwork your team, as this can lead to high turnover and poor performance.
- Virtual event platforms and toolsHigh-quality platforms and tools are essential for delivering seamless virtual events, but they can be expensive. To optimize these costs, negotiate favorable terms with platform providers and invest in versatile, scalable solutions. Overspending often happens when you choose platforms with features you don’t need or that are too advanced for your typical events.
- MarketingYou need to promote your virtual events, but advertising can be pricey, whether it's online ads, social media campaigns, or email marketing. Optimize this expense by focusing on cost-effective methods like the ones we recommend in our guide. Overspending can occur if you invest in flashy campaigns without a clear return on investment.
- Equipment and maintenance costsThis includes everything from computers and cameras to microphones and lighting. These are expensive because quality equipment and regular maintenance are crucial for smooth operations and client satisfaction. Optimize by investing in durable, high-quality equipment and maintaining it regularly to avoid costly breakdowns. You can overspend by going for the latest high-tech gadgets you don’t really need.
How to spend less with your virtual event planning agency?
Here are practical tips to help you, as a virtual event planner, optimize your budget and manage expenses more effectively.
| Expense | Tips to Optimize |
|---|---|
| Software Subscriptions | Bundle services with a single provider to get discounts and streamline your workflow. |
| Marketing | Leverage social media campaigns and collaborate with industry influencers for organic reach. |
| Web Hosting | Choose a reliable, cost-effective hosting service and consider annual plans for better rates. |
| Virtual Platforms | Negotiate with virtual event platform providers for bulk event discounts. |
| Staffing | Utilize freelance platforms to hire temporary staff for specific events, reducing long-term costs. |
| Training | Offer online training sessions and use free resources to keep your team updated on the latest trends. |
| Equipment | Invest in high-quality, multi-functional equipment that can be used across various events. |
| Insurance | Regularly review your insurance policies to ensure they meet current needs and compare rates annually. |
| Content Creation | Use cost-effective tools for graphic design and video editing, and consider outsourcing to freelancers. |
| Internet Costs | Choose a high-speed internet plan that meets your needs without overpaying for unnecessary bandwidth. |
| Client Gifts | Opt for personalized, meaningful gifts that are cost-effective and leave a lasting impression. |
| Licensing and Permits | Stay up-to-date with local regulations to avoid fines and costly renewals. |
| Office Supplies | Purchase supplies in bulk and go paperless where possible with digital systems. |
| Technology | Invest in reliable, multi-functional software that integrates with other systems you use. |
| Virtual Assistants | Hire virtual assistants for administrative tasks to free up your time for more strategic activities. |
| Networking | Attend virtual industry events and webinars to build connections without the travel costs. |
| Client Meetings | Use video conferencing tools to conduct meetings, saving on travel and accommodation expenses. |
| Event Promotion | Utilize email marketing and social media to promote events, reducing the need for paid advertising. |
| Data Storage | Use cloud storage solutions to keep your data secure and accessible without investing in physical servers. |
| Security | Implement robust cybersecurity measures to protect your data and avoid costly breaches. |
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Expenses that are just useless for a virtual event planning agency
Yes, some expenses for your virtual event planning agency are just unnecessary. They don't contribute to increasing revenue or enhancing the client experience.
| Agency Expense | Reason It's Useless |
|---|---|
| High-End Video Equipment | Top-of-the-line video equipment is often overkill for most virtual events and can be a significant drain on your budget. |
| Premium Software Subscriptions | Expensive software with features you rarely use can be a waste of resources. Opt for more cost-effective solutions. |
| Lavish Virtual Backgrounds | Overly elaborate virtual backgrounds don't necessarily impress clients and can be costly to design and implement. |
| Excessive Marketing Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Focus on digital marketing strategies instead. |
| Multiple Platform Licenses | Paying for multiple virtual event platforms can be redundant. Choose one that meets most of your needs. |
| High-End Office Space | With remote work becoming the norm, investing in a high-end office space is often unnecessary. |
| Custom-Branded Merchandise | Personalized merchandise is a minor detail that most clients overlook, and it can be expensive. |
| Excessive Staff | Overstaffing leads to higher labor costs without necessarily improving service quality. |
| Frequent Software Upgrades | Constantly upgrading software can be costly and often provides minimal additional benefit. |
| Expensive Training Programs | High-cost training programs are not always necessary. Look for more affordable or free alternatives. |
| Multiple Membership Fees | Paying for multiple industry memberships often yields little benefit. Choose the most valuable ones. |
| Overly Frequent Rebranding | Constantly updating your brand can be costly and confusing for clients. |
| High-End Client Gifts | Luxury gifts are often unnecessary and can inflate costs. Thoughtful, less expensive options are usually appreciated just as much. |
| Excessive Staff Meetings | Too many meetings can reduce productivity and increase labor costs. |
| Expensive Web Hosting | High-end web hosting services are often unnecessary for most virtual event needs. Opt for reliable yet affordable options. |
| Unused Promotional Materials | Ordering more promotional items than needed leads to waste and unnecessary expense. Get our marketing budget planner template. |
| Paid Directory Listings | Many free listing options are available, making paid listings often redundant. |
| High-End Catering for Virtual Events | Specialized catering for virtual events is often unnecessary and adds to costs without a proportional benefit. |
Stop working with a tight budget for your virtual event planning agency!
Managing a budget for a virtual event planning agency when funds are tight can feel like a nightmare. It's like being trapped in a cycle where any unexpected expense can throw your entire operation off balance.
This constant pressure makes it nearly impossible to invest in innovative projects, leaving you always scrambling to cover costs. It's a life filled with stress and sleepless nights.
Yes, you can continue down this path, cutting corners and barely making ends meet. But there's another part of the equation you might be overlooking. Instead of just trying to cut costs, you can focus on growing your revenue. More income means more flexibility and more resources to invest in your business.
And no, you don't necessarily have to spend money to grow. There are plenty of zero-cost initiatives and strategies that can help you increase your revenue by 10%, 20%, or more. We've detailed all of these strategies in our guides, after studying dozens of virtual event planning agencies just like yours. Get them now!
Make your virtual event planning agency more profitable
We have studied the strategies of the best planning agencies in the world. All their tactics are explained in our pack!
