Hosting a corporate event can be pretty costly. There are a handful of things that you need to budget for including event space, catering, transportation, and more. At the end of the event, you're often left wondering if it was even worth the investment.
"It is hard to plan an event budget unless you have a good idea of what expenses you will incur," says Geoff Beers, contributor at The Balance. "It seems obvious enough, but the costs associated with event planning can come from a number of different places. Just when you think you have identified all of your expense categories, another one pops up to send you back to the drawing board."
5 Tips to Save on Corporate Event Space
Fortunately, there are a few special methods and tactics you can use to reduce costs and negotiate a better deal with the corporate event venue of your choice. Follow these simple tips to maximize your cost-savings and host a dazzling corporate event that guests will love:
1. Keep Your Budget in Mind
As you meet with potential corporate event venues, keep your budget top-of-mind. Don't be afraid to talk about your budget with event venue managers. Ask managers for help, explain some of your cost restrictions, and reiterate your keen desire to work with the venue. It's essential for planners and venue managers to have an open and honest conversation regarding how much the company can spend. Moreover, being open and honest with event venue managers is a quick and easy way to build trust.
With a better understanding of your barriers or restrictions, most managers will recommend cost-saving opportunities. In some instances, managers might be able to pull some strings and reduce rental costs.
2. Select the Right Venue
Select a corporate event venue that aligns with your business's unique goals and objectives. Finding the "right" event venue means that it offers all the services, amenities, and accommodations you need to host a world-class event. Additionally, this reduces the amount of "other" things that you might need to purchase. Prioritize those event venues that deliver everything your business needs — and more.
3. Be Flexible Around Dates and Times
Try to be flexible around dates and times. If you're willing to take a last-minute spot or cancellation, event venues might be willing to accommodate. Also, if you plan ahead and target a date well in advance of your event, you might be able to negotiate a better deal.
"Flexibility is basically evaluating all your options and narrowing them down to the best ones. It is always good to have second options to fall back on in case something goes wrong. Flexibility is basically going with the choice that suits best to your requirements and your budget even if it wasn’t initially planned," says Himani Sheth, editor at Hubilo.
4. Consider Food and Drink
Next, consider sourcing food and drink from third-party vendors. Before booking an event space, ask if you can hire your own caterers. This might help keep costs down. Additionally, if the event venue doesn't accept outside vendors, ask if they offer à la carte options. Being able to pick and choose dishes and drinks prevents you from overspending on food and beverages. Always ask to sample the food before the event!
"Having the ability to enjoy a quality cocktail hour or meal at an event can be a lifesaver. When at events, people use food as bonding moments, as the opening line to tell someone else about that event, or even just as an excuse to indulge a little more than usual," says Laurel Mintz, contributor at Social Tables.
5. Book Multiple Events
Finally, consider booking multiple events with the venue. Making a long-term commitment to the venue and building a positive relationship with event venue managers might incentive them to work with you. RocketSpace offers steep discounts on venue rentals if you host a series of events!
Book Your Corporate Event at RocketSpace
Your search for the perfect corporate event space is over. RocketSpace offers affordable and cutting-edge event space to industry-leading enterprises and businesses. With access to next-generation amenities including adaptable event spaces, large screen televisions, high-definition connectivity, lightning-fast internet, and more, you are well-equipped to host a spectacular corporate event. RocketSpace's professional events team will provide support before, during, and after your event. Additionally, the venue is centered at the heart of the city's vibrant urban core and just steps from major transportation hubs.