One of the toughest, if not most critical decision a newly established event planner must decided is their fee to charge clients. Obviously income is a key in a successful business. Unlike pricing of hard goods, Event planning is pricing a service. The planner must be aware of many factors to make a successful decision.
Geographic location is one of three key factors a planner must take in consideration when pricing their service. New York City will have higher pricing than Post, Texas due to the Northeast having a high cost of living. Also whether the event is on or off season. Many planners will have two different cost tables depending on the circumstance.
Second, the type of event being served should be considered. A wedding or a family reunion being a social event should have different fees than a corporate event. Also events which have an added responsibility to have various vendors. The event planner may choose to charge a flat fee or a percentage.
Third, experience will play a big part of the planner’s fees. When just starting a career a planner will have less expensive fees which may rise as the planner gains experience and builds it’s reputation.
Many fail when deciding on pricing. One must take in consideration material cost and labor plus overhead expenses. It is a step that needs to be done and with lots of research if the business will make a profit. A necessity to making a event planner’s goal a successful reality.