Want to learn how to create event planning pricing packages? Easy, keep reading.
As a consumer, you would rarely purchase a product or service without knowing the total cost. Think about when you go grocery shopping for example. At the supermarket, each item is priced individually and you can generally estimate your total bill. This is true for the majority of your bills as well, such as your rent or mortgage.
When clients book an Event Planner they also expect to have a set total of what to pay for your services. But how can you do this if you only charge an hourly rate and you are not quite sure how long it will take to plan their event?
Simple, create event planning pricing packages to make it easier.
Here’s what the process looks like:
STEP 1: Determine your hourly rate
If you don’t know the hourly rate for your event planning services, now is the time to get this calculated. To accurately create a pricing package you need to have a clear idea of what your time is valued – per hour.
To help you determine this, download a copy of our Pricing Worksheet to get started.
STEP 2: Calculate how long it takes
The best way to know how long it takes you to plan an event is to track your hours. If you are new to the industry and haven’t planned any events, then use an hourly rate until you’ve completed your first few events. Alternately, you could also create a package based on the average prices in your area and adjust your rates in 3-6 months once you’ve added more events to your portfolio.
Client management tools such as HoneyBook will usually have a time-tracking feature included. This allows you to allocate a set time to each task your complete for each event. You can also explore apps such as Due to track your hours.
STEP 3: Multiply and Apply
Now that you have a clear understanding of your hourly rate and the number of hours required to meticulously plan each event, you’re ready to proceed to the next crucial step: multiplication. By multiplying your hourly rate by the total number of hours devoted to the event, you will derive your base package price – the foundation upon which your pricing structure is built.
The formula is straightforward and essential in determining the initial cost:
Hourly Rate x Number of Hours to Plan = Base Package Price
With this solid foundation in place, you can now embark on the vital task of reviewing and customizing your prices to cater to the unique needs and preferences of each client. This is where your expertise as an event planner comes to play, as you consider various factors that might influence the overall cost.
For instance, if your client’s event requires decor, additional staff, travel or overnight accommodations, it’s crucial to factor in these extra expenses and add them to your base package price accordingly. Transparency in this regard fosters trust and ensures that your clients have a comprehensive understanding of the costs involved.
Furthermore, some clients might desire additional services that are not part of your core list of offerings for a particular package. In such cases, you have the flexibility to provide these additional services as add-ons, but it’s essential to calculate the associated costs accurately and include them in the final price.
Conclusion: Event Planning Pricing Packages
By following this simple and efficient 3-step process, you can create bespoke event planning pricing packages that reflect the intricacies of each event while maintaining a transparent and fair pricing structure. This personalized approach not only allows you to meet your client’s specific requirements but also enhances your reputation as a trusted and adaptable event planner in the industry. As you gain experience and build a diverse portfolio of successful events, your pricing strategies will continue to evolve, ensuring your services remain competitive and sought-after in the dynamic world of event planning.