Whether it's a conference, seminar, team-building retreat, product launch, or annual gala, hosting a successful corporate event requires meticulous planning. Naturally, cost is one of the primary concerns during the planning process, and it can certainly create a bit of anxiety if left unanswered.
So, to help take some stress off your shoulders, we’re explaining the key cost factors involved in hosting a corporate event:
Type of event
Venue selection
Catering
Audio/Visual requirements
Decor
Entertainment and speakers
Miscellaneous expenses
We’ll also review how to set a realistic budget that aligns with your organization’s goals. With a little planning and foresight, you can ensure an unforgettable event that makes attendees glad they RSVP’d!
Need an affordable business event venue in the heart of Phoenix’s East Valley?
Look no further than Modern Moments! Our team of friendly, experienced, and dedicated professionals boasts decades of combined expertise in orchestrating a wide range of corporate events. No matter your vision, design preferences, or budget constraints, we're here to assist with friendly and personalized attention.
From arranging tables and chairs to coordinating top-notch local catering and beverage stations, we’re happy to handle every aspect of your next business event. Plus, our state-of-the-art conference facilities are designed with user-friendly technology, ensuring seamless professional collaboration throughout your event.
Take a virtual tour of our property, book a private in-person tour, or come to our next Breakfast Show N’ Tell event to learn more about our venue.
You can also head to our rates page for pricing info.
Type of Event
The type of the event greatly influences the cost, and each type of event comes with its unique requirements in terms of venue, catering, decorations, and technical setups. For example, a small workshop will likely have a lower budget than a large-scale conference with keynote speakers, multiple workshops, interactive sessions, and a gala dinner.
Similarly, a team building event could be relatively low cost with yard games and a staff BBQ, while a client appreciation event with a catered dinner and live band would cost more.
Venue Selection
The choice of venue is a major cost driver. Factors like location, size, facilities, and exclusivity can significantly impact the overall budget. For instance, a high-end hotel ballroom in a prime city location will generally cost more than a community center in the suburbs.
At Modern Moments, we’re proud to combine the best of elegance, charm, and affordability. Plus, we’re conveniently located in the heart of Phoenix’s East Valley– with easy parking too!
Catering
Food and beverages are integral to any event. The type of meal service (buffet, plated, cocktail reception), menu choices, dietary restrictions, and quality of offerings can all impact the catering budget.
Generally, when it comes to catering, the cost is calculated “per head.” So, the more guests you have, the more it will cost for a catered meal.
Wondering how to plan the catering for your next event? Check out our blog, “The Perfect Pairing: Best Food and Drink Options for Corporate Events.”
And if you need trusted local recommendations, head to our vendors page. We host monthly open houses with vendors on-site for free tasty samples!
Event Duration
Longer events will naturally cost more due to extended rental periods for venues, equipment, and staff services. All the more so if you’re planning a multi-day event.
The good news is that Modern Moments makes it easy to throw multi-day corporate events for an affordable price. Just contact us and ask about our rates. We’d be happy to review all the details of your event and share upfront, clear pricing info.
Audio-Visual Requirements
A well-executed event requires proper audio-visual setups for presentations, lighting, sound systems, and possibly live streaming. The complexity of these requirements can substantially impact costs if the venue itself doesn’t have the equipment you need on hand. At Modern Moments, we have state-of-the-art conference facilities, including 4k projectors, two 65” TVs, blazing-fast WiFi, and more!
Decor
The level of decorations, branding elements, and overall aesthetics play a role in setting the event's tone, but your costs will vary greatly.
For example, floral arrangements with rare or exotic flowers, elaborate lighting installations, and custom-built props and set pieces will typically come at a higher cost. On the other hand, DIY flower arrangements (think: grabbing a few bouquets from Trader Joe’s), simple glass lanterns with candles, and even digital artwork that’s displayed through a projector can have a big impact on your event without breaking the bank.
Need some decor inspiration? Check out our blogs, “Business Event Decoration Ideas For Easy Planning,” and “5 Design Ideas for Hosting Corporate Events Indoors.”
Entertainment and Speakers
Hiring speakers, performers, or entertainment acts can vary greatly in cost. Well-known industry experts typically demand higher fees, but their expertise and insights can elevate your event’s value and leave a lasting impression on attendees. And if you hire a top-tier live band, they’ll bring a dynamic and energetic atmosphere to the event that can make or break your guests’ experience. Just prepare to pay well for it.
Of course, neither of these may be applicable to your event, so it all comes down to your event objectives and priorities.
Miscellaneous Expenses
From unforeseen changes in venue requirements to fluctuating supplier costs or even weather-related adjustments, there are countless variables that can impact the budget. For this reason, having a contingency fund is crucial for covering unforeseen expenses. We typically recommend reserving an extra 10-20% of your total event budget.
Creating a Realistic Budget
Alright, now that you know the basics of corporate event costs, how can you create a realistic budget?
Start by…
Doing research and getting quotes: Gather quotes from different venues, vendors, and service providers to create a comprehensive cost estimate.
Getting clear about your event goals: Identify the key elements that align with your event's goals and prioritize spending on those areas.
Allocating your budget: Divide your budget into categories such as venue, catering, entertainment, marketing, etc. Allocate funds based on the estimated costs for each category.
Making a contingency fund: Set aside around 10-20% of your budget as a contingency fund for unexpected expenses.
Conducting a regular review: Keep track of your expenses throughout the planning process to ensure you're staying within your budget limits.
Hosting a corporate event can range from a few thousand to tens of thousand dollars, depending on the factors mentioned above. By understanding these variables and planning strategically, you can stay on budget and avoid financial stress as much as possible.
Remember, while cost is a crucial aspect, delivering value and a memorable experience to attendees should remain the primary focus. If your budget isn’t as big as you’d like, put your thinking cap on and get creative. Making memories is what matters most!
Modern Moments makes it easy to host unforgettable corporate events– within budget!
Boasting 5-star reviews, affordable rates, and charming, year-round event spaces, it’s no wonder Modern Moments has quickly become the East Valley’s go-to venue for all kinds of events!
Whether you're planning a conference, team-building retreat, or networking event, our versatile indoor/outdoor spaces can be customized to your needs. We have fortune-500 style conference facilities, a zoned kitchen area, and add-on amenities like yard games, fire pits, and a professional sound stage. Plus, we’re conveniently located just off the U.S. Route 60, which makes it easy for guests no matter where they're traveling from.
Contact us for a free tour today (you can also take a virtual tour online). From the initial planning stages to the final moments of your event, we're here to ensure a smooth and stress-free experience!