Fellow Event Planners:
I need some insight. I am in the process of restructuring my business and revamping my prices to cater to a middle-upper class clientele. I had a consultation with someone who is doing a corporate empowerment event - 1 day event for women -and I am struggling with pricing. The scope of work is as follows: she wants the venue to be on a yacht, approx. 75 women, organizing catering, booking celebrity speaker, obtaining sponsorship, put together gift bags, decorate, and secure vendors. This will also include on-sight coordinating on the day of.
What would you charge someone to organize such an event? All factors considered (time, scope of work, etc.)
December 25, 2013
First you need to find out if the yacht has to be rented. If the yacht has to be rented how much with it be for the day. You need to factor this amount into your pricing. then you will need to find out How much the catering will be. You need to add to yourself an hourly rate for all this research you are doing and then per person. So here is what I would do: I will charge $25 and hour for research and then charge a basic $45 per person. you need to also find out how much it will be for having a celebrity speaker on the yacht. then you need to price all the gift bags, decorate and you can put in a flat fee for the coordinating of the day of. You can play with your pricing (hourly, flat and per person.) so you will need to make several proposals for the client to bit on. I will make three, the two most expensive ones and if they do not bite then throw out the least experence one. I hope this helps if you have any questions please feel free to email me at firstname.lastname@example.org thank you and Merry Christmas and a Happy New Year! Christine
Thank you so much for the insight. This was very helpful - especially since receiving a little more insight on what the event will entail. I had some numbers in mind but thought they were a little to high but after reviewing the scope of work and including research and so forth, I actually think I may be too low.
Christine great suggestion regarding generating multiple proposals.
January 2, 2014
Just food for thought: much of the time we feel that our bids are high but they are typically too low. As a rule I take the rate I think I want to charge and add 10%. Quite frankly it is rarely rebuffed but in the instances where it is I simply reduce the rate by 5% and then I still have the option of dropping an additional 5% if I want/need to and I'm still where I wanted my rate to be to begin with. As hard as it can be to a person with a conscience, we must charge what the market will bear and stop selling ourselves short. Besides, clients know the "you get what you pay for" and "if it seems too good to be true it usually is" adages and they get suspicious of prices that are too low. You can always reduce your price, but if you go in too low to start there is little to no way to get the price back up.... Thanks for letting me share my piece!