Party Planning/First time event planner -need to know pricing??
Michaelyn wrote at 2008-08-25 14:17:55
Your question was one that had plagued me for quiet sometime. After learning through trial and error I decided to charge my private clients 10% of thier planned event budget and for corporations 15%. Corporations usually have more details and demands than private clients, so I usually charge more. Now, I said I charge based on their planned budget. If an event goes over the budget by a considerable amount, I then charge accordingly and it is noted in the event agreement signed by the client and myself. Here is a simple break down of how I charge. Please keep in mind, I currently live in one of the most expensive regions in the U.S. so this may not work for you. I suggest that you base your prices based on your marketing region. My prices are also subject to changed based on how much planning I will be doing, actually decoration preparation and if I need an assistant per event. I also found that charging a percentage helps me to make a profit. Whether I get a discount or not from the vendors, I am in it to make money. I would learn the general cost of all vendors before a discount and then charge your clients accordingly. You will most likely get a discount and if you do make sure you don't under charge so you can make a profit.
Also, I was taught by others who are quiet successful and well known in the industry, that it is the best policy to get a discount from your vendors, rather than recieve a finders fee payment. You want to build relationships with vendors. Building secure business relationships will help your clients get the best service possible. Plus the vendors will be more inclinded to give you thier best and work with you under most circumstances. You will make more money from a discount than a few bucks from a findors fee. I hope that makes since.
Anyway here is my prices:
$500 for Day of only service for ceremony only and rehearsal dinners (weddings only)
$700 for planning service budgets unter $10,000
10% for events over $10,000
15% for events for Corporate clients
$25 and up for special services printing, floral arrangements, rental returns and more. These prices are determined on the size and time of the services being asked of me.
I hope this helps. I wish you the best with many blessings.
Kathy wrote at 2010-09-21 19:13:55
Thank you for the response to Anna's question as I'm starting my own business as well and starting small parties first. Do you recommend any books to learn more about planning? Also, how do you market yourself. Is the internet a useful tool and maybe flyers in the community or postcards. Any marketing tips would be appreciated.
Valerie wrote at 2014-08-13 21:21:22
I own a photo booth business and work with a lot of event planners. How we normally work with them is they either get a 15% commission or we sell to them at a flat rate and they mark up however much they want and make the difference. Hope that helps and good luck on your new venture!
For more information, you can visit www.gcphotobooth.com