One of the most important tasks an exhibition company has to take up is creating the trade show budget. Without a proper budget, you will face problems in every stage of the process, right from hiring the staff to creating the brochures for the attendees. It is key that you start planning out your show’s budget several months prior to the big day so that your schedule runs smoothly and everything is planned according to your financial limits.
The best way to plan your budget is by dividing into the following stages:
- The Direct Show Expenses – This portion will include the fees and payments that are directly related to the show. These usually include the registration fees, expenses for the booth space allocations (location and size-dependent), shipping, storage, and the digital attendee list on DVD or CD. The exhibitor usually bears these expenses on his own and before the event takes place.
- The On-Site Expenses – Many beginners underestimate the on-site show expenses that can be a major part of the budget. This includes on-site expenses such as internet access, regular stall cleanings, lead forms, decor rentals, trash can rental, carpet, internet access, electrical maintenance, card swipe equipment, etc. This portion also includes the dough you’ll dish out for the on-site labor that you’ll require there.
- Adverts and Promotional Tasks – Promoting your exhibition stand is one of the best strategies to getting as much attention as possible. Thus, you need to invest money here too. Advertising and promotional expenses usually include social media invites, giveaways, contests, sponsorships, hospitality suite entertainment, merchandise, gift bags, program advertising, and direct mail.
- Display Booth Expenses – The trade show booth expenses will vary depending on whether you own it or you’ve rented it. These will include booth repairs (if you own), rental costs (if you rent), exhibition booth design costs such as custom graphics and visuals, staff needs, miscellaneous shipping costs, and logistic expenses.
- Other Expenses – Other than the primary expenses, your budget should also include other costings such as travel fares, refreshments (for staff, customers, and prospects), press releases and kits development, lead management costs (electronic processings), etc