Participating in a trade show has many advantages that will surely increase your brand’s value and your chances of thriving in the industry but as everything comes with a cost, trade shows to have one. And it’s cost as well. The thing is, participating in a trade show is an expensive thing and you have to have a well-calculated budget to spare.
Here is a quick guide on how you can manage to have a budget that will yield maximum result yet in minimum expenses:
- Estimated Costs
The cost of simply taking part in a trade show varies from one to another but the average cost is around $138 per square foot of floor space for booths. That means if you are looking to book a 20×20 booth, your booth cost on average will be $55,200. So, it’s better to know how much you can afford to spend other than just booking the floor space makes your trade show budgeting simpler.
- Additional Costs
Now that you know how much on average do you have to spend on booking the floor space it would be a grave mistake on your part to not consider the additional cost of taking part in an exhibition. Every event charges you for electricity, Wi-Fi, and other transportation costs along with marketing costs. On average, your average cost for taking part in the exhibition is going to be three times the cost of your booth rental.
- Allocating the Costs
Now that you roughly have an idea about how much you are going to have to spend on attending a trade show, it now comes down to figuring out exactly where and how you are going to spend it. Your booth space booking is expected to take something around 35% of the total budget and then comes lodging and traveling which takes up to 11% of the budget. For things like electricity, Wi-Fi the charges is going to be around 13% of the budget and around 14% on designing the exhibition space. You can allocate the 10% on graphics design, production, and promotion which will include all the giveaways and other promoting stuff.
By planning the budget and making sure everything goes well accordingly to the budget will ensure the success of your trade show even with a limited budget