How Do Event Planners Structure Their Fees?
Whether you’re starting an event planning business for social events, business events or a combination of both, anyone who is considering their own business should certainly be concerned about establishing a fair rate for services. So it’s important to know how to charge for services. Unfortunately, the answer isn’t simple. Several factors go into determine one’s rate, including event planning operating expenses, salaries and profits. And the reality is that rates vary based on where you may live, types of projects and what the market is willing to pay. It also depends on your market. That is, your client or prospect will have a target budget in mind and your services must be competitive within those parameters. Nevertheless, if you want to start a part time or even full time business, there are roughly five ways to structure your fee schedule so that you make money for your event planning services. Let’s assume you want to earn on average $75 per hour for your services. There are five
