The cost of planning a networking event
Even in a social-media orientated world, face-to-face networking is not dead. The case remains strong for face-to-face networking: such social events offer countless benefits for firms. But, it does pose the question, of whether you get a return on investment? It’s clear that there are many benefits of hosting a networking event but is the cost justifiable when you consider the potential return? To help give you greater awareness of event costs, paper coffee cups retailer Inn Supplies has broken down the costs to help you better determine your options.
Venue
Venue is usually the biggest event-related cost. The simplest way to eliminate this cost is to host event in your own premises, assuming it is a suitable venue, having the size, facilities and prestige that the event demands.
Most venues should be able to offer catering in with the event price. But, how can you tell if you are being quoted a reasonable price? Here’s a rough guide: venue hire and approximately two non-alcoholic drinks per attendee should cost around £10 per person. Expect costs in London to be a little more, but don’t discount it, as you are more likely to have a higher participation rate in the capital.
Ultimately, choosing the right corporate venue hire can elevate the overall success of your networking event and create a lasting impression on your guests.
Audio/Visual
Your audio/visual requirements will vary from just requiring a large screen to show your presentation on, along with microphones and speakers. Try and select specialized conference venues and the AV equipment will likely be built in with the fee, but check first. If you have more sophisticated AV requirements you’ll probably need to engage with a specialist AV company which according to an estimate based on the Soulful PR Sessions, could cost around £150.
Beyond the headline equipment cost, it’s the crew who make an AV setup reliable. Experienced technicians anticipate connection issues, adapt lighting and sound to the room, and speed up both rigging and breakdown. For larger or more complex sessions, organisers may prefer to book specialised labour separately rather than rely on venue staff. Companies that supply skilled video stagehands can provide trained technicians and labour coordinators who manage crews, health-and-safety checks and efficient turnarounds. That approach often reduces costly delays on the day and gives you more control over standards. When you’re budgeting, factor in crew hours and coordination as part of your AV estimate.
Catering
Catering costs for your event will vary according to participation levels and duration of the event. For example, a 2 hour event will only require light refreshment, yet a day long event will require a buffet or even sit down lunch, which will increase your expenditure.
Cost can be minimized by organizing your own catering, but you’ll still have to pay for ingredients, spend time cooking, which could mean you lose focus on the main event.
When planning drinks provision, Event Interface provides a handy breakdown of how to work out how much you’ll need:
Morning Event:
Regular Coffee = attendance x 60%
Decaf Coffee = attendance x 25%
Tea = attendance x 10%
Soda = attendance x 25%
Afternoon Event:
Regular Coffee = attendance x 40%
Decaf Coffee = attendance x 15%
Tea = attendance x 20%
Soda = attendance x 65%
Free tickets?
You may consider charging a fee for the event to offset the above costs. There are pros and cons to charging. Free-to-attend events may draw a bigger crowd, but fee-based events will only attract serious buyers.
If you do choose sell tickets for the event, remember to incorporate the commission fee that online ticket services — like Eventbrite charge, as this will eat into your revenue.
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