If you’re starting an event planning business, you need to know how to charge for your services. Sounds easy, right? There are many variables to consider before you set your rates and open for business.
Setting your event planning rates is one of the most crucial decisions you’ll make when you start your business. You don’t want to set your rates too low and lock yourself into an Weddings event that’s going to cost you money and you don’t want to set your rates too high to price yourself right out of landing those event planning jobs.
Coming up with your rates is one of the hardest parts of starting a new business so spend time on this very important factor by considering the market in your area, what your startup costs are and consider if you’ll charge a flat fee or an hourly rate?
48% of Independent Event Planners Charge$50-99/hr For Their Services
How much to charge for event planning services depends on a lot of factors. There’s no cookie cutter rate card in place for all event planners to follow. But that’s a good thing.
An event planner in the Los Angeles area can charge more than a planner in Boise, Idaho. Just think of the difference in city size, per capita income and types of events these two very different cities would require.
Using Los Angeles prices in Boise would mean a lot of days twiddling your thumbs because customers aren’t calling. Using Boise prices in Los Angeles might get you more work than you can handle but it would also send you into the red very quickly and probably out of business within your first few events.
That’s not a negative for either city. It’s just important to know what price structure the area you’re doing business in can support. You don’t want to overcharge and you don’t want to undercharge. Staying competitive will help you build your event planning portfolio so you can grow your business and become -the- event planner to call in your city.
Once You Set Your Rates, Stick To Them
It’s really important to price your products and services right for sales, cash flow and profit margins, but also for branding.