Budgeting for an FMI Event
(or any other event)
As our production evolves with each event and client session, we receive the opportunity to become more efficient. As a result of some great feedback, we thought it relevant to provide what we believe is a great measurement tool. Specifically, this tool of measurement for the purpose of this entry lies in the realm of financial budgeting.
A key component to successful planning is estimating financial cost for the ENTIRE endeavor. By “entire”, we mean ALL costs incurred before during, and after an event. This allows for an individual (you as a business) to figure your fixed and estimated flex costs for an event. Using our upcoming Spring Conference, we have given general estimates on the variety of expenses that can apply to an attendee.
FACTORS FOR YOUR PERSONAL ESTIMATE:
Though the estimate states $3,000, it is only an estimate. The ACTUAL COST, per individual, is going to vary on a few factors. Those factors are:
A local attendee would not have to be concerned with travel costs outside of parking and gas. Flight and hotel costs would not apply.
B. Registration Type
The event has 3 registration options or types, Academic, Public Speaking, or Photography.
The Academic type has 2 options available within it, (1 of 2 days or both days of lecture/workshops). Those options are cheaper than the $350 registration fee.
Costs related to Styling (hair, make-up, tanning, wardrobe) apply only to registrations that involve camera work. Although not required, if someone is a novice at hair & make-up application for professional camera work, it is a worthwhile expense. One or more, if not all of these expenses would be for a Photography registrant. This would not necessarily apply to public speaking and definitely would not apply to academic registrants.
C. Extracurricular Activity & Post Event
Are you attending the conference or looking to seize as many photography opportunities as possible? If so, you most likely are not going to get a time-for-print (TFP) deal. The extra shoots outside the conference are going to cost extra.
At our event, the photography registrants receive one post shoot edit as part of their registration. Anything outside of the one edit will be at the regular editing costs of the respective photographer. These examples are what we mean as, “intangibles”. Plan your budget accordingly.
WHAT IS MY ESTIMATE?
To figure out which expense is ESSENTIAL to you, first understand the variety of expenses related to your chosen registration option. Ask yourself,
– Are you local with no need of travel (outside your vehicle transportation) or coming from abroad where flight, hotel, and possibly rental car expenses are applicable?
– Are you attending for 1, 2, or all 3 days?
– If staying at the hotel, do you have a roommate?
– Are you registering for a reg type that is going to require more investment outside of the registration fee? (styling service, attire, etc)
By taking the time to estimate your costs before, during, and after the event, you can help plan effectively for your business investment. Furthermore, it is a good rule of thumb to estimate around 15% above your final estimate. Have some, “wiggle room”, for unforeseen expenses.
YOU ARE A BUSINESS
Remember, we function under the premise that you are a business (or soon will be). Business investments are not cheap, nor are they done without the full expectation that there will be a benefit to your business. This is generally called a return on investment or ROI. If you are structured correctly (incorporated), than your investment at our events or sessions can be considered a tax deduction. The conference itself is a continuing education investment for fitness/wellness professionals for those certified with the International Sports Sciences Association (ISSA). They receive Continuing Education Units (CEUs), in addition to tax deduction benefits.
Even if you have not or may never participate in an FMI Guild event, you may find some of the information about event budgeting helpful in your own endeavors. Remember:
1. Account for all possible costs before, during, and after the event.
2. Add 15% to your final estimate
3. STAY within your final budget estimate.
4. If you are structured properly, your event investment may qualify for tax deduction(s). If you are not already, an accountant or tax attorney can assist you in structuring properly.
Wishing you success in your entrepreneurial endeavors.