If you need to plan a company conference, then the first question that might come to mind is how much should a conference venue budget be? Particularly if it’s your own company – in which case you really do need to know how much the event is going to cost you!
Any breakdown of conference costs is sure to show that the venue takes the lion’s share of the corporate event budget. Especially if any catering, accommodation or equipment is supplied by the venue. Otherwise, you may be looking at reimbursing employees’ travel costs. But that might be pretty much it if you’re paying the venue to hire the space/s and supply food, drinks, accommodation and any other essentials.
The sort of expenses – such as dresses, flowers and cars – that apply to weddings and other social events don’t really apply to conferences. (Though for those with a sweet tooth, branded cakes can be a nice touch.) And even in the case of a wedding, the biggest cost is likely to be the wedding reception – which of course again comes down to the venue.
Whether you want to rent a small meeting room for a private discussion with colleagues, impress a would-be business partner at a venue with the wow factor or arrange your first large-scale corporate conference, this article delves into the topic of conference venue costs. Read on so you can book your first corporate event – with some idea about what sort of bill to expect at the end of it all!
5 factors affecting conference venue cost
Before we get onto the matter of actual average figures, let’s take a quick look at what factors might affect the overall cost of your conference, meeting or corporate event at any venue.
Space
Even if it’s a small room, the space is a biggie. How much space you need is the starting point when it comes to booking a corporate conference or meeting. As a general guideline, the bigger the room you need, the more it’s going to cost you.
Though of course room hire rates for a five star hotel are likely to be considerably more than those at a more affordable three star venue!
Catering
You’re likely to need catering when arranging a meeting or conference at a venue other than your own offices. This could be as simple as a bottle of water and a glass placed by each seat in the case of a short meeting.
Or it could be full-on menus for a number of consecutive days, complete with gala dinners every evening. In many cases, it’s quite likely to be somewhere between those two extremes.
Equipment
Do you need basic or more specialist equipment? For example, pens and paper, flipcharts and markers or a large screen to project a presentation onto? What about audio? Lecterns? And so on.
Your venue may be able to supply these on request. If so, this may add to the cost. Is that comparable to using an outside supplier? Or is it worth it to save lugging your own equipment from the office (or hire place, if they don’t deliver) to the venue?
Accommodation
If you need overnight accommodation for attendees, then this can bump your budget up hugely. So think carefully before deciding to invite everyone for a sumptuous multi-course banquet with a bed for the night thrown in!
Of course people may need to stay over for practical reasons too. If the conference venue is hundreds of miles from someone’s home, then it’s realistic for them to expect to stay over. Obviously the longer the conference, the higher the accommodation bill will be. If many attendees are arriving from a long distance away, then you might have to put them up before the conference even begins.
Location
Yep, location is key. A venue in London, for instance, may cost more than one in the north of England. Five star hotels are generally going to charge more than three and four-star ones. And so on.
An out-of-the-way location might cost you more in other ways too. Attendees might fail to turn up because it’s too far to go, or if they simply cannot find it! You may also need to refund travel expenses like taxis if there’s no tube or train station nearby.
The average cost of a conference venue
On average, experience tells us that the cost of conference venue hire is around £80 to £120 plus, per person. London and five-star venues can cost considerably more.
When you’re hiring only the space itself, fees may be in the region of anything from a few hundred to several thousand pounds. It really depends on how big it is, where it is and the standard.
A venue will want to know how many people are attending and how long for before giving a quote. They are also likely to ask about catering, accommodation and equipment requirements.
Many venues will quote a rate per delegate rather than for the hire of the space alone.
Conference venue budgeting - FAQs
How much does it cost to hire a conference venue?
So how much does it cost to host a conference? The hire of the vent space itself may be anything between hundreds and thousands of pounds. Most venues will charge a rate per delegate, per day. This may include catering and equipment hire. Accommodation may be included, or it may be charged separately.
How do you set a budget for a conference?
If you need to budget for a conference, the first things to think about are how many people will attend, what sort of space/s you need and how long the event will go on for. Whether or not you need equipment hire or overnight accommodation, or to refund attendees’ travel costs will also come into play. As will the location and standard of the venue.
What should be included in an event budget?
An event budget is likely to include venue and equipment hire and catering as the basics. You might also need to budget for accommodation, travel expenses and other factors like decor, stationery and so on. The bigger and more luxurious the venue, the more the budget is going to be stretched, so think carefully when planning numbers, activities and the venue standard.
If you’re stuck regarding how much to budget for a conference, Venue Finder Pro can help! Why delay when our experience could help you find the answer straight away?