So, how much do corporate events cost? It’s a question that we get asked often and, of course, there are many factors to consider that will impact the size of your bill.
If you are planning a corporate event but you’re not sure where to start, we’re here to help. At Absolute Venues, we’ve planned hundreds of successful business events across the UK & beyond, working with our network to ensure our clients get the best rate no matter the scale.
To give you an idea of how much to budget for your upcoming event, we’ll take you through everything you need to consider ahead of showtime.
How Much Can I Expect a Corporate Event to Cost?
The cost of a corporate event is based on a variety of different factors, such as the venue hire, catering, equipment, marketing materials, and more.
EventBrite’s 2019 Pulse Report showed that between 30-50% of event organisers spent an average of £500 per the above line item, with a few more considerations to note.
Of course, you can expect to pay less if you opt for a venue with a minimum spend attached. For events with a catered or social element to them, like a Christmas party, for instance, a venue may charge you significantly less on venue hire, making up for the discount on the extras. The condition for this reduced hire cost will be that your party has to spend a certain amount, usually at the bar or in catering.
Corporate event spending had been predicted to rise by 83% in 2023 alone, with the influx of organisers finding value in hosting again post-pandemic. Data by Eventbrite’s newest report shows:
- 61% of Gen Y and 63% of Gen Z say they’ll be at more events in 2023
- 60% of UK respondents and 56% of Irish respondents said events reduce their feelings of isolation and/or loneliness
So if you need a hand to organise your event and squeeze the most out of your corporate event budget, let us take the stress out of event planning with our free venue finder service. That’s just one less cost to worry about.
What Affects the Cost of a Corporate Event? The Factors to Budget For
Below, you’ll find key factors that affect how much your corporate event will cost. We’ll start at the one that’ll likely have the biggest bearing on your bill – location, with venues in the capital typically being more expensive – to some of the other lesser-known considerations you should budget for.
The Venue
The venue plays a key role in how much your corporate event could cost in total. There are many considerations to think about when it comes to the venue, including:
Location
Some venues will undoubtedly cost more than others, particularly in certain areas. For example, venues in the bustling city of London, especially in its financial and business hub, will typically cost more than venues around Coventry city centre.
Speaking to Managing Director Sallie Watson-Harris on corporate event costs, she said: ‘Location is probably one of the key ones, so London will always be the most expensive due to the high ongoing demand and the amazing Venues that London has to offer.’
Be mindful that venues that are close to public transport links are likely to be more appealing, and therefore more expensive.
Number of Attendees
The number of people attending the corporate event, regardless of whether that’s for team building or a team meeting, will also influence the overall price. This is because you’ll need to find a venue that can accommodate your attendee list, and the more attendees you have, the bigger the room needs to be, which can increase the cost.
Time of Day
Daytime pricing is often more affordable compared to evening pricing, so the time of your corporate event is something that you need to factor in.
Sallie Watson-Harris includes the time of year here also. She reports:
‘Availability on certain dates can also inflate the price, so working with an experienced event planner will ensure you’re getting the best possible rate. If you are more flexible with dates too, this can help with budgeting. Our team discusses off-peak and peak rates with the client’s preferred venue to reduce the cost of hire.’
Seasonality
Seasonal events such as Christmas parties in December will tend to cost more compared to networking events in the summer as there is increased demand in the festive season.
Length of Event
How long you need the venue space for may also impact the average cost of your business event. A multi-day event may require more funding compared to a one-day event.
Other Corporate Event Costs
The event costs don’t stop at the venue. There are a whole host of other considerations for your event that can incur additional expenses. Let’s take a look at some of the most common costs to consider:
Equipment Required
Specialist equipment such as projectors, speakers, microphones and more might be needed for conferences where there are presentations/workshops.
Catering and Refreshments
Catering is another factor that impacts the bill. Most venues that host business events will have facilities to provide refreshments – however, they are not always included in the base venue price.
Speaking to Sallie Watson-Harris, ‘Catering is also a big one, what to give your guests, but so so important that you get it right! And with that in mind, accurate numbers of guests for the catering so that you don’t over-order. Access times to the venue are also a key factor for a successful event, allowing enough time to get everything in order.’
At Absolute Venues, should you wish to provide your guests with food, we’ll ensure that you’re kitted out with elite caterers and that accurate guest numbers are secured. Be it light snacks or hearty courses, we can work within budget to ensure your venue hire has the right amenities to cater – literally – to all.
Speakers or Activities
For annual corporate events, such as training sessions, an Annual General Meeting (AGM), or a company award ceremony, you might have a guest speaker or specialist trainer who may need to be hired. Should there be a cost attached to their hire, it should be agreed (in writing) ahead of the event, ensuring you’re not haggling prices or risking bad relations after the fact.
Business Event Insurance
It’s always a good idea to consider public liability insurance when planning an event. That way, if the event can’t proceed, a financial safety net protects your corporate event budget.
Miscellaneous Extras
There are many optional extras that can be added to a professional event including:
- Parking on site
- Venue set-up and customisation, e.g., raising a speaker stage/ use of venue PA equipment
- Dedicated in-house technical support on the day
- Event entertainment
- Fast internet fees
- Maintenance and cleaning fees
Take the pressure of planning off your shoulders with our reliable corporate event planning service. No matter the location of your event, you can count on us to bring the details together.
Absolute Venues Is Ready to Help You Source a Corporate Venue That Fits the Bill
So, how much do corporate events cost? The answer really is, as much as your budget will allow. Rest assured that Absolute Venues can help you find the perfect venue that balances both your needs and the ideal price. With our free-to-use venue finder service, you can browse through our partnered venues, saving you time and money from having to do the legwork yourself.
We have a successful track record of helping businesses with their event planning, which includes getting them the most out of their budget.
To discover the right venue for your corporate event, get in touch with Absolute Venues today. To learn more about our services or ask any questions you might have, give us a call at +44 (0)161 929 4948, or drop us an email at [email protected].