Deciding how much to charge as an event planner can feel tricky, especially if you are just starting out. Even if you are a seasoned planner, it’s still wise to revisit your pricing to make sure you remain competitive while also being compensated appropriately.
No matter what stage you are at in establishing your event planning business, the following tips and ideas will ensure you are charging the right prices for your services.
Determine What Type of Event Planner You Are and What Services You Will Offer
The first step in setting appropriate pricing is defining the type of planner you are – corporate, trade show, festivals and production, meeting planning, weddings, social events, or a little of everything? While your services can overlap, it is usually helpful to specialize in a particular area of event planning. Specialization makes it easier for clients to understand what you offer and helps you build a consistent portfolio. It also allows you to clearly list your services. What a wedding planner provides is very different from what a corporate planner offers, and these differences affect the hours required and your pricing structure. By defining the type of planner you are, you can be specific with clients and have a clear definition of the type of work you offer, to stand out in a challenging market.
Research Other Planners’ Pricing & Services
Once you’ve determined the type of planner you want to be, research your local competitors. What services do they offer, and what do they charge? What level of clients do they work with, and how big are their teams? All of these factors influence their pricing. If you are a freelance planner intending to work on small meetings, you shouldn’t only compare yourself to a full-service luxury events agency with a team of 10. While it’s good to know their rates so you understand the price range for such services, it’s not a direct comparison. This doesn’t mean you should limit yourself to competitors’ prices, but understanding where you fall in the market helps clarify your value in a potential client’s eyes.
Make Sure Your Operating Costs Are Factored In
Many planners focus only on what they want to make per hour or per project, but you need to think beyond that to ensure you are truly covering your costs. Will you be booking Uber rides for site tours? Do you have office costs such as printing documents or purchasing supplies? You need to factor in all of your business expenses, including phone and internet, basic supplies, and the cost of hiring help if you need on-site assistance. It’s smart to account for unexpected expenses and include thoughtful touches that make your service feel seamless, rather than nickel-and-diming clients.
If you charge an hourly rate, calculate what you want to make plus your operating costs. For example, if you want to earn $125 per hour but need to factor in operational expenses, you might need to charge $150 or even $200 per hour, depending on what your services include. You can also outline additional fees such as extra staff rates and travel expenses (particularly hotels and flights). If you don’t consider your operational costs, you risk losing money and operating at a deficit.
Hourly vs. Project-Based Pricing
Regardless of how you charge for your services, planners need to carefully think about their time. You can offer project-based pricing that includes a set number of hours. This is important in case your client needs more from you than what was originally contracted. You want to have a clear reference point to define additional costs if the scope of work expands.
For example, if a client hires you to organize a small dinner but later asks for help with hotels and transportation, you want to ensure that even if the contract covers only the dinner, you need to clearly state how many planning hours will be included in this project fee – for the sake of this example, let’s say it’s 50 hours, that includes on-site time to manage the dinner itself. This is why it is important to clearly list the services you provide in your client’s contract. For this small dinner, you could specify that your services include venue research, menu selections, RSVP management, and on-site assistance. Then, if the client requests help with transportation and hotel bookings, you can easily adjust your contract with an add-on rate and specify the additional services.
By understanding what type of planner you are, what services you provide, and your operating costs, you can create clearer and more accurate contracts that clients will understand. This also allows you to better-manage your events and ensure you are paid appropriately for your work.
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