Event Planner Hourly Rate

Event Planner Hourly Rate – Step-by-step guide to charging for your event planning service (updated for 2022) Published by:

Have you ever wondered how much you charge customers for your event planning service? Have you ever felt that you should pay more/less per hour to plan an event? How often do you say “yes” to working with a low-paying client and regret it?

Event Planner Hourly Rate

Event Planner Hourly Rate

Pricing can be a complex thing to understand for event planners. But that doesn’t have to be the case. The fee you charge will vary depending on the event, the demand for your service, and your location (to name a few). My goal is to help event planners set up, start and grow their business. I’m here to show you exactly how to win the prize game and finally charge your customers with confidence.

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The most important thing to know when pricing is that charging your event planning service is math, not magic.

Also included is a helpful worksheet to help you establish a baseline for creating flat rate pricing and other pricing structures such as event planning packages. Here are the full steps to get started:

Just as you do price matching when shopping, so do customers planning an event. How much your competitors charge affects how much customers are willing to pay for your services. The idea is not to copy your competitor’s price, but to use this information to calculate your own price. This is one of the best ways to gauge where your fees should start.

How can you confidently say you have the most affordable or best value if you don’t know what you’re dealing with? Here’s what to do.

How To Start An Event Planning Business

Before setting a price for your services, call around to see how much other event planners in your area are charging.

According to industry expert Patty Sachs, event planners earn between $12 and $75 per hour plus vendor commissions.

After doing your research, make a list of the three (3) most common prices given by event planners in your area.

Event Planner Hourly Rate

Now that you have three (3) comparison prices, sit down with these prices and try to determine where your price should fall. Consider the ranges above, your skills, experience and knowledge and

Event Planner Hourly Rate Funny Svg File Graphic By Vector T Shirt Designs · Creative Fabrica

You read that right, just pick a number that works for you – I promise you, there is a method to this madness.

Remember never to price your services below the above range. It may seem like a no-brainer if you’re new to the industry; however, planning a wedding for $25 an hour takes as much effort as planning for $75.

Even if you don’t end up using an hourly pricing structure, you should always be able to answer this question easily:

To determine this, start by asking yourself how much you want (or need) to earn each year. From there you can easily determine what your ideal hourly rate should be.

Event Planner Salary Guide

The average event planner works 50-60 hours a week. This corresponds to approximately 3000 hours in a working year, assuming two (2) weeks of vacation.

Take your ideal annual salary and divide it by 3,000 to determine your minimum hourly wage. For example, if you want to make $75,000 a year, you must be paid a minimum of $25 per hour. This is the lowest price you can get.

Go ahead and try it for yourself. Calculate your hourly wage by dividing the ideal salary in the second column below by the number of hours in the first column. Try a few different options to see where your ideal hourly rate should fall.

Event Planner Hourly Rate

Now that we’ve calculated the least satisfying rate that adequately values ​​your time (Step 2), let’s move on a bit.

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If you’re a one-person business, it’s almost impossible to work 60 hours a week, 10 hours a day on events (assuming 1 day off in a 7-day work week). In fact, most entrepreneurs find that only about 50% of their time is actually billable (10 hours, which equates to 5 hours), with the other 50% spent on finding new customers, managing customers and running the business. company. company. This means that if you still want to make $75,000 a year, you’ll need to raise your rate and charge at least $50 per hour.

Go ahead and try it for yourself. Take the ideal salary figure in the second column below and divide it by the number of hours in the first column to calculate your realistic hourly wage. Try out a few ideal salary options to get a better idea of ​​where you want to be.

Now you have the formula to determine your rate and get your ideal salary, or use it to determine your ideal working hours and determine your best rate. Now let’s adjust the cost.

Once you’ve determined how much you want to make each year, do some math and figure out your operating expenses. Indirect costs such as internet, website operating costs, software or programs, electricity and telephone,

Event Planner Hourly Rate Editable Vector Tshirt Design In Svg Files

Direct costs such as office supplies and event insurance (include this info in your business plan!). Once you’ve broken down all the costs, add them to your final prices. For example: Let’s say it costs you a total of $10 per hour to run your event planning business.

This formula allows you to calculate the best price for your event planning service. This will undoubtedly help you determine what to charge customers.

How does this compare to your net hourly wage in STEP 4 above? When it’s fairly close, guessing prizes is over!

Event Planner Hourly Rate

If the price you think you have to charge is considerably lower than your Net Hourly Wage,

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If you don’t negotiate your salary to reflect your worth, you’re more likely to be underpaid than overpaid.

The Huffington Post addressed exactly this issue in 2015. They found that executives who negotiated salaries once they left college could make about $500,000 more in their lifetime.

Event Planner Hourly Rate

The lesson also applies to event planners. Those who market their values ​​early are poised to make more money throughout their careers.

Event Planner Salaries: How Much Should You Be Making?

When asked what I expect as a salary, I remain silent. While I don’t want to underline my talents, I don’t want to be arrogant either. I hesitate to brag about my abilities and what I think my work is worth.

Finding the “right balance” has been an elusive problem throughout my career. Part of my problem was that I didn’t know what my skills were worth. I suspect every number I find is either “too much” or “too little”.

I’ve found a few more tricks to use as a starting point when negotiating your salary and how much you can expect to get paid as an event planner.

Do you want to know how much you should earn as an event planner in the United States? Read more.

How Much Does The Average Corporate Event Planner Cost?

There is good news for event planners in the United States. According to Salary.com, the median income of an event planner in the United States is $59,853. The last reported median household income for the United States was $56,516 in 2015 and data for 2016 will be released in late 2017. The average event planner earns $3,337 more than the median household income.

This good news comes with a caveat: December starts at $44,313 per year and goes up to $80,335.

Please note that not all payroll reports qualify for this review. For example, the average income of an event planner is $45, according to Payscale.

Event Planner Hourly Rate

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