Category Business Development

create a trade show budget

Looking to Create a Trade Show Budget? Here’s How to Do It

Trade shows are an investment, and like most investments, this entails a ton of money. Understandably because it is a huge event. It is a time when you are able to meet potential customers that you are not normally able to meet making this also, a marketing opportunity. You can see why businesses of any size try their best to stand out among the competition because you are not the only one who has their eyes set on this event.

If you are new, one question must be ringing in your ear: What expenses does a trade potentially entail? How do I create a budget for a trade show?

Image result for How to budget for trade show

Create a Trade Show Budget: Analyzing the Costs (Image: Vispronet) 

To answer your question, there are a lot. From the very early stages of the planning phase to the aftermath of the event. Every stage requires at least some expenses to be doled out, and below are some of them.

TRADE SHOW BOOTH

Create a Trade Show Booth: The Exhibition Stands: Exhibition stand design and construction at Automechanika Frankfurt 1

Create a Trade Show Budget: Exhibition stand design and construction at Automechanika Frankfurt

This is where most of the budget goes to because this is like the business’ beacon that attracts foot traffic towards the brand. What this means is if your exhibition stands for your event in Frankfurt, for example, is not attractive enough, you will not be able to maximize the marketing potential that your trade show booth should have.

What affects your budget here is what your booth will look like. Obviously, the more complex it is the more expensive it is. Not only will it be costly to make, but it will also mean that you will be paying out more to have it shipped to you. In addition, it might also mean several deliveries and that adds up to a huge sum. 

So, avoid unnecessary extravagant design. Only incorporate those that you will optimally use.

TRAVEL AND LODGING

Travel and Lodging (Image: US Amry MWR)

Create a Trade Show Budget: Travel and Lodging (Image: US Amry MWR)

Obviously, your staff will need a place to stay, especially during the exhibit. Hotels are available, but if you really want to save cost. Maybe try a bed and breakfast. If not, a hostel. Living in an expensive hotel may be a sign of where your business stands, but having to cut down on the costs, regardless of how successful you have become is good in the long run.

Also, travel light and avoid any luxuries. Bring only those which are necessary. In addition, bring your own food which you can store in a cooler and avoid riding taxis. Might as well hire a car that can bring you back and forth to your accommodation and back.

STAFF COSTS

Create a Trade Show Budget: Planning Staff Cost

Create a Trade Show Budget: Planning Staff Cost

This could mean the staff you bring to the trade show and those who are going to be left behind. Someone should always be left behind, and your shop back in your locale should never close because that is an earning opportunity wasted if you shut down on the days you attend the trade show.

GIVEAWAYS

Plan your Giveaways

Create a Trade Show Budget: Plan your Giveaways

This includes literature you provide guests letting them know more about the company or the product that you are selling. This gives the opportunity to learn a little bit more about you and the substantive giveaways give them a reminder of your company in the future.

These three along takes the chunk of the budget that you will be spending on a trade show. We have not even included expenses for the WiFi, electricity, and maybe even carpeting which normally takes minimum share.

Final Thoughts

So, if you are planning to become a regular attendee, regularly review your expenses and explore ways to cut down on the costs. That way, you will have more to spare for the business moving forward.  Your trade show should help you get new customers, but it should not break your bank. Share your comments below if this article has helped you to create a trade show budget.

NB: This article is a Guest Post from Elabs Consulting S.L


Key to success: Business Success Tips for Entrepreneurs

SEO for Startups: 5 Powerful Business Success Tips for Entrepreneurs

Starting a business is a huge leap of faith. You don’t know what the future brings but you do have a dream and the overriding urge to achieve that is strong within you. Most successful businesses have relied on the dedication and commitment of their founders to reach their goals.

They face many challenges, often seemingly insurmountable ones, but having the patience to ride it out and stick to your plan has always led them to greater success. While commitment and dedication are obvious traits for a successful entrepreneur to have, there are other ones. Here are the five business success tips for entrepreneurs to achieve success.

  1. A Solid Business Plan
Related image; Develop a Business Plan: Business Success Tips for Entrepreneurs

Develop a Business Plan: Business Success Tips for Entrepreneurs

Luck can only take you so far. It is planning that gets you to unimaginable places. Before even thinking about opening your doors, you need to have a good plan in play for your business.

A business plan will not only serve as a guide for your day to day operations but it can help in getting you financed since most bank or creditors require that you submit one if you’re looking for a business loan. A good business plan should have all possible eventualities that could happen and the necessary steps you’ll have to take if that happens down the line.

  1. Financial Challenges Are Inevitable

This part ties nicely with the previous tip. Many businesses have said that the financial part of running a business has always been a big challenge and will continue to be so. Financial challenges should be detailed in your plan meticulously.

Image result: Prepare for Financial Challenges: Business Success Tips for Entrepreneurs

Prepare for Financial Challenges: Business Success Tips for Entrepreneurs

Try to mitigate cash flow issues by being creative in how you handle your finances by lowering your overhead expenses or saving for monthly rental ahead of time. Offering discounts to customers for paying the full amount or paying a deposit is a common way to increase cash flow. You should also be very careful about debt as this is one way to kill a business if it goes awry.

  1. Don’t Underestimate The Power Of A Good Mentor

As teachers, mentors are there to guide you down the path to success. With their experience, they can help you steer your business away from common mistakes and pitfalls. Having said that, know what to look for in a trusted mentor as not all of them will have your best interest at heart.

Image result: Get Good Mentors: Business Success Tips for Entrepreneurs

Get Good Mentors: Business Success Tips for Entrepreneurs

A good mentor can be a family member, a work colleague, former boss, or even an online personality or blog. They should be encouraging yet pragmatic, non-judgmental but able to offer constructive criticism.

  1. Marketing Helps
Image result: Invest in Marketing: Business Success Tips for Entrepreneurs

Invest in Marketing: Business Success Tips for Entrepreneurs

All great businesses have had a good marketing strategy but that doesn’t mean blowing a huge amount of money just on marketing. Social media is a great marketing tool to help you expand your business without spending a lot of money. Starting a blog of your own can also help increase your ranking. And submitting your website URL popular search engines like Google doesn’t cost a dime.

  1. Nurture Your Team

Unless you plan on doing everything yourself, you will need to hire help for your business. Selecting the right people who share your goals for the business significantly impacts how the business operates day to day and where it will lead in the long run.

Image result: Nurture Your Team: Business Success Tips for Entrepreneurs

Nurture Your Team: Business Success Tips for Entrepreneurs

When hiring people, always do a face-to-face interview, in order to ensure that their characters are the right fit for the environment. Next, this can be hard to do but learn to delegate tasks.

This is how employees grow and gain confidence. And always remember that you can’t expect people to be like yourself, so be open-minded and learn to listen for suggestions and opinions. A fresh perspective is good for the business.

Author Bio:  Annah Brooks is a passionate young blogger who loves to write about SEO techniques, digital marketing, social media and more. She is currently working for Galaxy Marketing, one of the leading providers of views, likes, followers & real comments for YouTube, Twitter, Instagram & more social media networks.

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