In this post, you\u2019ll learn how to go about charging for your event planning service. This formula also works for Party Planners, Wedding Planners, and Day-Of Coordinators.<\/p>\n
Hundreds of event planners have used the content in this post to determine their hourly price and their package pricing. Others have used it to increase their prices and stop working with discount shopping clients who don\u2019t appreciate the value of their event planning service<\/p>\n
Let\u2019s get started.<\/p>\n
STEP 1: Research What Your Competitors Are Charging<\/span><\/h2>\nJust like you price match when shopping, your event planning customers do the same. What your competitor charges may impact how much customers are willing to pay for your services. The idea here is not to copy your competitor\u2019s pricing, but to use this information to inform your own pricing calculation.\u00a0It is also good information to have when discussing pricing with potential clients who might reference what your competitors are charging. Most importantly, this is one of the best ways to provide yourself with a basic pricing guide when you\u2019re new to the industry and have no idea what to charge.<\/p>\n
Here\u2019s what I often ask event planners:<\/p>\n
How can you confidently say you are the most reasonably priced or offering the best value if you are not aware of what you\u2019re up against?<\/p>\n
Before you settle on a price for your event planning services, call around or browse the internet to find what other\u00a0event planners in your area are charging.<\/p>\n
According to ZipRecruiter<\/a>, event planners\u00a0in the United States were making anywhere from $13.46 to $43.75 per hour, plus vendor commissions. With the average event planner making $30.45 per hour.<\/strong><\/pre>\nOnce you\u2019ve completed your research, list the three (3) most common prices quoted\u00a0by event planners in your area. You can use a chart like the one listed below:<\/p>\n![\"event](\"https:\/\/www.eventcertificate.com\/wp-content\/uploads\/2017\/05\/event-planner-pricing-1.jpg\")
<\/figure>\nNow that you have your three (3) comparison prices, sit with these prices for a moment and try to determine where your price should fall. Evaluate the three prices, your skills, experience, knowledge, and pick a price.\u00a0<\/strong><\/p>\nYou read correctly, just select a number that works for you<\/strong>. I\u00a0promise there is a method to this madness to calculate your final price.<\/strong><\/h4>\nPRO TIP:<\/strong> Remember to never price your services lower than any of the three competitor prices. It\u00a0might seem like a good idea if you are new to the industry to compete based on price; however, it takes just\u00a0as much of your time and effort to plan a wedding at $15 per hour as it does at $75 per hour.<\/pre>\n![\"event](\"https:\/\/www.eventcertificate.com\/wp-content\/uploads\/2023\/02\/Pricing-Calculator.png\")
<\/a>Download the Ultimate Event Planner Pricing Calculator<\/strong><\/a><\/figcaption><\/figure>\nSTEP 2: Determine Your Ideal Salary<\/span><\/h2>\nNow that you know what your competitors are charging, let\u2019s dive into how much you would like to make from your event planning business.<\/p>\n
Let\u2019s dream with me for a few minutes.<\/p>\n
Start by asking yourself how much you want (or need)\u00a0to make each year. This is called your Ideal Salary. We are going to use this number to calculate your ideal hourly rate. Here\u2019s how:<\/p>\n
The average event planner works 50-60 hours per week (notice we said average). That is equal to\u00a0approximately 3000 hours in a year, assuming a two (2) week vacation. Here\u2019s the calculation:<\/p>\n
(50 weeks x 60 hours per week = 3000 hours)<\/strong><\/pre>\nTo determine your minimum hourly rate, take your ideal annual salary and divide it by 3000. For example, if you want to earn $75,000 a year, you should\u00a0charge a minimum of $25\/hour. This would be the lowest price you could charge to earn $75,000.<\/p>\n
Let\u2019s remember that these hours will vary depending on whether you operate your event planning business full-time, part-time, or go full throttle, working 7 days a week with 14-hour days on the weekends (I\u2019m looking at you, wedding planners). <\/em><\/p>\n($75,000 \/ 3000 = $25 per hour)<\/strong><\/pre>\nGo ahead and try it out on your own<\/strong>. Take the ideal salary number in the second\u00a0column below and divide it by the number of hours in the first column to calculate your\u00a0hourly rate. Try a few different salary amounts to see where your ideal hourly rate should fall.<\/p>\n![\"event](\"https:\/\/www.eventcertificate.com\/wp-content\/uploads\/2017\/05\/event-planner-pricing-2.jpg\")
<\/figure>\nPRO TIP:<\/strong> If you're a Day of Coordinator, this is also a great way to determine your Day of Coordinator rate. If you only charge for your on-site time at the event rather than a package, this is ideal. We will dive deeper into this later on in the article. <\/pre>\n\n
Once you\u2019ve completed your research, list the three (3) most common prices quoted\u00a0by event planners in your area. You can use a chart like the one listed below:<\/p>\n Now that you have your three (3) comparison prices, sit with these prices for a moment and try to determine where your price should fall. Evaluate the three prices, your skills, experience, knowledge, and pick a price.\u00a0<\/strong><\/p>\n Now that you know what your competitors are charging, let\u2019s dive into how much you would like to make from your event planning business.<\/p>\n Let\u2019s dream with me for a few minutes.<\/p>\n Start by asking yourself how much you want (or need)\u00a0to make each year. This is called your Ideal Salary. We are going to use this number to calculate your ideal hourly rate. Here\u2019s how:<\/p>\n The average event planner works 50-60 hours per week (notice we said average). That is equal to\u00a0approximately 3000 hours in a year, assuming a two (2) week vacation. Here\u2019s the calculation:<\/p>\n To determine your minimum hourly rate, take your ideal annual salary and divide it by 3000. For example, if you want to earn $75,000 a year, you should\u00a0charge a minimum of $25\/hour. This would be the lowest price you could charge to earn $75,000.<\/p>\n Let\u2019s remember that these hours will vary depending on whether you operate your event planning business full-time, part-time, or go full throttle, working 7 days a week with 14-hour days on the weekends (I\u2019m looking at you, wedding planners). <\/em><\/p>\n Go ahead and try it out on your own<\/strong>. Take the ideal salary number in the second\u00a0column below and divide it by the number of hours in the first column to calculate your\u00a0hourly rate. Try a few different salary amounts to see where your ideal hourly rate should fall.<\/p>\n <\/figure>\nYou read correctly, just select a number that works for you<\/strong>. I\u00a0promise there is a method to this madness to calculate your final price.<\/strong><\/h4>\n
PRO TIP:<\/strong> Remember to never price your services lower than any of the three competitor prices. It\u00a0might seem like a good idea if you are new to the industry to compete based on price; however, it takes just\u00a0as much of your time and effort to plan a wedding at $15 per hour as it does at $75 per hour.<\/pre>\n
<\/a>STEP 2: Determine Your Ideal Salary<\/span><\/h2>\n
(50 weeks x 60 hours per week = 3000 hours)<\/strong><\/pre>\n
($75,000 \/ 3000 = $25 per hour)<\/strong><\/pre>\n
<\/figure>\nPRO TIP:<\/strong> If you're a Day of Coordinator, this is also a great way to determine your Day of Coordinator rate. If you only charge for your on-site time at the event rather than a package, this is ideal. We will dive deeper into this later on in the article. <\/pre>\n