Event Planning Pricing Packages Tutorial

today I'm going to show you exactly how to create packages for your event-planning business and the simple three-step process that will get you there step number one is to determine your hourly rate and to do this if you haven't already checked out my video on how to set the hourly rate for your event-planning services please watch that video because the details exactly the steps you need to determine your hourly pricing now once you have your hourly rate step number two is to calculate how long it takes for you to complete each event so whether that's a wedding or a kid's birthday party or a retirement party for each time you have an event what I want you to do is I want you to track how many hours each event takes you to be completed so for a wedding when you're just starting out let's say it takes you 200 hours now as you become more experienced and you plan more weddings chances are the number of hours will be reduced but we'll address that at the end now step number 3 what I want you to do is I want you to multiply your hourly rate by the number of hours it takes you to plan each event so if it takes you 200 hours to plan a wedding and you charge $10 an hour then your package pricing for a wedding will be $2,000 and that right there is how you come up with the packages for your events now here's what I want you to do at the end of doing this as you become more experienced the number of hours you used to plan each event will more than likely be reduced so as you do that I want you to take the time to review your packages every three months to ensure that it still correctly reflects the needs of your business and of your clients the other thing to note is that unless your hourly rate included certain miscellaneous charges such as your transportation gas or any other expenses you might need to adjust your packages to account for this so if your a total price of 2000 for example for a wedding does not include your gas drive into the venue and back as well as any additional meals or expenses that you've agreed to with your client you will need to add these into your packages and again always review your packages every three to six months to ensure that there is still meeting the needs of your business that they're still reflecting the value that you're providing to your customers believe it or not that's all there is to it and if you haven't downloaded my pricing guide as a bonus I want you to grab it if you look down in the information below this video you will find a link to my detailed step-by-step guide which will walk you through the steps of how to price your event-planning services the guide also helps you to come up with your package pricing and most importantly I challenge you to justify that price at the end of the worksheet

Michael Martin

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