Event planning is one of the fastest-growing sectors in India’s economy & it will become a part of the formal economy. Our vibrant and diverse culture offers unique opportunities and challenges in the event planning sector.
On top of that, factors like sensitivity to regional characteristics and cost sensitivity add to the situation. Hence, it becomes important for event organizers to determine whether an event is feasible before beginning a project. Let’s explore the factors that determine the feasibility of an event in India:
Budgeting
As an event planning company, our ideation process starts with a single question: What is the budget? A complete cost analysis is carried out based on the proposed budget to understand the event’s viability. A detailed breakdown of expenses is not just about listing costs; it’s about strategically planning each aspect of the event.
Here’s how we proceed with budgeting on a high level:
- Venue: Find the perfect balance between accessibility, appearance, and affordability.
- Catering: Customise food and beverage options to suit local logistics and client preferences while fitting the budget.
- Entertainment: Select entertainment that resonates with the audience without overshadowing other event aspects.
- Decorations & Miscellaneous Expenses: Manage decor, transportation, and other costs by finding affordable and reliable vendors.
- Optimization: The toughest part is implementing creative solutions to enhance the experience without increasing costs.
We scout for potential sponsors to bring down the cost; in many cases, this is beneficial and mandatory. Based on the event’s theme, we identify potential sponsors, create win-win proposals, and manage sponsor relationships post-onboarding.
Therefore, creating an estimated budget for every event is a priority checklist for the organizers. It’s prudent to consider the overall budgeting process for attaining significant profit & to avoid being bankrupt.
Event Venue Selection
Selecting a venue is emotionally and financially sensitive to the client while closely knit to the event’s success. One of the biggest factors comes in the form of location accessibility, and this is defined in terms of the proximity to bus stops, train stations, and other public transportation. Also, we give great importance to the availability of parking facilities for the attendees traveling by personal vehicles.
We also ensure that the venue is accessible to people with disabilities. Also, analyze the size and layout of the venue to canvas the seating arrangement to ensure comfort and visibility. Consider the availability of ample restrooms & dining areas to avoid long queues & discomfort. Equipment feasibility is another aspect of our work since the Indian clientele expects high quality. Right from arranging high-quality sound and visual equipment to enhancing presentations/performances to providing robust internet connectivity, we take equipment availability at the top of our priority list.
Regulatory Compliance
As a premier event-organizing company, we find that regulatory compliance is one of the most neglected aspects of our industry. While obtaining permission for music, performances, and other entertainment from the local authorities is necessary, you must adhere to local regulations regarding fire safety, building codes, and occupancy limits.
Make it a point to cover liability and event insurance to safeguard against unforeseen circumstances. Also, implement strict cleanliness standards. As event organizers, we emphasize ensuring clear and accessible emergency exits in compliance with safety regulations. Thus, proximity to nearby medical facilities or on-site ambulances for immediate response to any health-related emergencies is taken care of with success.
Environmental Impact & Risk Management
Modern events must align with global eco-conscious values like implementing recycling stations and using recyclable materials. Aim to reduce waste through thoughtful planning and coordination with vendors.
Preparing for unexpected weather changes is necessary if the event is outdoors. Ensure the team has protocols for medical or other unforeseen emergencies. We pre-coordinate with alternative vendors in case of sudden cancellations or issues. At Madmaze, we think that having a Plan B is not an optional luxury; it’s essential.
Wrap Up
While we have broadly discussed the factors determining an event’s feasibility, we also highlight the need to uphold regional, cultural, and linguistic dynamics, extensive quality assurance for vendor-sourced services, contracting, and feedback mechanisms.
Need expert guidance for your next event in India? Contact Madmaze today.
