What are the Costs Associated with Both?
Whether you are planning a physical event or a virtual alternative, you still need to budget for all of the costs that need to be covered. If you only have limited funds, it may be a good idea to help you understand how to maximize your event’s potential in the most cost-efficient way possible. To help, we have broken down some of the main costs associated with both physical and virtual events, so that you can see a basic financial comparison.
Most physical events require a large venue with specific facilities, such as a stage, creating a space for presentations that the audience can see. The larger the venue and the more facilities that it offers, the more you will need to pay in order to rent it. Ideally, you also want to ensure that your guests also have access to car parking spaces, and this can increase the cost of the venue even more.
If you are hosting a virtual event, the good news is that you don’t need to worry about hiring a physical venue that can meet all of your needs. Everyone can access your presentations from the comfort of their own home, at no cost to you.
Travel and Accommodation
If you are organizing guest speakers to present at your in-person event, this may require them to fly into your city and speak. If this is the case, you would need to pay for their travel expenses, such as flights and accommodation.
If you are hosting a virtual event, your speakers can present from the comfort of their own home. This is generally a much more convenient option for them, and it means that you don’t need to worry about paying for their expenses
For an in-person event, the equipment you need is going to depend on what kind of event you want to have. You may need lighting for a stage, space for visual presentations, a projector, speakers, the list goes on. Generally, the better you want your event to be, the more you need to invest in the right equipment to make it happen.
When it comes to virtual events, you don’t need any of this physical equipment to create a good experience, but you do still need to pay for things like the right kind of software. You need to invest in technology that is capable of handling a virtual event of your predicted size and offers the flexibility to create the type of event that you are wanting. In most cases, everything that you want may not be available from a single source, so you need to spend time creating a technology stack that offers everything you need, and is capable of functioning altogether.
Any event you host will require a number of staff to fill out all kinds of roles that are all necessary for your event to run smoothly. Most of these jobs need to be outsourced to other specialized companies, such as security, tech support, catering, and event management/planning.
Although virtual events don’t require as many staff, they do still need some extra support to function properly. This is generally going to revolve around technology support, and finding the right people to keep your platform operating smoothly for your attendees. If you are new to the world of virtual events, you will also greatly benefit from hiring an event planner that specializes in this form of event, such as MakeitSpecial Events. They already know what staff and services are required to keep everything running smoothly, and they can act as your first point of call for everything so that you don’t have to worry.
Virtual events are cheaper
Overall, a virtual event is definitely going to be much cheaper than a physical event of the same size. Of course, you are still going to incur some costs when hosting a virtual event - any good online experience will still require you to invest in the right services and technical support. But if you want to create a networking experience that suits your budget, you should consider