When setting up my trade show budgets I attempt to input estimates for every place that money will be spent but there are always hidden costs. After budgeting for hundreds of trade shows here are the things that people often forget to add into their budget.
Food for You and Booth Staff
You will want to have a good breakfast and lunch for a one day show. You need the energy that comes with having a good meal – it helps. Don’t forget about drinks and snacks as well. I estimate $50 a person per day for just breakfast and lunch or $100 – 150 a day for breakfast, lunch, and dinner. Many shows now have water bottle refill stations. Buying branded reusable water bottles can save money on water and promote your company. Most convention centers are charging $4 for a bottle of water. That can easily add up and all these little things can really add to the hidden costs. Learn other ways to keep your Booth Staff Happy.
Travel Costs
Gas, mileage rates, and parking are the biggest culprits of this. Even as an exhibitor or booth staff, you are often required to pay for parking near the show. I offer to pay mileage for anyone who is staffing a booth. You need to understand how people are arriving at the show and what their costs will be.
Think also about hotels and airfare for shows that are out of town. The extra fees and taxes on hotels can add up along with baggage fees. The last thought on out of town travel fees it transportation to and from the show. Staying within walking distance of the show can save you a ton of money. If that is not possible, using the plans for Uber or Lyft can bring some discounts. Estimating $800 – $1,000 for travel costs per person is a good basis.
Invoice Errors
Check your invoices for accuracy. Trade shows are big and errors do happen. It is much easier to correct them at the show than after. Labor is often the biggest item to look at. Make sure that if your ordered people for certain times but they were late and ended up on over time – that you don’t pay that. It is not your fault that they were not on time.
Shipping
When you travel to shows and plan to ship items either to your hotel room or the trade show floor, sit down and crunch the numbers on what is the best way to go. The first item you need to know about is what the rules are for bringing items onto the trade show floor. (See three rules that can derails your booth set up.) If you can bring items onto the show floor and don’t have to ship them all in, then an overweight or oversized bag fee may be cheaper than shipping and drayage (the cost to move your items from storage to the booth and back to storage).
If that is not an option, then make sure that every item you are shipping is worth its weight.
I suggest digital literature whenever possible because that is one of the most expensive items to ship and it is the one most likely to end up staying at the hotel. Also, consider the size of your giveaways and always make sure that they can make it through airport security if you are doing an out of town event.
Bonus: Other Booths
I enjoy trade shows and craft fairs because there is so much to see. I almost always come home with something from another vendor. Having that in your budget is helpful. You can also use this purchase as a way to start a conversation with another vendor that you are interested in doing business with.
One way to encompass all the hidden costs or items you may have forgotten to budget for is to add 20% to your total budget. I put all of my costs into a spreadsheet and then have a line item that adds 20% to the initial total. That final total is my budget. If I do not spend the 20%, great! That money is shifted to the next trade show or project.