How to know when it’s time to re-evaluate your event planning

You’re working hard to grow your event planning business. Bookings are booked, calendars are full, and there aren’t enough hours in the day to accomplish everything on an ever-growing to-do list. But despite all your efforts, you still fall short of your financial goals. Maybe you’re skimping on takeout, or choosing to stay home while your friends go to the club. Whatever it is, the results of your efforts feel underwhelming. In this article, we share some signs that it might be time to reevaluate your event planning rates.

Different types of events you want to follow

You think planning your dream wedding is your calling. But now you’re rethinking your event planning niche because you’ve experienced a drunken groom, a bride, and a surprising “I object” from a jilted ex.

It goes without saying that different types of events receive different rates. You’ll need to reevaluate your event planning rates if you find you want Expand into different event planning areas.

You didn’t meet your revenue goal

It’s been your busiest year yet, with a calendar packed with booked events and 50-hour weeks. However, your hourly rate doesn’t meet your expectations, and you won’t be able to meet the revenue goals you set at the beginning of the year.

Planning your event may take longer than you expected, or your costs may be higher than you thought. Regardless, you should reevaluate your rates to match your desired hourly rate. Here are some tips.

Track how long you work on each activity. Paid and free apps can track your time on laptops and mobile devices. Pair your tech options with an old-fashioned notepad or notebook that you always carry with you.

Track your spending, right down to the number of coffee cups you buy for client meetings. Finance apps simplify your expense tracking by allowing you to log expenses and take photos of receipts from your phone.

If you keep track of your hours and expenses, you’ll have a clear idea of ​​your current hourly rate. Now, ask yourself how many hours a year you need to work.

For example, there are 52 weeks in a year, but you should plan on taking at least two weeks off. Therefore, a 50-hour work week equates to approximately 2,600 hours per year.

Does 2,600 hours per year times your current hourly rate equal your annual income goal? If not, it’s time to reevaluate your event planning rates.

You feel pressured by the cost of living

you already know cost of living Everywhere, but especially New York City, has seen a surge in recent years. From groceries to rent, you need to spend more to break even. With prices rising on just about everything, it might be time to increase your event planning expenses.

However, raising interest rates during a period of high inflation is tricky. Your customers are also facing a higher cost of living. You may have even noticed a decrease in their planned activities.

In this case you can consider Target high net worth or corporate clients. Due to inflation constraints, these clients are unlikely to significantly reduce their event planning budgets. They are also willing to pay a premium for top-tier event planning services. Just adding one or two lucrative customers can help you reach your revenue goals.

It’s that time of year again

Yes, re-evaluating your event planning rates and packages is an annual exercise. Each year, you should revisit your income, expenses, and goals to determine your rates for the coming year. Doing this consistently will help your event planning business grow year after year.

Learn more business tips at Event Planner Expo 2025

Knowing when to increase your rates or rethink your event packages is just one of the challenges when running a New York City event planning business. For more business, marketing and industry insights, visit Event Planner Expo. There, you’ll network with more than 2,000 industry professionals and learn from top event planning experts. Attending Event Planner Expo 2025 is a sure-fire way to take your event planning business to the next level. Buy your tickets today!