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One of the mistakes most business owners make is underestimating the expense of setting up a booth in a trade fair.
Though it may seem like a fairly straightforward plan, putting it into action and actually turning it into a successful trade fair is a whole other story.
If you’ve got a trade fair coming up right around the corner in 2022, we’ve got you covered, because you’ll be able to find a clear and concise list of all the costs which are likely to come your way and plan your budget well in advance.
The best part about planning ahead is that you may even be able to cut short on a few things and lower your overall budget. Without further ado, let’s dive straight into everything you need to know about budgeting for a trade fair in 2022!
1. Rental and Exhibit-Related Costs
The first and most important expenditure which you’ll have to budget for is none other than the booth space costs for setting up a stall in the fair. You’ll need to take a call on whether you’re going for a huge space, or a small one, depending on the budget you have for this.
There are also a few other factors that come into play here—for instance, getting a small space upfront may be a better idea than getting a larger one at the back.
It’s likely that you’ll have to set aside 30-35% of your budget just for renting out the booth space, which gives you an idea of how much you’ll be able to spend for the rest.
2. Exhibit Show and Service Costs
This is the next most important step because it’s going to be what catches people’s eye and draws them into your product. By cutting short on this, you’ll risk losing out on potential customers—all because of a bad presentation.
Under this category, you’ll have to keep the following in mind when coming up with a budget:
- The design of the stand – you’ll either need to create a custom design or rent a pre-made stand.
- The construction of the stand.
- The printing costs of the flex, board, and such.
- Repairs that may come up.
- Dismantling charges.
- Furniture rentals that you’ll be needing, such as chairs and tables.
Overall, the charges of the show services, stall construction, and print charges will all come up to around 30-35%, depending on what kind of style and setup you’re going for.
3. Promotion and Marketing
People are going to be drawn towards your stall because of the stall and setup, but they’re going to stick around longer because of the digital marketing and business promotion.
Here’s where you can truly shine and make your mark because you need to create an impression that is going to make them choose you then and there.
You can separate this budget into 2 categories. The first will deal with all the usual marketing and bidding strategies you’ll have to use, such as:
- Ads in trade show magazines (for more exposure)
- Digital marketing on social platforms
Apart from this, you should also invest in business promotions which will excite your customers, such as:
- Promotional products (You can check out some of the best promotional product ideas here)
- Food and refreshments
- Trade show gifts
GSJJ provide various kinds of customizable promotional products that can increase awareness of your brand and help you brand stand out from the competiton.
All in all, you’ll likely want to set aside at least 10% for promotional marketing.
4. Staff Costs
This will be based on the number of staff you hire and other dependencies. A good way to know how much you’ll have to set aside for this is by making a list of everything you’ll need:
- Food and stay
- Uniforms, if needed
Just be sure to hire the right number of people, or you might be understaffed, which can lead to unneeded chaos and confusion.