Sourcing Requirements / Budget Drivers
Because this type of conference typically requires a large number of sleeping rooms and meeting space, it is best to plan to source at least a year out, preferably longer, ideally two years out.
You will need a general session room, a meal room, a tradeshow room, and 10 to 40 breakout rooms depending on the planned amount of education sessions and how large your conference will be.
During contracting, be sure to include a clause that allows you to bring in an outside audiovisual vendor without penalty. This is typically a large cost-saving tactic and will likely be allowed unless there is a strict contract in place between the venue and another A/V partner.
You will need to be sure and provide appropriate breakfast, breaks, refreshments, and lunches to these attendees. Your company will need to decide if this will be a break-even or profitable event, and the budget will need to reflect revenues versus expenses.
Sponsorships will typically be sold to cover the costs of meeting expenses; don’t forget to check with the hotel about any marketing fees they will charge you to brand in their hotel, which can be a significant hit to the budget!