Last week we explored the first step in hosting a virtual career fair, Plan. This week we will go over the second step.
Step 2: Allocate a budget
The budget is the dreaded piece in any endeavour, but it may also be the most important piece. Since every upcoming step in hosting your career fair will rely on your budget, it’s better to establish funds now to prevent unnecessary stress later on.
To determine a budget for your virtual job fair, consider the following elements:
Your current available capital
Anticipated marketing expenses
The cost of the platform you hope to work with
If and how much you will charge exhibitors
If and how much you will charge attendees
If you will have paid speakers
You must also consider unknown additional expenses that may (but hopefully not) surprise you along the way. For example, does the platform hosting your event charge extra for tech and customer support? If so, you will need to allocate funds to support this.
To get more clarity about how to budget your event, you may want to talk to those who have more experience hosting virtual job fairs for a similar purpose. If you are a part of an educational institution, consider reaching out to another school’s career centre in your area. If you are a part of a not-for-profit organization, speak to someone else in your shoes.
Speaking to others who have more experience running a virtual career fair may also help you determine your goals for the event, which in turn will affect your budget strategy.
Although it may be stressful, approach your budget one step at a time. Carefully consider each piece of the puzzle and ask questions to those who have more expertise. Once you feel confident that you have allocated the necessary funds to support your virtual career fair, move on to Step 3, Pick a platform!