Budget for a Grand Opening

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A grand opening for your business is a way to attract customers, introduce your products to the community and celebrate the opening of your company to the public. When planning your grand opening event, consider your budget, the type of event you are planning and the audience you want to attract to your business. A grand opening is a statement to the public about your business and the type of service or products you will provide. The opening event is also a marketing tool, so include its cost in your marketing budget.

The budget for the refreshments at your grand opening depends on the type of event you are planning. For example, the food served at a grand opening for a restaurant must represent the quality of the food your business will serve and will require a greater percentage of the budget. Other types of businesses can serve coffee, punch, cookies and snack items for the grand opening celebration.

A portion of the grand opening budget should be set aside for decorations for the interior and exterior of the business. Streamers and colorful grand opening signs can attract potential customers to your event. Decorate the interior of the business with balloons to create a festive party atmosphere.

A grand opening celebration can include door prizes such as free coupons for your services. Larger door prizes attract a larger crowd. Use the amount you charge for services to calculate your prize allocation in the grand opening budget. For example, if you plan to give a free dinner for two in your restaurant, calculate the average cost for a meal for two people to determine the amount for the budget.

To attract visitors, include advertising in your grand opening budget. Place advertisements in your local newspaper in the weeks before the event. Plan to run advertisements on several days to attract customers to your grand opening event. Include the cost of signs, posters and fliers to advertise the opening.

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