Retreat Budgeting 101: Tips to Stay on Track When Planning Coaching Retreats
Are you dreaming of hosting an unforgettable international retreat but feeling overwhelmed by the budgeting process? As a retreat planning rockstar, I’m here to share my tried-and-true tips for nailing your retreat budget. Get ready to take notes and watch your vision come to life without breaking the bank.
Watch the Full YouTube Live stream HERE
Tip #1: Build a Buffer
Picture this: You’ve meticulously planned every retreat detail, but then unexpected expenses pop up (because, let’s be real, they always do). That’s where a contingency buffer bucket of money comes in handy. I recommend allocating 5-10% of your overall budget as a cushion to protect your profits.
This reserve fund can cover those pesky budget overages, like higher-than-expected costs and fluctuating prices between when you research and then host the retreat (which can be 6 months to a full year later).
Think of it as your financial safety net, ensuring you don’t have to dip into your profits.
Tip #2: Research, Then Add Some More
Thorough research is key when budgeting for experiences like sound baths, fire dancers, or zipline adventures. But here’s the kicker: Prices can change before you’ve even booked them.
My pro tip? Add a little extra per person, per experience (around $5-10) to account for gratuities, transportation costs, or any other unexpected fees.
This buffer ensures you’re prepared for those curveballs and can make informed pricing decisions.
Tip #3: Update Your Budget Tracker Religiously
As you start booking vendors and services, you will need to update your budget tracker religiously. Think of this document an ever evolving tool that will give you a real-time pulse on your expenses and revenue.
I also recommend keeping a receipts tab in the same spreadsheet to track what you’ve already paid and what’s still outstanding.
This level of organization will not only make bookkeeping a breeze but also empower you to make strategic marketing decisions as spots fill up.
You can grab my budget tracker and pricing calculator in my Retreats in a Box Digital Bundle.
Tip #4: Don’t Forget Yourself (and Your Support Team)
When calculating expenses, it’s easy to overlook the most important people: you and your support staff.
Remember, your retreat attendees are paying for your undivided attention and presence. You can’t pour from an empty cup, so factor in accommodations, meals, and experiences for you and your trusted team.
Trust me, having experienced support on-site will allow you to fully immerse yourself in the retreat experience while they handle the logistics.
There is a drastic difference between task takers and experts when it comes to management during the retreat and the support an expert planner will give you is well worth the price tag compared to your cousin who has no idea what a retreat is let alone how to run one.
Tip #5: Budget for Your Desired Profit
This one’s a game-changer: Add your desired profit as a line item in your budget.
After all, you’re not just covering expenses – you’re running a business. By including your profit goals from the get-go, you can price your retreat accurately and ensure those hard-earned profits materialize. And don’t forget to account for taxes while you’re at it!
There you have it, my retreat-planning queens! By following these five budgeting tips, you’ll be on your way to hosting an unforgettable (and profitable) transformation retreat experience.
PS. Don’t forget to grab The Ultimate Retreat Planning Guide so you can plan, host, and sell your dream retreat using my signature PLANR formula.
Check out Luxury Gift Ideas for your next retreat.
Connect with me on Instagram @retreats.w.jamij