How Much Does It Cost To Start A Virtual Events Business? (In 2024)
Looking to start a virtual events business?
But curious about:
- how much it costs to start a virtual events business?
- what are the typical virtual events business startup costs?
- or the actual cost of starting virtual events businesses?
Well, we have the data to prove it, supported by real virtual events businesses and how much they actually cost to start.
Let's go over it.
What is the average cost of starting a virtual events business?
Based on our data reported by actual virtual events business founders, the average cost of starting a virtual events business is between $100 and $200,000.
Additionally, our data shows that the the median startup costs for a virtual events business are around $1.5K.
Remember, though, not all virtual events businesses are the same - and neither are people's budgets. It's important to distinguish between different levels or types of virtual events businesses
Real World Examples: How much does it cost to start a virtual events business?
We asked real virtual events business founders and business owners how much it actually cost to get started?
Here is what they said:
Gary Ferrar
Founder of Ah Real Magic LLC ($20K/month)
"First, there was essentially zero overhead. I already had some props and only had to pay for my domain and hosting."
Gary Ferrar is the founder of his own business as a professional magician and mentalist, performing for high-end clients and corporations.
Amana Feline
Founder of EMS Events ($50K/month)
"The idea was not to overburden myself financially, and I didn’t want to get funding or have a partner looking over my shoulder. So, I was willing to share profits with equipment suppliers as long as I could make ends meet."
Amana Feline is the founder of EMS Events, an event production business that started in 1997 and now makes $50K per month.
Kyle Golding
Founder of Vorttx Training and Testing ($15K/month)
"The initial version of the product was custom developed in concert with a local programmer and coder. This was limited to a very, very basic version of what we have now. This came from a disconnect in communication between us and the developers. This cost us almost $5,000 to learn a hard lesson."
Kyle Golding is the co-founder and CMO of VORTTX Training and Testing, a SaaS virtual emergency response training system for long-term healthcare facilities that started in 2016.
Clifton Muckenfuss
Founder of Carolina Exteriors ($350K/month)
"We bootstrapped the business on $3,500 and now 9 years later generate $4,000,000 in revenue."
Clifton Muckenfuss is the co-founder of Carolina Exteriors, a specialty replacement contractor business based in Apex, NC, that offers home improvement services such as roofing, siding, windows, doors, and gutters.
Stacey Haynes
Founder of Thrivette ($10K/month)
"We got our biggest help with funding our dreams through Kickstarter! While we have had some fails, we have made over $165,000 through Kickstarter alone!"
Stacey Haynes is the founder of Thrivette, a consulting and resource hub focusing on helping businesses grow.
Meredith Vaish
Founder of Pause Box LLC ($1K/month)
"Since it was a virtual product, the costs were minor and mostly overhead (WordPress, Mailchimp, Leadpages, Canva)."
Meredith Vaish is the founder of Pause Box, a company that helps people take intentional pauses to achieve breakthroughs.
Szymon Grabowski
Founder of ClickMeeting ($897K/month)
"The primary costs included salaries for software developers and support staff, agency costs for building brand awareness and presence in specific markets, running Google Ads campaigns, SEO audits, affiliate commissions, legal consultations, and payment processing expenses."
Dominika Paciorkowska is the Managing Director and Board Member of ClickMeeting, a platform for webinars and online meetings that became a separate company in 2016 after being part of GetResponse.
Gregg Dukofsky
Founder of Interactive Entertainment Group ($400K/month)
"The owners loved the idea but said it needed to be streamlined, meaning I had to invest 20k of my personal savings to bring the concept to life."
Gregg Dukofsky is the founder of Interactive Entertainment Group, an event production company that started in 1988 and has ranked in Inc. 5000's fastest-growing private companies three years in a row in 2018, 2019, and 2020.
Enjoyed reading these real world examples?
Our platform is full of case studies of successful virtual events businesses that you can learn from.
Starting a virtual events business - what you should know:
Starting a virtual events business requires understanding various cost factors that can significantly impact your budget.
Technology Costs
Investing in the right technology platforms is crucial. Each virtual event requires event management software, which can range from $50 to $500 per month depending on features and scale. Additionally, live streaming tools like Zoom, Microsoft Teams, or more specialized platforms could cost between $20 to $200 per month. Always account for potential extra charges for extended functionalities such as higher participant limits or advanced analytical tools.
Marketing Expenses
Effective promotion is necessary to attract attendees. Depending on your target audience, digital ad campaigns on platforms like Facebook or LinkedIn could cost between $500 and $1500 per month for small to mid-sized events. Email marketing tools like Mailchimp charge around $10 to $300 per month based on your subscriber count. Factor in some budget for content creation, such as hiring a graphic designer or content writer, which can cost an additional $50 to $300 per project.
Professional Services
To ensure a smooth event, you might need to hire professionals such as virtual event planners, technical support staff, or moderators. Freelance event planners might charge $50 to $100 per hour, while technical support services for live events can cost around $30 to $75 per hour. Opting for all-inclusive packages from service providers could range from $2000 to $5000 per event.
Miscellaneous Costs
Don’t overlook other expenses like registering your business, which typically ranges from $100 to $500 depending on local regulations. Also, consider purchasing high-quality webcams, microphones, and lighting equipment, which can total anywhere from $300 to $2000, depending on the brand and quality. Lastly, budget for incidentals and unexpected costs by setting aside at least 10-15% of your overall budget.
Understanding these nuances will help ensure you’re financially prepared for each aspect of launching your virtual events business efficiently.
Potential Costs of Starting a Virtual Events Business
Starting a virtual events business involves several potential costs including technology investments, software subscriptions, labor, and marketing expenses.
| Cost Category | Item | Estimated Cost | Notes |
|---|---|---|---|
| Infrastructure | High-speed Internet | $50 - $150/month | Essential for smooth virtual event streaming |
| Computer/Laptop | $800 - $2,500 one-time | High-performance hardware needed | |
| Backup Storage (Cloud/Physical) | $50 - $200/month | Data safety and storage redundancy | |
| Office Space/Home Office Setup | $500 - $3,000 one-time | Optional, for comfort and professionalism | |
| Software | Virtual Event Platform | $50 - $500/month | Examples: Zoom, Hopin, Swapcard |
| Webinar Software | $40 - $400/month | Examples: GoToWebinar, WebinarJam | |
| CRM Software | $12 - $300/month | Customer relationship management tools | |
| Project Management Software | $10 - $99/month/user | Examples: Asana, Trello, Monday.com | |
| Marketing | Website Design and Hosting | $10 - $150/month | Hosting, domain registration, maintenance |
| Digital Marketing | $200 - $2000/month | SEO, SEM, PPC advertising | |
| Social Media Advertising | $100 - $1,000/month | Facebook, LinkedIn, Instagram ads | |
| Equipment | Professional Webcam | $50 - $250 one-time | High-quality video for livestreaming |
| Microphone and Audio Setup | $50 - $300 one-time | For clear audio during events | |
| Lighting Setup | $20 - $200 one-time | Good lighting for professional videos | |
| Labor | Event Planners/Coordinators | $15 - $50/hour | Freelance or full-time employees |
| Technical Support | $20 - $75/hour | IT support and troubleshooting | |
| Marketing Specialists | $20 - $50/hour | Employ or freelance specialists | |
| Miscellaneous | Insurance | $300 - $1,200/year | Business liability insurance |
| Legal Fees | $500 - $2,000/startup | Contracts and business setup legalities | |
| Event-related Merchandise | $100 - $1,000/event | Branded items, attendee kits | |
| Professional Memberships | $50 - $500/year | Industry organizations, certifications |
Summary
The costs involved in starting a virtual events business can vary significantly based on the scale and scope of your operations. Initial investments are primarily in technology and software, with continuing expenses in marketing, labor, and occasional miscellaneous fees. Planning a comprehensive budget is crucial to managing these costs effectively.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
