Most of the time, securing a location and choosing the date of an event go hand in hand. If you have a specific day and time in mind, you'll need to find a location that can fit your needs. However, if you've already determined the setting for your soiree, you may have to be flexible with the timing.
Also, keep in mind the atmosphere you're trying to create when selecting the locale. Depending on exactly how formal your event will be, you may want to have it in a hotel ballroom instead of a stuffy conference hall. You also need to keep in mind what essentials the location will provide, such as tables, chairs and linens. Remember that whatever doesn't come with the space will have to be rented, which will be more money subtracted from your budget.