Are You A New Business Owner & Do Need Some Ideas For Creating A Workable Marketing Budget For Your Company?

Are You A New Business Owner & Do Need Some Ideas For Creating A Workable Marketing Budget For Your Company?

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 Marketing Math
 

Internet research suggests for new companies one year to five years using a budget of 10 to 20 percent of your gross (or your projected) revenue for your marketing budget. 

For companies less than a year old, stick to your startup budget while you work to build your company, brand and grow your clients and customers.

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Chicken & Egg Marketing
 
Which came first – the chicken or the egg? This refers to the dilemma that many new startup company owners have in that there is a limited startup budget - period.  
 
Ideally, a startup should be well funded with marketing plan and budget. For those companies that may not be well funded, the marketing budget is very tight (if there is any sort of marketing budget). 
 
For both startup scenarios, the Internet research suggests that you spend your marketing funds carefully - especially while you grow your business.

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Fear Marketing or Fear of Missing Out Marketing
 
Fear as it relates to marketing your startup company is the idea that you may miss a marketing opportunity.

Perhaps, it's important to realize that not all of the below marketing should be implemented immediately in the start-up phase of your business, but should be planned and rolled out according to your marketing plan and budget guidelines. 

Here are six areas for marketing your company for you to consider – each has varying marketing expenses associated with it whether you are able accomplish these marketing tasks in-house or with an outside agency.  

They are:

  1. Branding – company logo, business cards etc. 
  2. Website – company website
  3. Social media – LinkedIn, Facebook, Twitter, etc.
  4. Advertising – print, digital
  5. Content – company literature
  6. Events – networking, production team 


There are certainly no rules for how a small business reaches their annual marketing goals but hopefully we’ve provided you with some marketing points to consider while you work on next year’s marketing budget.
 

At FL-Accounting & Advisers, Your Boutique Accounting Company, we are here to assist you with your accounting needs - do you need help determining your marketing budget?  Our staff is able to provide you services in English and Spanish.  Contact us for your complementary consultation - we are here to help. 

 

 

 

Wendy Ettorre