Someone I had met through a networking event some time ago contacted me about opening a laundromat and needed some corresponding promotional materials produced.
The budget? $150.
It strikes me as odd that someone would spend all sorts of money on equipment, a store front, incorporation, and leave nothing for marketing.
Here's the deal. Your marketing is an essential piece of the business pie. You can't expect to be successful if you are giving yourself a budget of $150 for the launch of a new business.
A good rule of thumb is take your expected yearly gross income from your business and put aside 10% for your yearly marketing. For some it may be less and others more. Generally, 10% is a good figure to start with especially if you are a new business. This will be a figure most marketing firms and design agencies can and will work with. It will also be a catalyst to your business' success.
©2009 David Scott | Cosmic: Advertising & Design