As I’m sure you already know from starting your own business, budgeting is crucial. It is no different when it comes to marketing. Just as you laid out your budget at the very beginning of your business plan, before beginning the creation of any marketing plan, you need to have your budget clearly defined. Your marketing budget is definitely an investment in the future of your business, so it’s not something you want to take lightly.

How much do you have to spend? How much profit do you stand to make? What type of audience do you want to reach? What exactly do you want to accomplish? These are all questions you will need to answer up front. Your marketing budget will include more than just advertising. Your website, your business cards, packaging or any graphic design or logo development is all considered marketing. Some of this you may already have implemented. If not, it can’t be left out. Advertising can help advance your brand, but first you have to spend the money to create your brand.

As mentioned in other sections, your business should have a look, so others immediately recognize your brand. A logo, a color scheme, a slogan, all of these things should be consistent and this includes in your advertising. When deciding how and where to spend your marketing dollars, you don’t want to compromise any of these elements.

Use all of the resources available to you when researching. If you have revenue information from the last year, that’s a great place to start. If you don’t, research others in your industry. There most likely is a website or publication that will give you an idea about possible income and a gauge of advertising costs in your market.

Research the publications you want to use. What is their readership? What types of articles do they publish? What are their demographics? This information should all be available by requesting their media kit and advertising costs. Do you feel that their audience matches what you want to reach? Do you feel as though the cost is worth the exposure? If so, this might be a great publication to include in your plan, and now you have an idea of what it might cost to reach those you want to reach.

Your budget needs to be reviewed on a regular basis, probably quarterly. What type of response are you getting from the ads you’re placing? Are they turning into sales? This is where a bit of trial and error comes in. Increase advertising dollars in the outlets that are bringing in tangible sales and decrease or eliminate advertising dollars in the ones that aren’t.

Most importantly, be realistic and plan ahead. Salespeople are good at contacting you with an enticing offer or promotion on short notice. But, it won’t be successful for you if it doesn’t meet your basic goals. If someone comes to you with a great deal in a national magazine for $1,200 it could be a fantastic opportunity. But, if your budget for the quarter is only $1,000 it might not be realistic.