$387.13
Curious about how much to spend on marketing for your small business? Well, I recently spent $387.13 on new marketing efforts in July. It may not seem like a lot, but every penny counts when it comes to your marketing budget.
As an entrepreneur, the words “marketing budget” hold a different weight. It’s not just numbers on a spreadsheet; it’s your hard-earned money invested in the hope of future results. Finding the right balance for your budget can be a challenge, but it’s essential for the growth of your business.
Good Spending Habits Make for Good Results
Personally, I believe in smart spending habits. I focus on strategies that have proven to work, while also setting aside some budget to experiment with new ideas. By wearing both the investor’s hat and the scientist’s hat, I diversify my efforts and gain valuable insights along the way.
Recommendations from the Small Business Administration
According to the Small Business Administration, small businesses typically spend around 6-8% of their revenue on marketing. This includes brand development and direct promotion. Startups may allocate a smaller percentage based on projected revenue and growth goals.
Every business is unique, so it’s essential to assess your own needs and resources when determining your marketing budget. Don’t be afraid to experiment and adjust your strategies as needed.
Ask Yourself the Right Questions
When deciding on your marketing budget, consider your goals, current expenses, growth potential, and risk tolerance. Reinvesting in your business is crucial, but it’s equally important to allocate your resources wisely.
A Helpful Tool for Determining a Marketing Budget
Web Strategies offers a marketing budget calculator to help you get started. Use it as a baseline and customize it to fit your business needs as you learn and grow.
Tips for a Smart Marketing Budget
Tracking your marketing efforts, reviewing ROI, and ensuring your business can handle growth are key aspects of a successful marketing budget. Adapt and adjust your strategies as needed to maximize your marketing investment.
Always Evolving
Just like my $387.13 budget for July, your marketing budget will evolve over time. Keep experimenting, learning, and refining your approach to find the right balance for your business. With a strategic mindset and a willingness to adapt, your marketing budget can become a powerful tool for growth.