You're serious about your business, right? Then it's time to get serious about your marketing budget. Think of it this way: a marketing budget is the fuel that powers your business engine. Without it, you're driving on fumes.

We get it. You're busy. You're building an empire. You’ve got bigger fish to fry than crunching numbers. But here’s the thing: without a marketing budget, you’re essentially flying blind. It’s like trying to navigate a storm without a compass. Or worse, trying to date someone without knowing if you can afford dinner. Would you run your business without budgets, financial projections and profit loss reports? (And if you are, well then, we have bigger mountains to climb don’t we?)

So, let’s get down to the brass tacks. If you feel like turning tail and running when we talk marketing budgets, here’s a few places to start.

The Magic Formula (Or, at least a starting point)

Percentage of Revenue: A classic, if somewhat arbitrary, method. Typically, 5-12% of your projected revenue is a good starting point. But remember, this is just a starting point, not a golden rule.
Competitive Analysis: See what your competitors are spending. This can give you a ballpark figure of what's considered “normal” in your industry. But remember, just because they’re jumping off a cliff, doesn’t mean you should too. Not sure how to find out, that’s where we come in. ;)
Goal-Based Budgeting: Decide what you want to achieve (increase sales, boost brand awareness, etc.) and allocate funds accordingly. This is the most strategic approach, but it requires a bit more forethought.

But keep in mind with all of this, always. respect. your. cashflow!! Don’t stretch yourself too thin, analyze your financials and create a plan that stays within your budget. A great accountant can also help you analyze your historical sales data to find the right numbers.

Why This Matters (More Than You Think)

You might be thinking, “I’ll just give you a vague idea and you’ll figure it out.” Wrong.

We can't wave a magic wand: Creating a killer marketing campaign without knowing your budget is like asking a chef to cook a gourmet meal without knowing the ingredients.
We can’t prioritize effectively: Without a budget, we're shooting in the dark. Should we focus on social media or paid advertising? We can't decide without knowing your financial firepower.
We can’t measure success: How do you know if a campaign is successful if you don’t know how much you invested or what goals you are after? It's like trying to lose weight without stepping on a scale.

So, there you have it. A marketing budget isn't just a number. It's a roadmap to your marketing success. So, do yourself (and us) a favor and figure it out. We promise it’ll be worth it.