STEP 6 – The Plan Budget
Drafting a budget is key to turning your business dream into a reality. Your marketing plan serves as a roadmap to support your budget goals. A budget is also a roadmap, your financial roadmap. A budget shows you exactly where you are financially at any given point in time and provides you with a valuable tool to understanding where your business is going.
The marketing budget is a component of your overall business budget, and includes paid advertising and costs associated with unpaid advertising branding, grassroots marketing, community-building, etc. Even though some social media platforms may not have a fee associated with their use, there is time involved and the costs of having internet access, a computer,, staff time and implementation. When you build your plan budget, include everything and anything, even if it is out of your price range. By creating a “Cadillac” budget, you and your team can then look at alternative resources. Remember, your staff will have skill sets and community connections that you may not know about. Together, you can identify cost-effective alternatives using the talent of your team or through building community partnerships.
Resources to help you:
Tools for creating a marketing budget – collection of articles, calculators, and templates
Free marketing and small business resources
Small Business Association – loans and grants
Would you benefit from further discussion? Search our Cup of Jo blog for more small business budget planning tips. You may also want to consider taking one of our on-demand training sessions to help you with your planning. Our bootcamp and marketing trainings include a free plan evaluation and post training support. Or, build your network of resources by joining a myMarketing Cafe, which provides opportunities to network and partner with other small business owners.