Step 5: Set your marketing budget.
You’ll need to devote a percentage of projected gross sales to your annual marketing budget. Of course, when starting a business, this may mean using newly acquired funding, borrowing or self-financing. Just bear this in mind—marketing is absolutely essential to the success of your business. And with so many different kinds of tactics available for reaching out to every conceivable audience niche, there’s a mix to fit even the tightest budget.
As you begin to gather costs for the marketing tactics you outlined in the previous step, you may find you’ve exceeded your budget. Simply go back and adjust your tactics until you have a mix that’s affordable. The key is to never stop marketing—don’t concern yourself with the more costly tactics until you can afford them.
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