What if Michael Jordan had split his focus between basketball and baseball? Why didn’t he dominate baseball like he did basketball? It’s because basketball
What does branding cost?
“I can’t afford that expense!”
When starting out, you have to be careful with your money, I TOTALLY GET IT. It’s how I felt when I started my business too. The caveat is that you don’t want to cut corners and skip crucial steps in the beginning because it ultimately comes back to bite you in the end in many forms such as:
- No leads
- No engagement
- No clients
- Constantly reinventing the wheel and changing offers
- Wasted time and money
- Frustration and overwhelm
This last past year has been a rollercoaster, to say the least! Since the pandemic hit and I took my business full-time, here are some investments I’ve made:
- Incorporating my business
- Opened a small business account with my bank
- Set up a merchant account and payment processor
- Implemented and automated my invoicing via accounting software
- Got a business lawyer to review my Contracts, T&C’s and Privacy Statement
- Purchased business insurance
- Rebranded my business
- Invested in some entrepreneur training
These investments were all made last year over several months. Sometimes, new entrepreneurs get so bogged down analyzing everything that needs to be done that they never get the execution phase (Analysis Paralysis). Prioritize your expenses, budget for them, and knock them off one by one on a schedule that works for you.
Branding is one of those investments. Contrary to what you may think, it’s not only important when you’re growing. It’s relevant and critical at every stage of business because regardless if you want to invest time/money to work on it – YOU ALREADY HAVE A BRAND.
If you have customer touchpoints – your audience has already begun shaping their perceptions of your business. You need to take control of your reputation and ensure it aligns with your core values.
And without further adieu –
The Total Cost of Branding for Small Businesses
This raises the next logical question: how much should you budget for this investment? My rule of thumb is to set aside 10%-15% of your desired gross annual revenue and invest that in building your brand.
Here is a ballpark of what you should budget for branding your small business:
|Brand Identity + Logo Design||$3K–$10K|
|Market Research & Strategy||$2K–$10K|
|Brand Messaging + Positioning Guide||$2.5K–$10K|
|Brand Guidelines (visual and content styles)||$1K–$4K|
|Approximate Cost of Branding for Small Businesses||$8,500 to $30,000+|
It’s possible to find a great designer for less if you get them at the right moment—like right out of school. But these are unicorns, not the norm, and you will always end up paying more in other ways.
It all comes down to what different freelancers and agencies mean by “branding,” and what your ultimate business goal is with the branding project.
Branding encompasses three different elements. First, there is the visual brand that represents: the design of your logo, website, and materials. Then there is the messaging that communicates what you do and why you’re different, which includes all of the copy and your tagline. Finally, there is the positioning of your brand, which bleeds into your business plan and structure.
Every business is different and has unique goals and budgets. My goal is to take your budget and maximizing what you get out of it—by prioritizing your top needs to get the best results.
To check out my branding and identity design costs – CLICK HERE.
It’s a saturated market, if you want your message heard by your ideal clients – branding is what will get you there.
This investment will become the roadmap you need to take you from confused and overwhelmed to CONFIDENT AND CALCULATED as it removes any guesswork that existed previously.
If you’re ready to schedule a FREE consultation call to discuss your project – click here!
Apple has amassed a cult-like following who are always on the edge of their seats awaiting the latest new product release. They have no qualms
During my youth, like many, I struggled with being comfortable in my own skin. Might sound strange to those who know me now but if
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