How to budget for your new brand

It's been proven that investing in your business, gives you a return. Investing can inlcude coaching, photography, a new website or visual look. But investing in a new brand can look expensive at first glance. You may be thinking: how on earth am I going to afford that? It's to risky to invest that much. What if it doesn't help my business?

After investing in a new brand and visual identity you are more likely to

  1. Have an increase of inquiries
  2. Help people understand the value of your business
  3. Establish your credibility helping position your company to attract those dreamy clients. 

However, I completely understand that putting money aside can be scary. But it doesn't have to be, if you do it right.

Just like you save up for a new Macbook Pro for your business or a new couch at home, you can apply the same principal for your branding. 

In order to grow your business, you must be ready to invest in it.

PUTTING MONEY TOWARDS A KILLER BRAND WILL HELP YOU: 

  1. Have the confidence you need to sell your product or service
  2. Give you the creditability of having an established brand
  3. Showcase who you are and what you do in a clear, professional and impactful way

But what if you need a brand design but can't afford it, or don't have the money right now? An easy choice would be to just go onto Fiver, DIY your logo, or purchase a pre-made one online. However, those may not be the best choice. They're not customized to you, your audience or your business. Three key elements that you need in your branding. 

A great way to plan for this investment is to start putting money aside now. 

I am a huge believer that budgeting is both valuable and necessary in both your personal and professional life. It gives you the freedom to spend your money on things you want to, without having the guilt. You can say yes to things you want to buy/invest in for your business, because the money is already there. You've been saving it all along, and you no longer have to question, can I afford this? 

SO HOW DO I SAVE UP FOR THIS INVESTMENT? 

Every project you book, or every item you sell starting today, put 10-15% in a bank account for investments into your business. Over time this will accumulate and give you what you need to get that new branding. 

Take this for example: you earn $50,000 from your business in 2016. You invest 15% of that back to yourself, which means you have $7,500 to spend! You can use that money to invest in a fresh new look, along with other things like new photography, or a new computer!

Branding is one of the most valuable things you can invest in for your business. It is the outward facing view of your company and can determine whether someone buys from you. Make sure you're attracting the right people, and communicating your business effectively. 

If you follow this method, you'll be on your way to a new brand in no time! And when you're ready, contact me. I would love to work with you!

Megan Powell

Specializing in clean, simple brand design for creative small business owners.