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As a start up you may have access to a large amount of money through investors or investment programmes, but most likely you will be bootstrapping your business.
Therefore, it is in your best interest to create and follow a budget to ensure you are able to manage daily cash flow in your business. After all cash flow problems are frequently the reason why small businesses go bankrupt.
A marketing budget is the money that you allocate in order to promote your business in the aim of obtaining sales.
Most starting out companies think if they print a batch of leaflets once or run one campaign that’s their marketing complete for the year, when the reality is marketing must be done consistently. The aim is to be proactive and maintain a positive reputation in your customers mind.
Here’s why a small business starting out needs to have a Marketing Budget: