| How much should I budget? What if I don't | | | | motivation. If you can't afford to hand the |
| have a budget? This article will give you | | | | problem off to someone else, you will need to |
| some perspective so hopefully you will launch | | | | learn some things on your own. |
| your business a little smarter. | | | | |
| | | | Remember, it's about branding, research, and |
| Poker | | | | marketing. So learn a little about each and |
| | | | when you start working with a graphic |
| When the brave pioneers that want to start | | | | designer and marketing firm-you will be an |
| their own business are ready to get going, | | | | intelligent client. You may not be a |
| they approach ad agencies and marketing | | | | designer, but you can learn about consistent |
| firms. They are the NASA controllers with the | | | | design. You may not be a market researcher, |
| launch pad and you are the rocket ship. This | | | | but you can have an idea of your ideal |
| initial phase is very much like the game of | | | | consumer. You may not be a marketing whiz, |
| poker and the conversation ultimately gets to | | | | but you can understand that direct mail |
| "what do you have?" That is, the agency asks | | | | reaches a lot of people and costs less than |
| what kind of cards do you have in your hand, | | | | producing and placing a television |
| which translates to "what's your budget?" | | | | commercial. The Internet is a tremendous |
| | | | source of information for learning about |
| Budgets, we'll call them poker hands for now, | | | | branding and marketing on your own. |
| are what will propel your rocket ship and | | | | |
| they really can run the gamut. There's | | | | How To Launch On A Budget |
| Business A that says, "we have $3,000, do you | | | | |
| think that's enough?" Let's call that two | | | | If you have a royal flush, then |
| pair (at best). There's Business B who has | | | | congratulations are in order. Keep tabs on |
| $2,500 a month for the first 6 months. We'll | | | | how the money is spent. Oversight helps to |
| call that a flush-they are thinking | | | | build strong CEO muscles. If you are like |
| intelligently and funding the best they can. | | | | most people and have limited start up cash, |
| There are a few hands in between until you | | | | here's some advice. You want the strongest |
| get to the fortunate few that have a loan or | | | | most professional look you can get for your |
| backers or lots of savings, let's say | | | | company. You want to make sure you have ample |
| $50,000+. That is a royal flush. | | | | money for marketing after building your |
| | | | brand. A marketing mix has at least a dozen |
| Since budgetary needs vary, what constitutes | | | | options of how you can deploy your brand to |
| a royal flush for any start-up? If you have | | | | the public. If you really have very little |
| enough money to (a) build your brand, (b) | | | | money for marketing, consider the three most |
| research your competition and demographic, | | | | cost efficient strategies. |
| and (c) get the word out over and over | | | | |
| again-with sustained marketing. The number it | | | | |
| takes to do (a), (b), and (c) is a royal | | | | |
| flush and an appropriate launch budget. | | | | 1. Networking. Get the word out yourself. |
| | | | |
| Most People Underfund The Launch | | | | 2. The Internet. Make sure your website is |
| | | | rich in content and highly visible to search |
| In his great book Winning, the former CEO of | | | | engines for your key search terms. |
| GE, Jack Welch suggests that you cannot | | | | |
| afford to underfund a business launch. I | | | | 3. Direct mail, particularly if you are |
| would like to hear the contrary argument, but | | | | launching a local business. |
| there isn't one. It's a plain and simple | | | | |
| fact-it takes money to make money. Though if | | | | Replace Worry with Courage |
| you are clever about saving and your business | | | | |
| flourishes, you'll have a great story to | | | | Ultimately, if you don't have money to hand |
| tell. The list of start up costs can really | | | | the work and worry off to someone else's |
| add up so it is no surprise that an | | | | desk, you are going to enter numerous |
| underfunded launch is commonplace for small | | | | learning curves to do things yourself. The |
| businesses, especially home businesses. So, | | | | trade off is simple. You will sweat and work |
| the question becomes how does one navigate | | | | long hours but save money. Even if you have |
| this dichotomy of pioneer spirit and a lack | | | | the money, you will sweat about other |
| of cash? | | | | details-like wondering if your investment is |
| | | | being spent wisely. It's all part of the |
| This is a stressor and one that you will have | | | | journey. There is nothing like the thrill of |
| to get used to. You may consider asking a few | | | | successful ownership of your own business. |
| businesses how they solved this age old | | | | Begin with the best poker hand you can and |
| problem. Researching success stories will not | | | | start playing the game. |
| only give you knowledge, but inspiration and | | | | |