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