How To Budget For Your Marketing

Marketing With A Twang

First, commit to running your business like a business even if it's just you.
Second, define what marketing is and what it is not.
Marketing is actively seeking qualified leads to sell your coaching packages or courses to.
Marketing is not...

• Redoing your website
• Rebranding
• Creating a new logo
• or anything that you can't directly attribute to a sale

You're going to spend time or money or both growing your business.
Be intentional. Be nimble. Be ok with less than perfect. You can get fancy later.
DO NOT spend "grocery money" on marketing.
How to allocate your revenue using a slightly modified version of Profit First by Mike Michalowicz
For most coaches or other businesses doing under $250,000 in revenue take the following percentages and separate them out each time you get a sale.

• Profit - 5%
• Taxes - 15% (adjust according to where you live)
• Owners Compensation - 50%
• Marketing - 10%
• Operating Expenses - 20% (this is what you have left over not what you pay first)

DO NOT pay your operating expenses first. If your operating expenses exceed 20% then you're going to have to cut something out. You don't cut any of the other ones.
If your revenue is over $250000 then you'll adjust down your owners comp and up your operating and/or marketing.
There are charts available based on revenue for suggested amount. Google is your friend here.
See you next episode.

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1. Budgeting for Marketing Strategies (00:00:00)

2. Effective Online Advertising Budgeting Strategy (00:09:08)