In Part 1, I talked about how to set up your first online business. In Part 2, I am going to go into detail about how to manage your marketing budget for your business so that your business can grow and flourish.

CREATE A MARKETING BUDGET THAT YOU CAN AFFORD

B2C companies need to spend more money on advertising compared to B2B companies. If you are starting an e-commerce  business, get ready to spend up to $1,000 in advertising in order to test and understand who your target market is. I always suggest that clients have around $2,000 available to grow an online business that is targeting the consumer market. $2,000 in marketing should allow you to generate at least more than $10,000 in revenues as long as you know what you are doing.

B2B companies can advertise with less money but you will be spending more on cost per click and more to acquire leads. I think it’s better to spend money hiring good sales people who can hit the phones aggressively and you can have a smaller content marketing budget in order to create organic leads. For exclusive case studies on creating a solid marketing budget, get my exclusive newsletter here.

ORGANISE YOUR MARKETING BUDGET’S FINANCES

Don’t go broke when it comes to spending money on marketing and advertising. If you are someone who overspends, always settle your balance before the end of the month when you are advertising on Google Adwords, Facebook or Instagram. This allows you to stay accountable when it comes to the finances of your online business.

I suggest focused entrepreneurs to have a separate business credit card for advertising only and always pay it off at the end of the month to avoid racking up debts. Don’t mix your personal finances with your marketing budget. For solid help, get in touch via email for excellent help.

GET A RETURN ON AD SPEND ASAP

You need to have a decent ROAS (Return on Ad Spend) to justify spending money on online advertising platforms. I’ve seen clients get ROAS of up to x10 when using the methods that I suggest. The best way to get ROAS like this is create excellent copy and visuals that encourage people to buy online.

In Part 3 of how to start your own business, you will learn the importance of the mindset that you need to have and the hard work you need to put in to make your business become successful. Love what you are reading? Get in touch via email and get our newsletter.