November 2, 2013 By Josh Counsil on Marketing Budget
Our business plan is coming right along. LivePlan is a wonderful resource and we’ve had plenty of help from BDC, NSLC, and Brewer’s Association, among others.
My most recent resource has been Entrepreneur.com, with which I have constructed the marketing budget. According to them, a conservative estimate for the marketing budget is to multiply your projected sales by 10 and 12%, multiply those numbers by your gross markup percentage, and deduct your property rent from those numbers to achieve your minimum and maximum budgets for marketing. So, by our calculations, our maximum marketing budget comes to... negative $54,500!
With that in mind, we’ve contracted our first print advertisement out to Ms. Skinner’s junior kindergarten class from Our Lady of Mediocrity in Cochrane, Alberta. Thanks to the winning submission from James L!