When you start a new business, costs seem to come all around. Computers, offices, website, furniture, accountant, utilities, HMRC and the list can go on, depending on the nature of the business.
One cost that usually gets overlooked is branding. We tend to see branding as a luxury that can be done in-house, by ourselves. This way you save some pounds.
The truth is that branding should be considered one of your most valuable business asset because it will bring credibility, connection with your customers, it will differentiate from your competition and will give you a competitive advantage.
But how much a brand cost and how can we mitigate the cost of it?
- Don’t go to a top notch agency
We have seen startups that have decided to spend £10k on branding from one of the most famous brand companies. These agencies will do a great job, but they also have a price list that might be out of our pockets. Sometimes is good to choose a smaller design studio or a freelancer, their price will be more in line with your budget. - Start with your needs and add on as you need
If you keep your brand compact and grow it organically with the growth of your business, you will have a more control of expenditure and also will avoid designing things that you might not need. You could start with a logo and a website and then extend the collection of items according to your needs. - Pay for few hours consultancy and do it yourself
If you are capable of doing it yourself, you can get a consultant for half a day to set your brand on the right foot and then apply their advice to your brand. Get him involved during the process for an hour here and there might save you a headache at the end. - Compromise perfect for great
Maybe when you start you can’t have those beautiful business cards with golden foil and varnishes that you want. But you can get a good quality, yet cheaper, a business card that helps you start on. You’ll have time on a next stage o get those great cards. - Get templates designed
One of the best ways to save money is to get your flyers (or menus or whatever you use often) templated in PowerPoint or Word. It will allow you to test and do it yourself, so you don’t have to pay for a new design every time.
Branding is important but doesn’t need to be expensive. With a bit of creativity and imagination, you can get the credible business that your customers expect from you.