We all know that creating a brand for your business is important, especially for older businesses. Start-ups, on the other hand, might not see a branding or rebranding budget as a priority. We get it: the cost of a strategic rebrand can be overwhelming.

We’re here to reassure you that you can and should plan a budget for a professional rebrand. Let’s break down what influences your rebranding budget and how you can strategically save for this life-changing investment!

Factors Influencing the Cost of Branding

1. Scope of Work:
   The overall cost of your branding is going to rely heavily on the scope of work involved. A comprehensive branding effort may include things like market research, naming, messaging, visual identity design, and the creation of brand guidelines. This is going to be a far more expensive branding experience than smaller projects that focus on just one or two aspects of the brand (e.g. the logo).
   
   Word of Caution: While it can be tempting to piecemeal your brand together to save money, it’s far more beneficial to your business and budget to be putting money aside to hire a professional for a complete brand overhaul. This ensures your brand is cohesive and intentional to get you to your goals.
   
2. Experience of the Designer:
   As the skills and experience of your service provider increase, so do the costs of their services. A more experienced designer will have a higher branding fee than someone just starting. While the investment is higher, so is the quality. Their expertise can allow you to address issues otherwise overlooked by a less experienced, cheaper service provider.
   
3. How Quickly You Need It:
   Timelines can drastically impact the cost of your branding services. A common mistake business owners run into is waiting until the last minute to hire a brand designer. By this point, they are typically in an “I need this yesterday” mentality which will incur rush fees from most designers and companies you partner with. We advise that you start regularly putting money aside for your future branding efforts so you can reach out to companies sooner/have the funds if you need to rush the process.

The Costs Of A Rebranding Budget

Even with the factors listed above, that still doesn’t give you a clear target for what you should be preparing to spend. Here is a ballpark breakdown of potential branding costs to get you thinking about how much money to save:

1. A logo: $500+ USD:
   This is the lowest you should expect to pay for a logo design by a Junior Designer. As the experience goes up, so does the cost. A senior-level designer may charge anywhere from $4,000-$5,000 for a logo.
   
2. Visual Identity (Logos, colors, fonts, patterns, etc.): $2000+ USD:
   The visual identity is everything that’s on the EXTERIOR of the brand…. so how you dress the brand up. The $2000 price tag is the LOWEST you should expect to spend with a junior designer. More experienced designers charge $4000+. You can see what we charge here.
   
3. Brand Identity (naming, brand language, market research, visual identity, etc.): $5000+ USD:
   This is the most intensive branding process and, thus the most expensive. While it may seem like a pretty penny, it allows you to create the most strategic and cohesive brand possible. This is the lowest price you should expect to pay. More experienced designers will charge upwards of $10,000-$15,000+. You can see what we charge here.

How to Budget And Save for Your Rebrand

1. Define Your Objectives:
   Clearly outline the goals of your rebranding effort. Identify the specific outcomes you want to achieve (e.g. entering a new market, refreshing your image, reaching a different target audience, etc.) This clarity will guide your budget allocation towards the most impactful areas.
   
2. Prioritize Areas of Focus:
   Based on your objectives, prioritize the elements of branding that align with your goals. If visual identity is paramount, allocate a larger portion of your budget to design and graphics. Understanding the critical aspects of your brand will help you distribute resources efficiently.
   
3. Research and Obtain Quotes:
   Before finalizing your budget, conduct thorough research and obtain quotes from different service providers. This will give you a realistic understanding of the costs associated with each aspect of branding, allowing you to make informed decisions. You should be prepared to pay no less than about $2000 USD for very minimal and basic branding. As the scope of work and experience of the companies/designers increase, the overall cost will as well.
   
4. Allocate Contingency Funds:
   The overall cost of branding your business can increase with unexpected challenges and expenses. Allocate a portion of your budget as a contingency fund to address unexpected expenses without compromising the quality or progress of your rebranding initiative. (Common additional expenses include: font licenses, stock imagery, professional photography, etc.)
   
5. Start Saving Early:
   Branding is not cheap (and if you’re getting a quote that feels cheap, it might be worth approaching cautiously). Knowing this now allows you to prepare for the investment you’re going to be making. As soon as you’re able to start putting money aside for future expenses, create a savings account (bonus if it’s a high-yield savings account… our favorite personal savings is SoFi’s which offers up to 4.6% APY… Quickbooks Money is a great business savings that offers 5% APY on their envelopes) specifically for your upcoming brand expense.
   
6. Consider Phased Implementation:
   If budget constraints are a large concern and you don’t have the time to save it all before needing to invest, consider implementing your rebranding in phases. This allows you to spread the cost of branding your business over time, making it more manageable for your financial resources. If this is the route you choose to go, we strongly encourage you to work with the same company/designer to ensure that your branding remains consistent and focused.

Put Your Rebranding Budget Toward A Creative Partner

Now, you understand the factors influencing these costs and strategically budgeting for a rebrand! Congratulations! What’s next? Once you’ve saved up, it’s then time to choose the creative partner that will make your rebrand worthwhile.

Ready to elevate your brand? Let’s collaborate to create a brand that resonates with your audience and sets you apart. Use code [BRANDBITE] to save $150 on a personalized brand audit and take the first step toward a memorable and impactful brand presence!