Are you considering to start a business and not sure on how much to invest on logo design? Have you got a few quotes and the price range is confusing? This article will help you understand how much is good enough.
While I hope you’ll understand that the best budget is the one that allows you to hire a brand identity designer, my main goal is to help you save money by making the right choice. The first thing you must understand is that logo design is an investment, not an expense.
Investment, not Expense
I’ve been working with entrepreneurs from all over the world, and still amazes me the fact that many entrepreneurs complete disregard the relevancy of professional logo design. Why? Simply because they don’t understand why that is good for business.
So, what a good logo and brand identity design can do for my business?
Multinationals spend millions of dollars every year on branding efforts. Why do they do it? There must be a reason for it, right? So, the first thing you must understand is that when you ‘spend’ money with the design of your logo, or any other branding effort, you are actually increasing the value of your own business.
Coca-Cola is the only non-tech brand to crack the top five, ranking No. 3 with a brand value of $54.9 billion. [source]
But that’s not even the most important reason why you should invest in professional logo design. The reason why you need to do it is because it will bring more business to your business. Put it simply, professional brand identity design will make your business more profitable.
In today’s world, branding helps you to differentiate your business from the competition, but a well-designed brand will also allow your business to charge more for its products and services.
How Much Is Good Enough?
Keeping in mind that you’ll actually be investing in your own business and increasing the value of one of its own assets, perhaps the question should be:
What’s a fair price range of professional logo design?
An original, unique, custom-made, high quality and professionally designed logo or brand identity will hardly come out for less than $1000 for a small business and up to $10,000 for a medium size company. It very much depends on which designer you choose to work with.
While you may find designers working on string budgets all over the world, they are most likely not going to be specialists. You must ask yourself: –Is this designer specialised in the creation of brand identities? If not, they are most likely not going to be the optimum choice.
But what if you understand the need for professional logo design, but simply does not have the budget for professional logo design. What should you do?
First of all, are you sure you don’t have the budget for that? Considering the right brand will cause an amazing positive impact on your business. Are you sure you can’t rearrange your budget to invest more in branding and less in something else? After all, logo design is a one-time investment. Do it right one time, at the beginning of your venture, and you are setting yourself for success.
If you can’t rearrange your budget at-all, the next best thing is to learn more about brand identity design. So even if you hire a designer on a string-budget, the least, you will not be totally blind in regards to your own branding efforts.
If you are convinced about the need of a professional looking brand, by all means consider hiring me. Alternatively, you can also find many other professional logo and brand identity designers searching the terms “brand identity designer” on Google.