Business Development is a broad term that refers to the various ways Entrepreneurs and Creatives can establish and expand their business and brands. Business development is the process of identifying and pursuing new opportunities to grow your brand. This can include expanding into new markets, developing new products or services, or simply increasing your sales and marketing efforts.
There is no one-size-fits-all answer to how much you should invest in business development. The amount you’ll need to invest will depend on the scope of your project and the resources available to you. However, a good rule of thumb is to budget for at least 3-5% of your total revenue.
Deciding whether you need business development depends on your goals and objectives. If you’re looking to expand your brand, then it’s likely you’ll need to invest in some form of business development. However, if you’re happy with the current state of your brand, then you may not need to pursue any new opportunities. The best step you can take is to set up a consultation with a business coach or mentor and get their professional opinion about the next steps for your business and brand.
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