The new year is right around the corner, which means new chances and new students.

However, are you ready to roll out your marketing plan? Or are you still unsure about what your marketing strategy looks like for 2018?

Before you can even begin to formulate a strategy, however, you have to set a budget. But how do you create a marketing budget that works for your business? Find four tips below to help you get started in 2018:

Know your money.

You can’t start spending money if you don’t know the overall money situation of your business. Where is your money coming from and where is it going? Once you figure that out, you can understand exactly how much you have to work with for your marketing budget. Expenses should be subtracted from revenue on a monthly basis before even considering what resources can go to your marketing strategy.

What are you objectives?

After knowing how much you can spend, you need to know what you want to accomplish with your marketing. Begin with your studio’s mission. What are you looking to do? What are your business goals, short term and long term? From there, ask what you’re trying to do with marketing. Is it to build brand awareness or bring in more students to your 8 a.m. yoga class? If it’s to gain more clients, perhaps you need to look at one of the best – and cheapest – marketing tools around: word of mouth.

Understand the trends around you.

If you don’t know what’s hot, and what’s not, it’s hard to decide where to spend your marketing dollars. Does the audience you’re trying to reach love email? Instagram? Or perhaps they are more about Twitter. Figuring out those trends can be helpful in creating a marketing budget, and tracking how your students find you can be helpful in reaching new clients. Plus, each platform is continually updating, offering new tools for you to use in your marketing exploits. Figure out where your audience is, how to market on that platform and what the cost looks like for your studio.

Marketing isn’t always about new students.

Don’t forget about your current, loyal clients who love your studio and what it stands for at its heart. It can be easy to hear “marketing” and think about new prospects. But if you keep your students happy and in love with your business, they’ll be marketers all on their own. That alone can do wonders for your marketing budget.