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I've started other businesses before, but I've never paid for a branding consultant. How much can I expect to pay for the creation of a brand?

The $64,000 question? Actually, the fee doesn't have to be astronomical. But it can be, depending on who you're talking to. This is a classic case of getting what you pay for. Your cousin may create a name and commensurate logo (without applications like letterhead, signage and packaging) for $500, or you can pay an international identity and branding company and $100,000 for the same thing. But chances are, the quality of the image and the experience behind its development will generally be evident.

My recommendation is that emerging companies look for an in-between solution. Look for a company that is experienced in branding small or start-up businesses, and that understands your timing and budget constraints. Reputable firms charge anywhere from $25,000 to $40,000 for a name and logo. You should be thrilled with the product and get terrific results from a firm in this range.

Finally, remember that branding is a serious long-term investment. If you're going after or have received outside financing, it should be a line item in your budget . Building a brand is a core business activity, as important as leasing office space, recruiting the right people and developing your product or service.