Every new business has unique advertising and marketing needs. The amount you will have to spend will depend upon the industry you're in and the competition you'll have, as well as your personal philosophy.
Some new businesses operate with virtually no advertising and marketing budget, while others spend freely. Whatever your level, your first step should be to buy good business cards. And don't scrimp on them — get a professional to design them. Your second step should be to have your business's name placed in the Yellow Pages. But be careful about the number of categories under which you choose to place your name. If you're not careful, a relatively inexpensive means of advertising can quickly become expensive.
The most important point to remember in setting an advertising budget is to spend wisely. You want to make sure that you're reaching your target market. You may want to take a look at some of these suggestions for fairly low-cost ways to advertise and market your product or service: