There is no “right” answer for setting your marketing budget.
The growth, competition, industry and the life phase of your business will all have to be considered. New, growing, and highly competitive business will have to invest more into all aspects of their budget (time, effort and dollars) than established businesses concentrating on referrals from ideal customers.
The most important point is that you do have a marketing budget and that the budget is adequate to support the goals and growth objectives of your business.
Developing a marketing strategy and plan will create the budget that is right for your small business