Creating your business' brand requires both internal and external elements. Internally, you need to determine the message that your brand conveys. What's the one thing your brand is known for? What's your USP, or your core business principle?

Externally, there are a number of branding elements that you're not likely to create on your own. That includes things like a professional logo, a professionally-designed website, professionally-written copy, and more. Unless you happen to have specialized training or experience in those areas, you need someone else to do them for you.

All of that costs money. To have it done right, it can cost a lot of money. A well-designed logo can cost thousands of dollars. A professional website populated with quality content can cost even more.

So, what do you do when you're first starting out to brand your business without breaking the bank? Here are 5 tips to get you started:

1. Make logo creation a competitive process.

One of the most important aspects of your branding is your logo. Yet, a professionally-designed logo can cost thousands of dollars. While you'd like to have a professional logo designed at some point down the road, you just can't justify the cost right now.

Fortunately, there are designers out there who are willing to compete for your logo design business. Websites like 99designs.com offer a marketplace for the business owner to have specific branding needs met.

Incidentally, logo creation isn't the only branding-related service you might source to the competitive marketplace. Website design services and other graphic arts needs fit well into this category, too.

2. Learn to do some things on your own.

There are many branding-related activities you can do on your own, if you have the time. Sure, you can pay out large sums of cash to have a professional design your website. And again, you might want to do that someday.

For now, though, you can teach yourself to build a website. There are so many open-source and free tools out there which you can take advantage of. Free website platforms like WordPress mean you don't have to be a coding expert to get a website up and running and promoting your brand.

This principle extends outside of branding, of course. The more you can do on your own (without running yourself ragged) the less you'll have to spend in those crucial formative months.

3. Leverage your personal influence.

In the early days of building a business on a budget, your most valuable branding resource will be your personal contacts. Those friends and family who believe in you and your business idea are going to be some of the best brand evangelists early on.

The challenge here is getting your branding message out correctly. All too often, well-meaning friends and family will spread the word about your business but get important details (like the services or products you offer) entirely wrong. Be as clear as you can with friends and family about your brand's message to help word get out properly.

4. Jump into social media.

Marketers are just beginning to really get a handle on how to harness the power of social media for branding purposes. Your Facebook presence, for example, can go a long way toward branding your business. It's just a question of how much time and effort you're willing to put into it.

Be smart about your social media endeavors, though. Don't get hung up on what you think is cool at the moment. Instead, get a real feel for where your prospective customers are hanging out and how they're using social media. Meet them where they are, rather than shouting back to them from where you want to be.

5. Increase your budget by increasing your business.

There are some things you shouldn't skimp on. There are some branding elements that require money. In the beginning, you're either going to have to spend the money or go without.

The best way to overcome the challenge of branding your business on a budget is to grow your business. Use the resources at your disposal to achieve at least some modicum of success. Once you have done that, funnel that success back into the business. Recognize that, over the long haul, your branding and marketing dollar will pay for itself many times over.

Starting a business can be stressful. It takes time, commitment, and money to brand a business properly. Do as much as you can with what you have today. Leverage your own connections and talents into a long-term pattern of success for your business.