Should a new Business require a lot of investing or not?

I´m wondering if you´re starting a new business, should you start out doing a pilot test, not spending very much at all, making your own brochures and website, and then grow as soon as you start earning income? Or should you invest in professional brochures and elaborate websites, set up the legal business framework? People seem to respect the latter more, but is it really worth it if you’re still trying products out and testing the market?