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Once you've zeroed in on your market, it's time to make a Business Plan.
Consider what type of business fits your lifestyle. Do you want to work full or part-time? Do you dream about owning your own retail store or would you rather work out of your home? Research various locations. Consider the advantages and disadvantages of each. Think about your financial situation. Establish a budget and set specific goals for your business.
NOTE: Go to www.sba.gov/starting_business/planning/basic.html for excellent information from the Small Business Administration's website on marketing and business plans.
Make a Business Plan - Use this sample Embroidery Business Plan
Creating a blueprint (business plan) for your embroidery or garment printing business is the foundation for your success. It's the most important (and most avoided) part of starting any business. You need to set goals and establish benchmarks for your growth. A business plan can help you see where you are, where you want to go and what you need to do to get there. Over time, you'll find out what the market demands of you and how you'll fit it.
Embroidery shops come in all sizes, from a small business to giant production factories. You'll need to decide what type of shop is right for the type of business you want to do. Most embroiderer's start out in a room at home then moving on to their own shop or kiosk in the mall. Good planning will help you establish a strong foundation for continued growth and success. Remember, "Falling to plan is planning to fail." Consider these good, solid tips when planning your embroidery business:
- Understand what embroidery can do. Take advantage of the free classes and seminars offered by SWF East. The instructors demonstrate more than just turning a machine on and pressing START. They'll show you how to create a quality product and how to sell embroidery's unique appeal. The SWF consultants can also help you by giving you ideas of what their customers are doing, what works, how to approach certain markets, etc.
- Research your numbers. You may already know how profitable embroidery can be, however do some research on what kind of pricing is in your market (stop by some embroidery shops around you and get an idea of pricing).
- Visit some of the embroidery related sites and/or go to trade shows, and attend classes where you can. When visiting us at our trade shows or just browsing the Internet, you'll find lots of educational media and classes at your disposal.
- Take advantage of inexpensive promotion opportunities. Whether you plan a full-scale campaign with yellow page ads, websites, mailers and launch parties, or want to start off quietly until you get the hang of it, there are lots of inexpensive ways to entice business that can form an important part of your business. Here are a few:
- Embroidery and Garment Printing is "viral" in nature: anyone you embroider for becomes a walking advertisement for your business. A child's embroidered backpack generates interest from parents of the child's friends, who see it, or a few well-done logos on shirts for a nearby store generates comments, as a couple of examples.
- Embroider or Digital Printing on anything practical with your business name and contact info including a website.. You never know who's reading.
- Automobiles: Cheaply-made magnets advertising your business name, phone and telephone.
- Basic website: Basic, informational websites today are very inexpensive and can let you educate your potential customers on the benefits of embroidery and help them get to the order stage.
- Services Checklist. Find the resources you'll need to set up your business and keep it running.
- Government services for business licensing, tax ID, etc
- Merchant services to allow credit card processing, etc. Whether you wish to online or simply in your storefront, you can expand your potential customer base by increasing payment options that you can offer.
- Garment suppliers - there are many to choose from. Try to find at least one in your area, but also find alternates.
- Express courier services for shipping to points beyond driving distance - establish a business account with UPS, FEDEX, DHL or other similar services to take advantages of volume discounts, etc.
Six Steps to Follow When Choosing an Embroidery or Garment Printing Business Name
Naming your business can be a difficult task no matter how creative you are. Here are six steps every entrepreneur should follow when choosing a business name:
Step 1: Identify who has a vote
Everybody involved in your startup has an opinion and will want to participate in the naming process. Leave the decision in the hands of those who know the business best.
Step 2: Know yourself
Understand the essence of your company. Find a hook - something that's compelling about who you are - and build on that from a vocabulary perspective.
Step 3: Know your competition
Understand what other people are doing, and dare to be different. You don't have to jump into the middle of the pack and use the same language or style as that of your competitors.
Step 4: Be creative
Don't come up with just two or three names. Push the envelope, and try to expand beyond the obvious by not getting stuck in generic naming solutions.
Step 5: Do your homework
Before you form an emotional bond with any name, find out if it is legally available for use; and make sure it won't translate oddly or offensively in another language.
Step 6: Select a name
It's an obvious step but often the most difficult to make. If you're waiting for an epiphany, a moment where you say, "This is the one," you could be waiting forever. Set a deadline, and just choose a name.
Entrepreneurs will also find success this year by staying away from fanciful names and naming their product or company for exactly what it is. Customers value honesty and directness, and want to be reassured you're not trying to deceive them.
Choose an Embroidery Business Location
Embroidery Machines require true ground to function properly, and some models require a 220-volt outlet. An embroidery machine should have a dedicated outlet, but also make sure you have enough power sources for the rest of the equipment as well. Check the machine specifications to make sure it will fit through the doorway.
- If working from home: Research ordinances and zoning laws in your area, as you may need to get a license before you can run a business from your home. It's also suggested you get a dedicated phone line for conducting business.
- If renting a retail space: The biggest drawback to renting space is cost. Decide how much you are willing to spend and be sure to add the expense in your pricing structure.
Design your Embroidery or Garment Printing Shop Space
Keeping your target market in mind, consider how much space you will need to run your embroidery or garment printing business based on the following list:
- Volume: the number of items you will produce per day
- Keep the type of designs you will use in mind (lettering, digitizing, etc.)
- Inventory: you will need to store both blank and finished products and supplies
- Room to operate machine, walk around equipment, and keep fire exits clear
- Space for a work table
- Space for a hooping area (before you sew)
- Plans for a computer workstation (for digitizing)
Financing your Embroidery Machine or Garment Printer
Where do you go for money? Your savings or your family and friends? Do you borrow money from your bank, or find out if you qualify for a loan? We have an embroidery and garment printer leasing company we work with that can help you find the right embroidery or garment printer leasing program according to your needs. You may also fill out a lease application online and get pre-approved right away.
Finding the best Embroidery and Garment Printer Supplies and Accessories
Along with excellent customer service, you want to provide clients with the highest quality finished products. Your hard work, top-notch machinery and powerful software will help you get there. But, supplies and accessories will make your work shine. You need to use top quality embroidery threads, needles, backing, DTG Inks and all the other items from a full-line supplier. As SWF East's business partner, Colman & Company is THE source for all of your embroidery / digital printing supply needs. They offer convenient 24/7 online shopping that is fast, secure and customer friendly.
Below is a link to a sample Embroidery Business Plan, that can also be used for the Garment Printing Business. Look this over to help you get started