Starting a business is one sure way of becoming your own boss and also it is one of the major routes to follow to become rich and self sufficient. If you take you time to go back to the annals of history, you will realize that those who became extremely rich are those who took the bull by the horn to establish their own business as against those who are under paid employment.
If you know how to sew, and you are good with embroidery and designs, and you are looking towards starting your own business, you don’t have to waiting any further, you can go ahead to start your own monogramming business. This type of business is easy to setup, it requires moderate startup capital and it is indeed a profitable venture.
Monogramming business involves artistic designing of gift items by cresting 2 or more alphabetic letters on the gift item. The gift item could be cups, Tee Shirt, Towel, Bags, Wedding Invites, Caps, and Jackets et al. simply put, monograms are embroidered emblems on any of the gift items listed above.
Now let us quickly consider the 7 surefire tips that you would need to follow to be able to start your own monogramming business from the scratch, and the build it to profitability within the shortest possible time frame;
Starting a Monogramming – Sample Business Plan Template
Now that you have made up your mind to start your own monogramming business, the next thing to do is to carry out your own feasibility studies so that you will be able to come up with a business strategy that can work in the area you chose to establish your own monogramming business.
The truth is that there are not restrictions on where to start a business like this; the reason for conducting your own feasibility studies is to get a good grasp of the kind of business you are going into and to know the kind of competitors that you will face in the industry. So ensure that you conduct a thorough feasibility studies before venturing out to establish your own monogramming business.
2. Acquire Monogramming Skill
Starting a monogramming business requires that you acquire a monogramming skill if indeed you want to run the business yourself. But if you choose to just setup the business and hand it over to someone to run it on your behalf, then you may not need to acquire monogramming skills.
But the fact remains that it pays to know how to single handedly run your business as an entrepreneur – the exit of a key staff won’t throw your business into disarray, you will always come in to fill the gap. So ensure that you look for someone who is already running his or her own monogramming business and learn from them. You can also enroll in a technical college to learn how to do monograms.
Once you have been able to do your feasibility studies and you have learnt monogramming skills, then the next step to follow is to sit back and write your own business plan. Just ensure that your business plans captures how to raise your startup capital, how to manage your business, marketing plans, expansion plans and also succession plan.
The essence of a business plan is to provide a blueprint for entrepreneurs to run their business. Someone once said to running a business without a business plan is like operating a business in the dark. So ensure that you have a good business plan in place before starting your own monogramming business.
4. Secure Your Work Station
You would need a spacious work station to operate a monogramming business. Although you can operate this type of business from home, but there must be enough space to be able to do that except if you choose to operate on a very small scale. For example, if you secure a contract with a sport club to help them run a monogram on all their sportswear, then you would need enough space to store all the wears.
So if you are looking for a work station for your monogramming business, ensure that you look for a facility that has enough space to contain all your machines and materials and also it will be to your advantage if your work station is located in an area notable for printing and artworks.
5. Acquire Sewing and Embroidery Machines
You would need a sewing machine and also an embroidery machine if you want to start your own monogramming business. Just ensure that you but a machine with good output so that your job will not be faulted. In case you don’t have the required capital to purchase new sewing machines and embroidery machines; you can buy fairly used ones that are still in very good shape. The truth is that it will save you cost, and you are likely going to use them for a long period before acquiring new ones when you have the financial capacity.
Once you are able to successfully setup your monogramming business, then you are expected to source for customers if you intend to grow the business and make profits. All you need to do to source for customers by going to places where you know that monograms will be needed.
You can market your service to sport clubs, event planners, corporate organizations, local associations and individuals. You can as well promote your monogramming business on the pages of newspapers, on the internet on radio, on TV and also via handbills and flyers.
There you have it; the sure fire tips to follow to be able to establish your own monogramming business from the scratch, and then build it to profitability within the shortest possible time frame.