7 Key Elements To A Highly Profitable Home Based Embroidery Business
I am Joyce Jagger, The Embroidery Coach and I simplify the complex world of embroidery into easy to understand lessons for the new embroiderer. My passion is to help you get off to a fast start and to help you, if you are an existing embroiderer, improve your skills so that you can provide higher quality embroidery and increase your profitability!
When beginning your embroidery business, it is important to start on the right foot. These 7 key elements will help you to properly plan your new business venture the right way, saving you time, frustration and costly mistakes.
- Planning –It’s important to create a simple working plan, road map or guide for you to follow. A business plan is supposed to provide you with a clear direction and act as a guide for you on how you intend to run your embroidery business and plan for future growth. With this plan, you will be able to stay on track by analyzing and measuring each step along the way to ensure that you are sticking to the plan you originally laid out.
- Marketing – You will need to create an off line and online marketing plan to cover all angles of your business. Marketing does not have to be scary, as it is a plan and method of helping you to stay in touch with customers and helping to create and attract new prospects. Marketing entails following channels that will help you to get your embroidery products in front of your target market (the “right people”), persuade them to purchase your product or service, and keep them coming back for more.
- Pricing – Many business people recommend that you survey other, similar embroidery businesses in order to create your own price list. This may actually kill your business. The most important thing to remember is that you are in business to make money, not just to survive. You will need to let go of any fear you have and charge what you think your product or service is worth to your customer by developing a total pricing structure that will cover every pricing scenario.
- Niche Marketing – The most common question regarding niche marketing is, “What is a niche?” A niche is a small section of the market that you can specialize in. This section is one that others in your market have either overlooked or are not willing to service because of the special nature or size of that section. You can specialize in this particular embroidery section and brand yourself as the expert (that’s the marketing part!), ensuring that you always have an audience and low competition.
- Finding Good Employees – Before you begin actually looking for an employee, you will need to decide if your business is in the right place to actually pay a competitive wage and/or offer benefits to that employee. Once you have determined that, it’s a good idea to ask friends and family for recommendations first. If that does not yield any results, then check with your State Unemployment Service, but be sure to let them know exactly what kind of worker you are looking for.
- Education – You really need to make the commitment to investing in your education. Set aside time and funds so that you can attend seminars, embroidery trade shows, buy books and videos etc. Your business with flourish when you have the proper skills, so don’t cheat yourself of valuable information.
- Creating an Action Plan – I have a fill in the blanks “Embroidery Business Plan Template” for you to download to get started. While you are working on the business plan, begin to market your product or service. Write down the steps you plan to take and break them up so that you do some each day. Then, stick to the plan! Taking action is the only way to get your business up and running.
I have created a program teaching you how to create your own Embroidery Business Plan as well as how to plan out each area of your embroidery business. This is a course that will teach you how step by step how to write your own Embroidery Business Plan, plan out your entire promotional calendar for the year as well as your business. This is a course that every embroidery business owner should be required to take.
The Embroidery Coach