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How to Start an Embroidery Business | Free Book PDF Download

Starting a Embroidery Business

 

How to Start an Embroidery Business - Free Book


Are you considering starting an Embroidery Business? if yes, you'll find this free book to be extremely helpful.

This is a practical guide that will walk you step by step through all the essentials of starting your business. The book is packed with guides, worksheets and checklists. These strategies are absolutely crucial to your business' success yet are simple and easy to apply.

The Single Most Important Ingredient for Business Success

The first and most important thing you need to acquire in order to succeed in a small business is... knowledge.

Sounds exaggerated? Listen to this...

According to research conducted by Dun & Bradstreet, 90% of all small business failures can be traced to poor management resulting from lack of knowledge.

This is backed up by my own personal observations. In my 31 years as a business coach and consultant to small businesses, I've seen practically dozens of small business owners go under and lose their businesses -- not because they weren't talented or smart enough -- but because they were trying to re-invent the wheel rather than rely on proven, tested methods that work.

Conclusion: if you are really serious about succeeding in a business... If you want to avoid the common traps and mistakes... it is absolutely imperative that you acquire the right knowledge.

"Why Invent Mediocrity, When You Can Copy Genius?"

That's an excellent quote I picked up from a fellow business owner a few years back. What this means is that you should see what is working and try to duplicate it. Why go through all the trouble of inventing something new, that you don't even know will ever work, when you can easily learn from and duplicate something that has been a proven success?

[ Note: One of the BIGGEST mistakes almost all new businesses make is that they WASTE tons of valuable time, energy and money on trying to create something "new", that has never been tested or proven... only to find out later that it was a total loss. Don't make the same mistake! ]

Hi! My name is Meir. I'm the founder and president of BizMove.com, a successful Internet based information business. I'm also the author of numerous books, mostly in the area of small business management.

I've been involved in small business for the past 31 years of my life, as a business coach, manager of a Embroidery firm, a seminar leader and as the owner of five successful businesses.

During my career as a business coach and consultant I've helped dozens of business owners start their businesses, market, expand, get out of troubles, sell their businesses and do practically every other small business activity you can think of.
You see, I have been there .... done it ... and bought the Small Business t-shirt! -- This free book contains techniques and strategies I've learned during my 31 year small business career.

Here's what you'll discover in the 'How to Start a Embroidery Business' book:

How to determine the feasibility of your business idea - a complete fill in the blanks template system that will help you predict problems before they happen and keep you from losing your shirt on dog business ideas.

A detailed manual that will walk you step by step through all the essential phases of starting your business

A complete business plan template. This fill-in-the-blanks template includes every section of your business plan, including Executive Summary, Objectives, SWOT Analysis, Marketing Analysis and Strategy, Operations Plan, Financial Projections and more (a similar template is sold elsewhere for $69.95).

All this and much much more.

Success Tip: Setting Goals

Good management is the key to success and good management starts with setting goals. Set goals for yourself for the accomplishment of the many tasks necessary in starting and managing your business successfully. Be specific. Write down the goals in measurable terms of performance. Break major goals down into sub-goals, showing what you expect to achieve in the next two to three months, the next six months, the next year, and the next five years. Beside each goal and sub-goal place a specific date showing when it is to be achieved.

Plan the action you must take to attain the goals. While the effort required to reach each sub-goal should be great enough to challenge you, it should not be so great or unreasonable as to discourage you. Do not plan to reach too many goals all at one time.

Establish priorities. Plan in advance how to measure results so you can know exactly how well you are doing. This is what is meant by "measurable" goals. If you can’t keep score as you go along you are likely to lose motivation. Re-work your plan of action to allow for obstacles which may stand in your way. Try to foresee obstacles and plan ways to avert or minimize them.

Click here! to download your book for free (PDF version)

Here're other free books in the "how to start a business" series that may interest you:

Agriculture Assisted living Auto repair Bakery Bar Beauty salon Bed and breakfast Bookkeeping Boutique Bowling alley Carpet cleaning Car wash Catering Cattle farming Charity Cleaning Coffee shop Computer repair Construction Consulting Convenience-store Cupcake Daycare Dental Dog daycare Ecommerce Electrical Embroidery Engineering Farm Fashion Film Financial advisor Fitness center Flower-shop Food Food truck Franchise Frozen yogurt Furniture store Gas station Goat farming Grocery store Gym Hairdressing Hair salon Ice cream Insurance agency Interior design Internet Internet cafe IT Jewelry Landscaping Laundromat Laundry Law firm Magazine Manufacturing Microbrewery Motel-hotel Music Nightclub Nonprofit Nursery Online-retail Photography Pizza Plumbing Poultry farming Preschool Printing Private investigator Pub Real-estate Resort Restaurant Retail School Security company Service Software Spa Sports-bar Startup Supermarket Travel agency Trucking Vegetable-farming Website

Here's a Sample 'Executive Summary' for a Embroidery Business plan:

COMPANY NAME is an existing family apparel retailer.  The store offers on a year round basis items such as jackets, shirts, sweatshirts, sports apparel, hats, and promotional items.  They also customize the garments they sell by embroidery, silk-screening, monogramming, and lettering.
 
The store is in Forest Lake, Minnesota and is centrally located to the tri-county area it serves (Washington, Anoka, and Chisago counties).  The area is growing in population and demographic information indicates it may be faired better than many other parts of the United States through the ongoing economic downturn.  According to U.S. Census data, the tri-county area is home to over 614,000 people and 47,640 businesses.  The area appears to be highly diversified with no single industry dominating the area's economy. 

The store has been in existence at its present location since 1999.  The previous owners sold the business and building to OWNER’S NAME in May 2007.  They operate the business through a limited liability company structure.  OWNER’S NAME, who handles the day-to-day operations of the business and is an active hands-on owner, had eight years of previous experience in retailing, embroider, and silk-screening prior to owning the store. 

The store is the only embroidery and silk-screening business within a 30-minute radius, so they have no local competition.  Internet companies are the main competition for the store with price and the convenience of ordering being the two competitive factors they must overcome.  Its primary marketing focus is toward privately owned businesses in the tri-county area with a staff of face-to-face customer service providers, or with a vision of "branding" their business by providing their employees with uniforms or coordinated logo apparel.  Its secondary marketing focus is the teams, groups, and organizations in the area seeking lettered uniforms.

The store's competitive edge is its location, its focus on excellent customer service, and the experience and knowledge of the owners who have already identified key factors that they must achieve to make the store successful.  Increased sales can be achieved by developing an outside sales force, by expanding their retail hours, and by exploring the advantages of a more sophisticated website with shopping cart capabilities.  These are immediately possible with the addition of two new employees.  Increased profitability can be achieved by continuing to maintain their gross profit margin and by developing a diligent expense control system.

The future for COMPANY NAME appears bright.  The store has far more strengths than it has weaknesses.  It has opportunities for growth and profitability by simply following this business plan and by finding a source of funds to restructure their business debt.  The only serious threats are a prolonged and worsening economic downturn or a competitor decision to move into their immediate area to compete head-to-head.

1.1 Objectives

1.2 Mission

The mission statement of COMPANY NAME is "Professional Quality, Hometown Service".

1.3 Keys to Success

COMPANY NAME was formed on May 24, 2007 by OWNER’S NAME.  Their retail store, located in Forest Lake, Minnesota, offers custom embroidered, silk-screened, monogrammed and lettered sports apparel and clothing items.  They market to individuals, groups, teams, and businesses in the tri-county area of Washington, Anoka, and Chisago counties since they are located in the extreme northwest corner of Washington County where these three counties merge.  They have the ability to accept orders via walk-in, mail, telephone, fax, or the internet.  They have the capability of handling production runs from a single garment to hundreds of garments.

2.1 Company Ownership

Forest Lake Embroidery is 50% owned by INSERT NAME and 50% owned by INSERT NAME.  The LLC formation was chosen as ways to minimize personal liability issues for the owners and avoid the double taxation inherit with traditional corporations.
INSERT NAME is the most active and hands-on of the two COMPANY NAME owners.  INSERT NAME comes from a retail management background with experience in embroidery, silk-screening, and promotional products.

2.2 Company History

The store originated in 1999 at its present location as a family owned embroidery shop.  Ownership remained with the original family for eight years.  On May 24, 2007, the original owners sold the existing business to INSERT NAME.  They remain as owners of the business and continue to operate it as custom embroidery, silk-screening, monogramming, and lettering store in Forest Lake, Minnesota.

Table: Past Performance

PAST PERFORMANCE

 

 

 

 

2007

2008

2009

Sales

$188,127

$288,583

$243,056

Gross Margin

$98,474

$149,508

$132,717

Gross Margin %

52.34%

51.81%

54.60%

Operating Expenses

$88,909

$151,812

$146,350

Inventory Turnover

8.97

13.92

7.62

 

 

 

 

Balance Sheet

 

 

 

 

2007

2008

2009

 

 

 

 

Current Assets

 

 

 

Cash

$19,677

$26,696

$8,635

Inventory

$10,000

$9,976

$18,976

Other Current Assets

$3,550

$3,300

$0

Total Current Assets

$33,227

$39,972

$27,611

 

 

 

 

Long-term Assets

 

 

 

Long-term Assets

$141,140

$160,640

$160,640

Accumulated Depreciation

$20,792

$42,590

$60,344

Total Long-term Assets

$120,348

$118,050

$100,296

 

 

 

 

Total Assets

$153,575

$158,022

$127,907

 

 

 

 

Current Liabilities

 

 

 

Accounts Payable

$0

$2,083

$2,083

Current Borrowing

$7,436

$13,868

$22,953

Other Current Liabilities (interest free)

$0

$0

$0

Total Current Liabilities

$7,436

$15,951

$25,036

 

 

 

 

Long-term Liabilities

$95,607

$103,843

$92,777

Total Liabilities

$103,043

$119,794

$117,813

 

 

 

 

Paid-in Capital

$40,967

$30,967

$16,466

Retained Earnings

$0

$9,565

$7,261

Earnings

$9,565

($2,304)

($13,633)

Total Capital

$50,532

$38,228

$10,094

 

 

 

 

Total Capital and Liabilities

$153,575

$158,022

$127,907

 

 

 

 

Other Inputs

 

 

 

Payment Days

30

30

30


The store offers essentially an identical inventory of apparel as do other retail embroidery and silk-screening establishments.  Their offerings include shirts, sweatshirts, jackets, hats, sports apparel, and other clothing items with their primary suppliers being SanMar and Dakota Collectibles.  The store enhances the clothing items they retail through custom embroidery, silk-screening, monogramming, and lettering.  They can design an insignia or logo simply from an image or an idea and customize the chosen apparel with their stitching and silk-screening equipment for large or small orders from individuals, groups, teams, and businesses.

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