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Getting Your Embroidery Business Through Tough Times

24th November 2008

Getting Your Embroidery Business Through Tough Times

I’m guessing most people out there know that our economy is in a bit of trouble at the moment.  People are losing their jobs.  Companies and downsizing or closing their doors entirely.  Consumers are cutting back on spending and putting more of their money away for a rainy day.  For those people who do run businesses, the challenge they face is thinking up new ways to attract and retain customers while simultaneously figuring out methods for saving their hard earned dollars.  Today I thought it would be a good idea to share some suggestions for prospering in this challenging and interesting economic climate.

Suggestion 1:  Diversify –  It stands to reason that the more products and services you offer, the more types of customers you’ll be able to attract.  If you currently only do embroidery, consider adding screen print to your product offerings.  Simply order some Ntrans transfers and a heat press and you’re ready to offer screen printed garments to your customers.  The same goes if you currently are primarily a screen print shop.   Adding a Meistergram machine will allow you to offer embroidery and expand your market niche.

Suggestion 2: Retain existing customers – We’ve talked about the value of repeat customers before.   When times are tough, existing customers are more valuable than ever.  This is the time to make sure your products and your services are the very best they can be.

Suggestion 3: Review your supplier’s prices –  In a tough economy you want to make sure you’re getting the most for every dollar you spend.  A few hours of research can pay off when it comes to saving money on thread, bobbins and other necessary supplies.   Also make sure to investigate the quality of your potential purchase.   A higher quality thread, for instance, may cost a little more, but you’ll recoup the cost quickly.

Suggestion 4:  Examine your processes –  Now is also the time to examine how you do what you do.  Is there a way to streamline your production process?  Could you speed up the number of garments you put out in an hour if you changed a few things?  When you run a business time is, quite literally, money,  so the more time you can save and the more efficient you can be, the more money you’ll save as well.

Suggestion 5:  Keep advertising –  A lot of people would tell you that advertising should be the first thing to go during tough times, but they would be wrong.  Now, while other businesses are possibly cutting back, is the perfect time to get your message out there.  It will face less competition and potential customers will see that your business is still solid and sound.

This entry was posted on Monday, November 24th, 2008 at 11:32 am and is filed under Making Your Business Grow. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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