Here are some thoughts from one of our NNEP preferred vendors, Sal Lucchese, president of Tex Inc… I think he has some excellent points:
What to do in a down economy?
Well this is the million dollar question.
Here is a list of 8 things that may help your business!
All embroidery shops are not created equal.
#1 - Quality
Most customers don’t know embroidery, so it is your job to educate them on what to look for in quality embroidery.
#2 - Service
Quick turnaround is very important to most customers – 2-4 days for most low production runs is standard.
#3 - Price
We all want something for nothing – but you get what you pay for – If you give them #1 & #2 most won’t complain about #3. We have added some excel spread sheet and production info to help you with pricing on our site. You can download from our website at http://www.tex-inc.com/embprojects.php.
#4 - Digitizing
Whether you use Tex Inc. or another digitizer, you need to find the best quality for your customer – price is an issue but most like the quality. I have had customers ask me if I could shave a little off our quotes to get the order from a customer and most digitizing company will do so.
#5 - Website – Marketing
You cannot stop marketing when business is slow because it will not bring in business in the near future. You will have to setup a website – fliers – post card whatever it takes to get the word out again.
#6 - Going Back to the beginning
When you started your business, you would sew out samples, create logos and bring to local businesses to try and get biz – well you will need to start from the beginning again, just like your business is starting over – a second chance.
#7 - Going Back home to run your business
Most don’t want to do this, but it might be the only way to survive – lower you expenses and overhead- I started working on a project for my own business 2 months ago and have shaved about $300.00 less a month and it has not affected the business at all. Look at your phone bills – 2nd line – fax line – going out to lunch – shopping once a week - adding fluorescent bulb to save on electric bill – lower the thermostat 1-2 degrees – whatever its going to take to save you money!!!
#8 - Selling off used items
Whether you use www.embroiderygaragesale.com, www.craigslist.com or www.ebay.com this will help put some extra cash in your pocket.
If I can help you in anyway, please contact me.
Stay Positive – it will get better!
Have a Great Day!
Sal Lucchese
President TEX INC.
