You've made the decision to start an embroidery business. You've done your research regarding machines and supplies - perhaps a Brother Embroidery Machine - and you've created a workspace in your home. To help boost your chances for success, have a look at these three common mistakes people make when launching their own business so that you can avoid them right from the get-go.
1. Spinning Too Many Plates
Most embroidery businesses start out home-based, which means the business is YOU. You handle sales and marketing, you handle the accounts and you work on the products. The reality check is that you can't be great at all those jobs, and you're unlikely to have time to teach yourself to be great at them. You need to consider what can be outsourced. Things like accounting are best handled by an expert, as they are time-consuming and need to be handled with precision and accuracy. You can handle invoices and expenses, but pass your receipts on to an accountant to handle the complex stuff on your behalf.
2. Poor time management
If you are switching from a more conventional job to an entrepreneurship, managing your time well can be a big hurdle. You need to treat the venture as the business it is and dedicate a suitable portion of your day to it. Your schedule can be flexible, to fit around things like picking the kids up from school, but you should still have a schedule and stick to it.
3. Promising too much
Obviously, you hope to meet the requirements and requests of your customer, but sometimes that just isn't possible or financially prudent. If a customer makes a request that you just don't feel comfortable promising to fulfil, then don't do it. It's always better to exceed expectations than to fall short of them.
Working for yourself can be a wonderfully fulfilling experience, and by developing an awareness of the common pitfalls you can maximise your chances of success. If you want some help and advice getting the right equipment for your business, contact Stocks and we will set you on the right track.