I’m sure this question has crossed the minds of every embroiderer - from start-up entrepreneur to seasoned professional. The temptation to save a significant amount of money on what is more than likely your largest expense (equipment) definitely warrants research.
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When a typical start-up embroidery company opens its doors for the first days of business the staff usually consist of a single entrepreneur or sometimes a couple of good friends who form a simple working partnership. These dedicated individuals work long hours and often perform a plethora of duties which include selling, purchasing, accounting, operating an embroidery machine, and finishing and engineering just to name a few.
When it comes to delivering your price, some embroiderers feel a lot of anxiety. Most of this is caused by the fear of confrontation with an upset customer or fear of a lost sale. There are some simple things you can do to remove this anxiety and enable you to charge more for your services and enjoy better profits.
Pricing for profit is an important task for many start-up or novice business owners. Successfully balancing fair, equitable and profitable pricing for embroidery services will set you on the path to generating consistent profit margins. Often times, start-up businesses will use competitor’s prices as a foundation for their own pricing schedules. Use caution with this approach, as you are assuming that your competitors have done their homework AND their prices are profitable.