Starting a handmade business can be a good way to earn some income during this economic downturn. One business that many people seem to be drawn to is monogramming because it allows consumers to personalize the products they need and want, making their items unique to them. Here are some pointers for starting your own monogram business.
Invest in the necessary equipment.
Whatever items you decide to monogram, you will most likely end up needing specific equipment for them. Here are the two you might need:
- A sewing machine that allows for embroidery. You can embroider your commissioned monograms by hand, but it’s not the most lucrative option because they take more time. Unless you’ve mastered the skill, hand embroidery won’t likely produce the most flawless output. A lot of sewing machines in the market already have an embroidery function; you need to choose the right one. Look for a machine that provides autopilot functions and automatic thread tension. Research on a sewing machine that is known for providing consistent speeds and thread tension.
- For monogrammed jewelry, get in touch with laser engraver distributors about the top-of-the-line machines for every cutting and engraving need. These machines were created specifically for creating meaningful, emotion-based, and personalized products for your customers, so having the right engraver is already half the battle for a monogram business.
Sharpen your monogramming skills.
Like most handmade businesses, a monogram business requires the regular improvement and sharpening of skills, especially if you’re doing embroidery. Even when you have the proper equipment, you still need to know the nitty-gritty of running these machines. Practicing all the time will surely help to level up your skill. Another skill that you need to have is basic design—you need to know what looks good, especially since not all customers know exactly what they want or are well-versed in the basics of typography and monogramming etiquette.
Decide on a niche.
Since there are already so many businesses in the monogramming industry, you need to decide on a niche you want to focus on. Pretty much any item that uses fabric can be monogrammed—clothes, baseball caps, canvas bags, towels, handkerchiefs, jackets, and others. For metal engraving, you can go for jewelry and other items that use stainless steel or metal. Come up with a service list of the items you want to monogram, or you can also decide to monogram the items your customers already own.
Make sure you have enough inventory.
Besides the necessary equipment, you also need to stock up on complementary materials to run your business. You can start small, with one item for your launch, and then work your way from there as you earn enough profit. Check if you also need to invest in software programs to create the designs that you want.
Decide on a pricing system.
Since you will be dealing with custom products, you will need to come up with a formula that will make it easy for your consumers to understand how the pricing works. There is so much to consider while costing—you need to think about not just the materials but also the equipment, labor, and everything else. Don’t leave anything out, and don’t allow yourself to fall for the notion that you only used a tiny piece of thread, so it shouldn’t go to the materials list. Think about your transportation and delivery costs, too—all those should add up to your pricing.
Be resolute on your policies and process.
Which brings us to the next step, which is being resolute about your prices and processes. Communicate with your customers clearly about your policies regarding shipping, etc., instead of just relying on drop-down menus. Leave no room for misunderstanding. Make sure to add your contact information to whatever platform you will be using so that your customers know how to get in touch with you if they have any questions.
Decide on a target demographic and market to them.
Whatever business you decide to start, it’s important to know the market you’re aiming at so that you’re sure it lands somewhere. Do the proper market research for your target demographic and create designs that will engage them. Make sure to create content that will catch their attention, as well—if the products are good, it shouldn’t be too hard to market them, as long as they’re framed the right way.
Starting any business presents a host of challenges, but if you work hard and invest well, it might just be worth it in the end. So believe in yourself, and don’t be afraid to try.