Are you looking for ways to cut costs and boost your business? In this informative Apparel Academy episode, Henry gives you the best tips and tricks to reduce spending and increase revenue for your embroidery business. Whether it’s working from home to save on rent or improving customer retention, the advice in this video is sure to help your business succeed.


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Timestamps

00:14 - Work from home to save on rent

01:05 - Create a wholesale account to get lower prices

3:46 - How to increase revenue

4:32 - Increase average order value

6:10 - Improve customer retention



One of the best ways to cut costs when starting your embroidery business is to work from home. Working from a spare room or garage means you don’t have to rent a commercial space and pay utilities and other costs. When your business grows, you can then rent out a bigger space if needed.

The next way to cut down on costs is to create a wholesale account with suppliers, that way you can buy blanks at a discount. By establishing a business as an LLC, S Corp, C Corp, etc., and getting a tax ID, you can buy blanks at prices much cheaper than retail prices.

Other than reducing costs, you also want to think about increasing revenue. One way to boost revenue is to increase the average order value. You can do this by creating bundles, referral discounts, and cross-selling.

A second way to boost revenue is to improve customer retention. It costs more money to gain a new customer than to retain one, so making sure your current customers keep coming back is a sure way to increase revenue. To retain your customers, make sure your customer service and turnaround time are good. And most importantly, make sure the quality of your embroidery is high.

All in all, while cutting costs is a great way to save money, you’ll also want to focus on increasing your business’ revenue. There is a limit to how much you can cut, but the sky’s the limit when it comes to boosting your revenue.

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