Printwear

March '20

For the Business of Apparel Decorating

Issue link: https://nbm.uberflip.com/i/1211670

Contents of this Issue

Navigation

Page 21 of 70

2 0 2 0 M A R C H P R I N T W E A R 1 9 if you just hire them to help you create a plan based on your past numbers for the upcom- ing year. Sometimes having a person outside your business to help is just what you need! PW Jennifer Cox is the president and co-founder of the National Network of Embroidery Professionals (NNEP), a professional organization for apparel decoration business owners. NNEP supports the success of NNEP members with best practices, ideas, sources, solutions, volume-buying benefits, and services. Cox was recognized as a Top 50 Small Business Influencer and Community Choice Leader by Small Biz Trends in 2013, is recognized as one of the industry's "Most Creative Thinkers," and repeatedly ranks in the top 40 on the industry's "Power List." Reach her at jennifer@nnep.com or go to www.nnep.com. at what your estimated expenses are for the coming year. Create a goal for how much profit you would like to have. If you want $70,000 in profit and your expenses are $35,000 (including business taxes), then you would set your revenue goal at $105,000. PROFIT (NET INCOME) AND SAVINGS GOALS There are two major parts to your net in- come: the money you live off of or put back into your business and the amount you want to put into savings (assuming you have already put your taxes into your business expenses number). Set a savings goal, so that you can travel to an industry event, buy another piece of equipment, get a larger space, or increase your pay or payroll. Using the example above, you may decide that you want to keep profits of $40,000 and put $30,000 into savings. Then your net income or profit goal would be $70,000. Keep in mind that I've greatly oversimpli- fied things here and your numbers will look very different on your financial reports. Use the information above as a framework to help get an understanding of the numbers that form the backbone of your business: your revenue, expenses, profits, and savings. So, there you have it. The big fat scary numbers part of strategic planning for you as an embroidery/apparel decoration busi- ness owner. Sometimes the hardest part is just opening your financial reports and wrapping your mind around the actual numbers. I'm also a big fan of the buddy system here. Work with a bookkeeper or an accountant to help you get this done, even When you're at capacity, let us do the work for you. Upload your art and we'll deliver a premium design in the material of your choice. Low minimums give you aordable solutions for any size job. UPLOAD YOUR ART TODAY bit.ly/stahls-custom-pattern PW0320 stahls.com | 800.478.2457 ijklmn NOW AVAILABLE IN CUSTOMIZABLE AND TRENDY CADCUT ® PATTERNS YOU DESIGN IT. WE'LL DO THE REST. CUSTOM LOGOS FROM STAHLS' ®

Articles in this issue

Links on this page

view archives of Printwear - March '20