More often than not, apparel decorators are missing the mark when it comes to their financials. If financial planning feels overwhelming, you’re constantly running your presses but not profitable, or you’re not sure where things are going wrong, you’re not alone.
Read on to discover why you might be busy but broke, what cash flow really means, and how to take control fast. Warning: You may face some hard truths along the way, but better late than never.
Busy But Broke
That sounds harsh, and maybe you’re not completely broke, but the numbers just aren’t adding up. You’re working hard, your shop is taking on big jobs, but for whatever reason, all the grinding isn’t moving the needle. What’s the culprit?
Nick Gawreluk, founder of Print Profit, says shops often forget the basics of knowing their breakeven point. How much do you need to sell to break even?
“Commonly, they (apparel decoration shops) don’t have those breakeven metrics, just to know what is success or not,” Gawreluk says. “And until you have that, it’s hard to set a strategy against it.”
Read the rest of this feature on Apparelist, a publication of PRINTING United Alliance, ASI’s strategic partner.
