MAKING IT, SPENDING IT: MAKE OR MAR MONEY CHOICES
Continuing our discuss from yesterday, the monogram and embroidery business is a lucrative venture, we examine below other requirements needed to excel in the business.
Market Research
Mr Kenneth Aloye who lives in Shomolu/Bariga area of Lagos State, also advices prospective investors to study the market properly to enable them acquire the required machines as a beginner. Better still, he urged investors to liaise with an existing operator who will guide them on the best machines to procure.
Machineries
Aloye listed some of the machines to include: “Brother Embroidery Sewing Machine SE600. Number of built-in designs: 138. Number of built-in stitches: 103. Janome JW8100, Number of built-in stitches 100. Brother CS7000I Computerized Sewing Machine. Singer
Heavy Duty 4423 Sewing Machine.” Cost
Monogram machines costs as much as N3 million. For example, brand new Monogram Machine Double Head goes for N6.5 million. Flat Embroidery Monogram Machines sells for N3 million. Monogramming machine is selling at N7.35 million and fairly used monogram and embroider machines can go for less. He, however, said depending on the focus of individuals, some firms can focus on local while some people can focus on commercials monogram business.
In addition, Aloye calls on interested individuals to have funds as a major tool in preparation. “You need funds to get a working location, buy equipment, pay workers helping set up your facilities, and a lot more. Ensure to obtain enough funds or go for it now so that you can start right away with other steps. You will need to research the monogram market you are entering into and find out the level of competition. how large could the market be, and could get general assessment of immediate customers or distanced customers before entry the market because, there the demand for various embroidery services and the general costs of supplies. Understanding what types of customers need embroidery services, the existing market pricing and any deficiencies in your market can help you customize your embroidery services and products to customers’ demand,” he said.
LEADERSHIP discovered that training in the basics use of monogram and embroidery machine, which is using your embroidery machine interface and stitching your first built-in design, takes at least three to six hours. “The training is a journey. It is as much a journey, as it is a work in progress. This means that it is not learnt in one day nor is it a theoretical thing. It requires practice. One continues to grow by using the machine until one becomes more proficient,” he said.
In this business, one needs contacts. Hence, you will need to have high networth companies and individuals in your contact lists that can provide one business from time to time. On the average, a company should make a minimum of N1 to N3 million annually, or as much as N10 million or more at the peak of business.