What does this mean for YOUR business?
There is an opportunity for a surge in custom shirts, hats, mugs, etc. It’s up to you how to evaluate that opportunity and how to benefit from it.
premarketing for specific events
How to outreach to customers so they know you are there when they are ready.
Which one are you?
What are the next steps?
1. Identify opportunities in your area.
What will be the next big event or series of events by you? Sports, school events, concerts, Renaissance Festivals, business openings (restaurants, paint ball, mini golf)
2. What is your opportunity?
Do you sell something that would be for these potential customers? T-shirts, Mugs, signs, etc.
3. What risks / plans are you willing to make?
There are 3 strategies to have here.
A. The financially conservative approach
- Don’t spend any time or money for an uncertain future
- Stay the current course
- Once you know 100% there is opportunity, take action then
Pros – Little risk to spend money on inventory, staff or time preparing for things that may or may not happen
Cons – The biggest risk is missing out on the boom. Your competition will get this business and you will ride behind their wave
B. Investment of time, but little money
- Call on old business partners and see their plans
- Brainstorm ideas for the future
- Run numbers on budgets – marketing, sales, inventory
- Plan marketing campaigns
- Choose products & ideas
- Market test ideas with potential customers
Pros – You are still financially conservative, but are more prepared. When the time comes to act, you will be more prepared than much of your competition.
Cons – You are spending time on a what if, instead of a what is. You still can lose out on the biggest boom of the business when it hits. Someone else gets that.
C. Investment of time & Money
- Do all of #2 above
- Invest in inventory that might sell out (mugs, paper, ink)
- Invest in equipment (Cap press, emb machine, sublimation printer)
- Invest time in training how to use equipment / software
- Prepare, Plan, Invest and be ready to strike gold when its time.
Pros – When the peak hits you are going to be ready. You are most likely to get the maximum potential out of the surge. Could be a ‘game changer’ for your business growth
Cons – There is always a what if. You can take on debt and not get the expected reward. You will need to devise a plan (what will I do with these mugs?)
2021 will present new opportunities and new challenges. There are signs that a boom is coming. How long will that last? what is the opportunity in your area/niche? What risks will you take?