| Deb,
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I'm starting a T-shirt business. My friends say I have
a really good idea. I'm worried though, that if this company takes off, I don't know
how to expand with the fast potential for growth... I don't know how to
reward a manager for their role (on a performance based program). I don't
know how to distribute to the hundreds and thousands of different retailers
available and I don't know who to hire who would have these skills.
If I'm successful here in the coming weeks, should
I advertise for an individual with a Masters in Business Administration?
I'm at a loss here and I'd appreciate any input you have to offer. Tomorrow
I'll look for a book at the library. The librarians are usually very helpful
and I'm sure something's been written on the very subject. Anyway, I'm
hoping I've created a powerful BRAND and you know the way trends can take
off like a storm.
Thanks for your attention.
Tommy
Dear Tommy,
Looks like you have some great friends who have lots of faith in your
idea for a t-shirt business. However, when you actually get this business going,
you will have little time for your friends and family. Your belief that the business
will work has to be ever-present and strong in order for you to take it
from the idea stage into the business stage, and hopefully, onto a profit building stage.
Before I could attempt to offer you any specific advice on how or when
to hire a manager, what type of education that manager would need, or where to
start distributing your powerful t-shirt BRAND, I would want to review your
business plan and projected first year's expenses, as well as to the available
cash flow your start-up will have in the beginning.
It is very important for your start-up budget to include all of your
living expenses for at least 6 months, all liability insurance cost, your operational
expenses, and legal and accounting expenses. There is a lot of research necessary
for you to develop the "idea" into actual "plan of attack." If you fail to plan,
your plan will most definitely fail. (old cliché ... but it is old for a good
reason)
Some suggestions:
Research
"designer t-shirt" distributors. Many designer t-shirt companies will
purchase your idea, manufacture and distribute the t-shirt through
their existing channels of distribution and give you a cut on the revenue. After you
have put together a projected budget and expense projection, you might find
that the % from the designer t-shirt distributor would give you more profit than
if you were to start up and learn the ropes yourself.
Click on the following logos to find an online distributor:
As far as employees and managers: the mere fact that you, the entrepreneur,
has the ability to produce the vision does not necessarily mean that you
are the best person to lead the business. Many true entrepreneurs fail with great
ideas because they consider their business as they do their "new baby," and only
you, the parent can do a good enough job in raising it. You must separate yourself
from your vision and hire those with experience in building t-shirt distribution
companies, and let them run the operation. That will also give you more
time to develop the creative aspect of what makes the business be in the
first place. Your passion and creativity will make you money only if you allow it to be developed
into a business. Otherwise, it is a wonderful and brilliant idea
that will fail.
My best advice to the true "visionary" is to continue envisioning and
let the business grow through the depth and security of a professionally developed
and initiated business plan.
If I can be of further help, just continue to question in this section.
Deb Nyberg
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