This business can be started on a modest budget. However, depending on the equipment you invest in, you could spend as much as $15,000 or more to get started. You will most likely need to insure any equipment purchased, plus any supplies. Expect to earn back your initial outlay in about two to three years, based on an income potential of $20,000 to $50,000 per year.
Advertising and marketing skills will play an important role in making this business a successful venture. Monogramming is much more than just initialing towels, and you’ll need to convey that in every piece of literature you send out, particularly on your business cards.
Approx. cost of start-up: $5,000 to $15,000
Approx. potential earnings:$20,000 to $50,000
Typical fees: $3.50 to $100 each piece (depending upon items chosen and number of units/volume discounts)
Where to promote: Yellow Pages, local school districts, direct mail to companies
Qualifications: Some sewing skills or ability to operate monogramming equipment
Things needed: Monogramming equipment, business cards
Required staff: No
Hidden costs:Insurance
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