According to an article on Bloomberg, about 80% of entrepreneurs who start a business will fail within 18 months of starting … And the lack of having a tshirt business plan is one of the primary reasons why most fail.
It’s certainly understandable, because without some type of roadmap or blueprint, it’s almost impossible to reach the final destination.
That’s exactly what a business plan is. It’s our roadmap. It helps guide us along the paths we’ll likely take on this journey towards building a successful and profitable tshirt company.
A business plan will force you to do the necessary research that’s required to help you win big.
For example, who are your competitors? How many do you have? What makes them great? What are their weaknesses? What do you like about them? What do you not like about them?
What can you do better? Can you exploit a weakness they have? Are you able to determine which segment of their market is not being served?
What features or benefits do you competitor claim to have? Can you beat it? Why do customers buy from them? What will you need to do to get their customers to buy your line of tees?
Where does your competitors sell their t-shirts at? What type of marketing campaigns are they using to sell their t-shirt? How are they promoting their brand? Where do they advertise?
How much of the t-shirt market do they control? Do they upsell their customers? Do they send them print offers in the mail?
Have you purchased from your competitor so you can see their marketing process? Are you on their e-mail newsletter list?
Knowing this information will help you better understand your competition. You’ll know what makes your competitors successful.
Having this information alone is great by itself, but a completed t-shirt business plan goes much deeper than this… You get to set goals for your new t-shirt brand. You get to set projections.
As you can see, your tshirt business plan isn’t some boring document. It provides you with a map and plan of what you should be working on to grow your t-shirt business.
If need help getting your t-shirt business off the ground, or simply need help writing up a business plan for your new tshirt business, I invite you to take a look at our t-shirt startup course online — it provides you with all the information you need to start, launch and build your own t-shirt empire.