TSHIRT BUSINESS PROFIT || (Creating A Clothing Line, T-Shirts To Sell For Profit, T-Shirt Business)
TSHIRT BUSINESS PROFIT || (Creating A Clothing Line, T-Shirts To Sell For Profit, T-Shirt Business)
written by Stephanie Rodnez
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Hey gorgeous, if you want a t- shirt business profit formula that shows you how to price your own t- shirts, for your own t- shirt business just like here at Godlywoodgirl, then watch this video to the end. You are going to get t- shirt business profit formula so you know how to price your shirts.
Hey love, its Stephanie Rodnez, Founder and CEO of Godlywoodgirl. I am excited to bring you part 3 of my Launch your t- shirt business series. If you missed it, part 1 was about what you need to know for your Launch your t- shirt business plan pdf, part 2 which was all about what you need to learn about launch your t- shirt business starter kit and in this video, we are going to be talking about how to price your shirt. The actual t- shirt business profit formula that will help you know what price to list your shirt at on your website so you don’t lose money.
Now if you are not already subscribed to the Godlywoodgirl YouTube channel, my goal for the Godlywoodgirl YouTube channel is for it to be the number one resource for every woman of faith who wants to live her greatest purpose for Christ especially as a Christian entrepreneur. So if that’s you, make sure you hit that subscribe button and let’s get started. Grab your pen and paper, because I’m about to teach you my own t- shirt profit formula.
Step 1: What is Profit?
To learn about the t- shirt business profit formula, we are first going to start by understanding what profit is. When I got my MBA, the first thing they teach you is that profit is income – expenses. But here is the thing; most of us, when thinking about income and expenses, only think about that one item. This t- shirts cost me $19 to print and I sell it for $29 so my profit is $10. That is not accurate.
Profit has to include the cost of everything that goes into your t- shirt business. This includes the cost of your website, marketing and promotion fees, cost of labor, cost of printing and shipment, the cost you pay yourself, and on and on and on. You have to make sure you understand that profit is not just income – expenses. Profit, is in step number two.
Step 2: What is Gross Profit
The second thing we need to understand about the t- shirt business profit is that you are looking for gross profit. We need to understand everything that goes into the cost of our shirt. So sit down and ask yourself: “how much does it cost me to buy the shirt…how much does it cost me for the ink…how much does it cost me to ship this shirt…how much does it cost me to manufacture it…how much does it cost me to list the t- shirt on my website…website maintenance fees…domain name maintenance fees…how much does it cost me in marketing and promotions…how much does it cost me to pay myself to promote this shirt…to get on customer service calls…to send those email reminders” Figure out all the different costs for all of those different costs sum up what is known as Cost of Goods Sold.
You will see this on one of those accounting sheets as COGS. Your gross margin is your income – your entire cost of goods sold. You need this number as it is very important. For example, if I go through all my expenses and I realize that my cost of goods sold for starting one Godlywoodgirl t- shirt is $19 per shirt, and my retail price for this shirt is $29, then my profit is $10. Now that we know these numbers, we can figure out how we are going to price our shirt. We will start out by envisioning what our gross profit margin is going to be.
Step 3: What is Gross Profit Margin
Gross profit margin refers to the percentage of money that you keep after every single shirt is sold. My gross profit margin is 10%. That means I keep 10% of $29 that I sold my shirt at. That is not very good that is $2.19 cents. It is pretty hard to run a business that way.
You have to know what margin that you want to have in your business before you price your shirts. The amount of profit margin that your company should have varies in every industry. As such, I’m not going to sit here and pretend to tell you that I know what the profit margin in your business should be.
Do your research and find out. I’ve heard people online say 43% for retailers, I have also heard people online say 62% for online business. It is up to you. At Godlywoodgirl, I like to do a 50% profit margin. So I keep 50% of the revenue that I make from each item. The formula for gross profit margin is [revenue- cogs] / revenue. Let’s use the numbers that we saw in Step 2.
[$29 - $19] / $29 = 34%
$29 - $19 gives us $10. So $10 divided by $29 equals a gross profit margin of 34%. Since my goal is 50%, I need to keep adjusting my revenue to reach that amount. The way to do that is to take your cost of goods sold and divide it by your desired profit margin. That will give you the price of your shirt. So the cost of goods sold is $19 and my desired profit margin is 50% or 0.5.
If I divide $19 by .5, that gives me $38. So my retail price for my shirt should be $38 which allows me a 50% margin and covers my cost of goods sold. See how it works? Now, go ahead and try it out because you now know both your cost of goods sold and what you want your profit margin to be. That is it. I hope you enjoyed the step-by-step demonstration of your t- shirt business profit formula. Let me ask you a question, do you dream of launching your own t- shirt business for your own company the way that God purposed you to do it? Do you have a vision for launching your own t- shirt collection up and running? I totally understand because when I decided to launch Godlywoodgirl t- shirt in 2014, I didn’t have a guide for how to do it.
I tried to launch it using local printers but they required so much of minimums but I didn’t have money for that. I tried to start my own t- shirt printing business but let me tell you, the equipment required for that is insane. Then, praise God, I was able to discover print-on-demand businesses online where you do the marketing while they take care of printing, manufacturing, and all the other great stuff.
Print-on-demand services is the perfect formula for launching your own t- shirt business. I have a brand new masterclass that teaches you exactly how to do this step-by-step. Let me tell you more about it. You will learn how to:
- Start your online t- shirt business
- Design your shirt
- Manufacture your t- shirts
- Sell your t- shirts online
- Market your t- shirts and so much more.
In addition, you are also going to get
- A digital copy of the replay so you will have it forever.
- A digital “launch your t- shirt business” checklist to keep you on track.
- You are going to get the launch your t- shirt workbook that I just showed you.
As a bonus for signing up, you are going to get a purpose-preneurship sweatshirt that I offer here at Godlywoodgirl. It is such a cool sweatshirt, I love wearing one of these bad boys. You can grab your copy of the masterclass by clicking the link in the description box of this video.
Sister of Christ, if you liked this video, please hit the subscribe button below. Don’t forget to share this video with at least one woman of faith you know who needs to learn a t- shirt business profit formula so that she can price her t- shirts the right way. And, if you haven’t checked out the other two videos in this series, make sure you click the links in the description box below so you ca watch them. Be on the lookout because the next video will be awesome! Awesome!! Awesome!!!
Finally, if you haven’t subscribed to my Godlywoodgirl YouTube channel yet, make sure you hit the subscribe button. My goal for the Godlywoodgirl YouTube channel is for it to be the number one resource for every woman of faith who wants to live her greatest purpose for Christ especially as a Christian entrepreneur. If that is you, hit that subscribe button and God willing, I will see you here at Godlywoodgirl.
Want to learn about tshirt business profit? If you want to know how to start a tshirt business at home and need an amazing tshirt business profit formula to help you do it, this video will show you my tshirt business profit formula that I use whenever I start a new tshirt business online. You’ll know how to start a tshirt business online, and all the best tips for launching a Christian tshirts business so you can start selling shirts online.
If you’re looking for t shirt business opportunities and just need a tshirt business profit formula to help you start designing and selling t shirts online, this video will show you everything you need to know about creating a t shirt business start up.
Next time you’re ready to start your own t shirt business, this video will give you the step by step tshirt business profit formula to help you get started, and you’ll be set up with the best t shirt business ideas so you can know how to start a tshirt business.
4 Major Points If You Want A TSHIRT BUSINESS PROFIT FORMULA:
Tip #1: Make sure the tshirt business profit formula is easy to navigate and understand
Tip #2: Take ACTION on what you learn in the tshirt business profit formula. Don’t just look at it and put it aside. Actually take action on the steps.
Tip #3: Share what you learn with others in the tshirt business profit formula. Research shows that we retain up to 90% of what we teach but only about 25% of what we read, so teach what you learned in the formula to others so you retain the information better.
Tip #4: Make the tshirt business profit formula work for you. Don’t be afraid to grab a pen and paper and modify that bad boy. This is YOUR tool to use to launch your own t shirt business online.
Watch the video and to get a tshirt business profit formula that sets you up to start a t shirt business online.
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ABOUT GODLYWOOD GIRL
Hey sis! It's your girl Stephanie Rodnez, founder & CEO of Godlywood Girl, and I want to welcome you to the Godlywood Girl sisterhood. If you're a woman who loves the Lord and wants to live His greatest purpose for your life as a Christian entrepreneur, then I created this website especially for you.
I started Godlywood Girl in 2013 as a way to help myself heal from the heartache and trauma of failing at my first business. You see, I was a filmmaker creating movies for Christian youth groups, but a series of bad decisions and mismanagement led to me almost having to declare bankruptcy on my first business.
For two years I sat in depression from the failure of that business, until one day, a video by Dr. ET Thomas inspired me to get back up and step into my purpose again. As a result, I got back to my God-given purpose as a Christian entrepreneur, and Godlywood Girl was born. My goal with Godlywood Girl is to connect you with the resources you need to achieve your greatest purpose for Christ as a Christian entrepreneur.
Whether you're just getting started on your journey, or you're a seasoned purposepreneur in the biz, I want to welcome you to the Godlywood Girl sisterhood. You are my sister, and I can't wait to connect with you online.
Stephanie (Godlywood Girl) Rodnez
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