See this live along with other great speakers as Bruce from Printavo and Ryan Moor from Ryonet dive into the impact of the COVID cliff and climb up the other side.
Analyzing what is happening to the garment decoration industry in 2020 compared to The Great Recession — how far did it fall, and where’s it going next?
Throughout history, catastrophic events happen that disrupt the everyday flow of life and business. When something like this happens, many businesses inevitably don’t make it through and survival for some isn’t guaranteed, but what is guaranteed is survival, because when the norm is disrupted, idea, creation, invention and entrepreneurship have a open playing field to create new norms, new opportunities, and new tomorrow.
By examining our industry business life cycle and cross-referencing what happened between 2006-2016 to what has happened much faster and much more impactful in 2020, I believe we will see that resurgence, opportunity, and life abound as we enter a new decade of unprecedented change in our industry.
To do this we will be looking at three different data points:
- Research reports that study the business-enterprise custom screen print, promotional products, and online on demand markets.
- Order data from Printavo — that serves the entrepreneurial to established business markets.
- Order data from ScreenPrinting.com that serves the early stage startup shop.
Before diving into the data, let's first establish the stages of a decorating print company.
- Startup / early-stage. <100k. Just starting or very juvenile in their business acumen, operating manual or small automated/digital equipment, typically owners are operators with maybe some part time help.
- Entrepreneurial / late stage. <1mm Establishing a business model and niche, hired staff for key functions, implementation of systems and developing process that run the business, implementing automation to key functions of the business.
- Business. <10mm. Established business model and multiple customer niches, management team in place, scaling systems and processes, full use of automation in most areas of the business.
- Enterprise. >10mm. Typically a market leader or contender in established business model and niches. Professional management team. Developed or proprietary business systems and processes. Investing in advanced automation and new technologies to stay ahead of trends
For many, 2020 started out with record prospects with strong bookings and jobs logged in January into February which are traditionally slow months. Then, the bottom fell out, events shut down, schools shut down, businesses shut down, and the industry took a massive hit. How impactful was it? By looking at data from a five-figure database of Printavo and Ryonet serving startup through the established business size of companies, we are able to see a glimpse as to how far the industry went down and how we are bouncing back. What’s even more exciting is that if we compare this trend line to the 2008 Great Recession, we can get to look at some of the possible scenarios we can take advantage of as we #pressonward.
I’m extremely excited to share this never before seen data, and explore for those who are ready for the challenge, the opportunities and market changes we could coming through the rest of this year and beyond. Be sure to sign up at www.printhustlers.com to see it live virtually on July 23-24 and check out the Printavo software platform to optimize your shops performance!