Columbus OBGYN Practice Turns to UGA SBDC for Business Restart
November 8, 2024
Roy Steinberg’s golf apparel business was in full swing in Albany, Georgia, but his business needed additional cash flow to increase inventory and meet demand. With guidance from the University of Georgia Small Business Development Center (UGA SBDC), Steinberg was able to develop a strong financial plan to refinance existing loans and improve cash flow. His hard work paid off—sales for his business, Steinberg Sportswear, have tripled.
Originally from Israel, Steinberg came to the United States on a golf scholarship at IMG Academy in Bradenton, Florida. His love for the game and its apparel led him to a career in the golf apparel industry, working in Atlanta and New York. During that time, he learned the apparel business and the manufacturing process while developing strong connections and mentors along the way. Steinberg took note of the evolution of golf attire—the transformation from a uniform of khaki pants and a collared shirt to a more casual style that allows customers to express themselves through fabrics, colors and patterns.
Steinberg knew it was difficult for smaller retail shops to compete with online prices for high-end golf shirts, as in-store inventory was often available online at a lower price point.
His solution was Steinberg Sportswear: a private label supplier giving clothing stores the ability to create their own line and brand, then selling directly to their customers.
“I developed a private label option that will allow these stores the ability to buy the same quality shirt as these top brands, if not better, at a lower price and apply their own label and branding,” said Steinberg.
He set up shop in a warehouse in downtown Albany, Georgia, and began purchasing high-quality wholesale shirts internationally. He stocked his warehouse with embroidery and sewing machines, giving him the ability to label and apply custom brands to the shirts locally. Those efforts kept costs down, increased the customer base and led to higher profits.
Steinberg first partnered with boutique retail shops. Soon, stores all over the Southeast began to take notice, with many creating customized apparel options unique to their store.
In addition, local businesses owners began contacting him to get their business logo embroidered on Steinberg’s shirts for their employees.
As the orders for Steinberg Sportswear grew, so did the need for an increased inventory. Steinberg needed to increase cash flow, so he reached out to Susan McBrayer, business consultant at the UGA SBDC in Albany, for advice.
“He was trying to expand his business. He had a huge demand and wanted to make sure he was growing in the most efficient way,” said McBrayer. “
McBrayer helped Steinberg look at several different strategies to increase cash flow and purchase more inventory.
“Understanding the financials of the business is so important. The UGA SBDC has shown me the importance of cash flow and monitoring my finances to know the everyday cost of doing business to better plan for the future of the business.”
With the cash flow in order, McBrayer guided Steinberg on developing a financial plan and business goals. She emphasized the importance of understanding the business’s balance sheets, which led Steinberg to hire an accountant he still meets with monthly.
As Steinberg Sportswear continued to expand, opportunities for private investment became an option for the business. Steinberg again reached out to the UGA SBDC for guidance.
“Susan helped understand how to pitch my business to potential private investors, taught me how to develop a pitch deck and helped me put a numerical value on the investment,” said Steinberg. “This led to a great opportunity with private investors from the Albany community.”
RESULTS
Since the business began in 2020, Steinberg Sportswear’s sales have more than tripled and is on track to increase sales by another 20% in the next year. As orders from retail stores, businesses and colleges continue to roll in, Steinberg Sportswear has grown to seven full-time employees. Steinberg also expanded his inventory to offer dress shirts and outerwear, in addition to traditional golf polos.
“There are a lot of things when you start a business that you may not know. You face challenges every day and it’s helpful to have someone, like a UGA SBDC consultant, to reach out to and give you feedback and support. Susan has connected me with so many resources to help me understand the entire picture.”
-Roy Steinberg, Owner, Steinberg Sportswear
For More Information: University of Georgia SBDC | (706) 542-2762
All programs of the UGA SBDC are open to the public on a non-discriminatory basis. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration.
The University of Georgia
Small Business Development Center
382 East Broad Street
Athens, GA 30602-5412
P: (706) 542-2762