3D printing is no more a hidden technology working within the industries, far from the reach of the consumers.
However, in the past few years, there have been huge developments around the technology which have worked in favor of increasing the accessibility to the end-users.
It is expected that the market would be able to encash more than $8 billion by 2020. Moreover, resulting in a compound annual growth rate (CAGR) of 21% rise starting from 2015 to 2020.
And, it is expected to rise further to 23.5% within the next five years. Isn’t this the best time for starting a 3D printing company, if not now?
There are many reasons why 3D printing businesses are flourishing in every part of the world while covering most of the niches.
It has helped in reducing the errors and at the same time increasing the degree of accuracy and efficiency of materials utilized in manufacturing.
Moreover, 3D printing provides the freedom to make numerous customizations to the products. Not just that, there are plenty of other ways the technology is helping making the production precise and effective.
It is believed that among all the applications of 3D printing, consumer product niche is making most of the profit.
There are other segments too that are right behind the consumer market when it comes to turning opportunities to gain through 3D printing. These include aerospace, education, defense, automotive, research, and a few others.
It is also forecasted that the profit will even rise further as the 3D printing industry would make progress in the future. Hence, there is a huge prospect for you if you are wanting to make money with your 3D printer.
Starting from a small 3D printing idea, you can build a successful business for future. And, this is completely possible if you are willing to put your efforts in the right direction.
How to Keep Budget Checked When Starting a 3D Printing Company?
The first thing that comes to mind when starting a business is the budget that it would eat up. The same goes for those trying to finalize a budget to sell 3D printing services or products designed with 3D printers.
Hence, it is important to know how can you keep the budget to a bare minimum when starting a business and not spending in excess.
To do so, you must fulfill all these points before you make any investments.
Learn Technology in’s and out’s
You must expect to go through a big syllabus when trying to learn about 3D printing. However, you must not skip this process.
Or else, you may have to hire someone who can help you with the day-to-day operation of the company. Even if you opt to do that, you still would need to know everything about the technology on which you wish to set up your business.
To start with the learning process, you would need to search for the best online courses and complete at least the intermediate level to think about the 3D printing business.
However, it won’t be complete yet. You must try your hands on a real 3D printer to know what exactly it feels to work with a 3D printer.
Also, technology is evolving and will always remain that way. Hence, you must keep your skills updated as and when needed.
You must stay tuned with the latest 3D printers and the technology associated with it. Also, you must know the new upgrades to the existing design software as well as the new ones being released.
All these would be a part of the learning process which would not end ever. However, with time, as you would get acquainted with the technology, nothing would seem difficult.
Decide a Business Idea
You cannot start a business without thinking about what you want to do with your 3D printer. A lot of decisions would depend on the application of the 3D printer.
After you start thinking of starting a business, finding an idea that is tested or can produce results is important to determine.
It is highly imperative that you plan things before you decide to get completely inside the 3D printing business. This would also let you plan your steps in a progressive manner for better output and lesser obvious problems.
When thinking of an idea, you can either choose the ones that are already popular or you can also come up with a unique idea that has not been explored so far.
In both cases, you must do all your research and come up with a full-proof plan with all the pros and cons related to your business decision.
If you already own a business, you can also think of an idea that can help scale your setup with the introduction of 3D printers.
Decide What Budget You Would Require?
Coming down to the most difficult as well as a crucial stage of the entire business plan, this is where you would need most of your attention.
Remember, when planning the budget, nothing would ever be precise. You will always have to consider the unknown possibilities that may eat up your funds without any ultimatum.
Especially, when it is a 3D printing business space that comprises of many surprises and these can appear at any stage. Hence, ensuring proper funding should not be ignored.
Whatever you do, never miss keeping some extra funds apart from the calculated budget for such unobvious situations.
Once you know how much you need to start the business, you must seek ways to arrange the amount. Either you can choose to get a loan from desired financial institutions or else, you can also approach crowdfunding websites for collecting funds online.
The budget will mostly depend on what scale you wish to start the business. You can also think of starting a small business from home with a desktop 3D printer.
In such case, you can even plan to put your savings in your business and that would suffice the need. Ensuring that you are aware of the other funding options too, in case you need extra cash at any point in time.
If you are thinking of starting a completely operational manufacturing plant, you will have to shuffle your funding options because you would certainly need it.
Decide the 3D Printing Technology
After you have decided a budget and have come up with the business idea, you must be clear of the expectations you wish the 3D printer to serve. Hence, the first thing would be to create a list of things you wish to accomplish with your 3D printer.
The next step would be to research the different 3D Printing technologies and options of 3D printers associated with them.
You must be aware of the fact that a 3D printer with the best results pertaining to its functional areas may not be required.
You must search for the one that balances the budget and business goals and serves your purpose in the most optimal way.
In other words, you must seek the technology and 3D printer that can help you achieve the optimum results.
Also, understand that the platform you are choosing to buy the 3D printer must be reliable and safe. Apart from that, look for the 3D printer with decent customer support and after-sale assistant.
Or, you may realize the problem after it’s too late. Finding a company with good support would help you save money and time later when the machine would be operational.
Decide Where to Sell
If it is a product that you wish to sell, you must find out popular e-commerce websites such as Amazon, eBay, etc to get as many customers as possible.
This does not mean that you can ignore setting your own website. This is crucial too. Also, invest in online marketing.
You must have a dedicated budget for advertising as well. Use social media platforms to stay connected with your customers and utilize these platforms to stay visible.
The best part is that these platforms are easy to understand. Hence, you can even advertise inhouse without needing to hire someone from outside. And, save a few bucks here as well.
These things would help you conquer the 3D printing space in a much efficient way.
Starting a business is not an easy decision. You may have to go through a lot of thinking, which may not lead to frustration.
A niche such as 3D printing which is already a path full of unknown surprises could even make you go haywire when trying to come to a particular conclusion. However, you must be willing to put the efforts in every direction to make things possible.
Starting a 3d printing company may be difficult, but it is also true that it is highly rewarding. You can make huge profits if you plan things stepwise. Instead of rushing and jumping directly into things, keep calm and think before making decisions.