You may have heard that, in the digital age, print is dead. This is definitely not the case, though.
Many businesses may be relying on digital marketing materials, but the printing industry is still growing. Industry experts also expect to see more growth in the future.
If you’ve been on the fence about starting your own printing company, now’s the time to act.
Read on to learn everything you need to know about starting a successful printing business.
Research the Local Market
First, you’ll need to do some research to learn more about your local market and the people you intend to serve. Are there are a lot of other printing businesses in the area? If you need help with a business plan consider OGS Capital.
If there are, don’t let that deter you from starting your company. You can still make a name for yourself in a competitive industry; you just need to find a way to separate yourself from the other printing companies.
Do some brainstorming to figure out how you can narrow your focus to meet the needs of an underserved population.
Figure Out Which Type of Printing Company You Want to Run
Next, you’ll need to decide if you want to open up a storefront location or run your business from your home. There are benefits and drawbacks to both options.
A storefront location allows you to offer a wider range of services. It also makes it easy for you to work on many projects at one time.
Of course, having a physical store is also expensive. You’ll likely need to pay the first and last month’s rent and a security deposit when you first acquire the space. This will easily set you back several thousand dollars.
If you have the capital and want to make sure you have enough space for your projects, a storefront location is a great option.
If, on the other hand, you’re working with a limited budget, it might be better to start by operating your business out of your home.
Every state has different permits and licenses that you’re required to obtain before you can operate a business from home.
These permits are much cheaper than paying for a physical store, so be sure to find out what your state requires before you set up shop — that way, you won’t have to deal with any fees or penalties for operating a business without a license.
Once you’ve decided where you’ll operate your business, you’ll need to invest in some equipment. The most important pieces of printing equipment you’ll need when you get started include:
You’ll also need smaller items like paper cutters, tape, and certified mail labels on hand. Be sure to stock up on plenty of toner and paper as well.
Meet Legal and Accounting Requirements
There are several legal and financial requirements that you’ll need to take care of before opening your business. Some essential steps to take include:
saving money on taxes wherever possible
Be sure to give yourself plenty of time to take care of all of these requirements before your business officially opens. These tasks can be stressful and time-consuming, so the more time you have, the better.
Giving yourself time to take care of these tasks will also help you ensure that everything is done correctly and that you haven’t missed anything important.
Start Building a Portfolio
Once everything is set up and you’re ready to open your business to the world, you’ll need to get to work building up a portfolio. You may even want to start creating samples of your work before your business officially opens.
If you’re not sure where to begin when it comes to building your portfolio, try reaching out to local businesses, organizations, or charities.
Offer to do some work for free to help get the word out. You can print programs, invitations, or newsletters and ask to display samples on your website to show potential clients.
Promote Your Business
In addition to working with local business, there are some other important steps you ought to take to promote your business and build up your clientele.
Some effective strategies to try include:
All of these strategies are great options to start spreading the word about your new business.
Remember, though, that it takes time to make a name for yourself. Be patient and pay close to attention to what is and isn’t working.
If you try a strategy for a couple months and it isn’t yielding the results you want, change it. The more willing you are to adapt, the better off your business will be.
Start Building Your Business Today
As you can see, there’s a lot that goes into building a successful printing company. Don’t let the work involved stop you from accomplishing your goals, though. Follow these tips and you’ll be well on your way to running a profitable business.
Want to learn more about building and growing a business? Be sure to check out our business and finance archives today.