Despite the fact that every aspect of the economy seems to move into the online sphere, decreasing the need for paper and similar resources, printing businesses don’t necessarily have to go extinct. People might be printing less on paper, but this service is still needed in many industries and if you know how to pick your niche, you can actually turn it into a lucrative idea. In the 21st century, printing businesses have good success odds, but you need to approach them in a strategic manner and make a plan before you take the first steps.
Find a niche
Printing is a large and complex field of activity and the more specific your niche is, the more likely you are to make profit. Analyze client needs and demands in your area, pay for market research services if needed and specialize in a niche that is in demand today and will thrive in the future. There are many ideas to choose from, depending on the kind of audience you want to target. For example, you could print T-shirts and stationary or print business cards, large signs and posters. One thing that you should know beforehand is that printing businesses usually collaborate with companies, not with individuals. You can, of course, cater for individual orders, but most of your profit will come from bulk orders, so make sure you do a rundown of the businesses in your area to prospect potential partnerships. Also, establish whether your service will be based online or in a store.
Analyze the competition
One of the most valuable business lessons is that no entrepreneur should venture on a market without analyzing the competition. As mentioned previously, some sectors of the printing industries have declined, so there might not be room for two or more service providers, especially in small towns. Find out what your competition does and try to stand out from them by offering a new service or better customer support. For example, if there are a lot of companies that print on paper, but not on T-shirts, mugs and stationery, consider filling in the gap instead of going into an oversaturated sector.
Invest in high quality equipment
Once you have established in what niche you want to activate, the next step is to purchase the equipment for it. Needless to say, this is not an area where compromises are acceptable. Work only with top rated suppliers and purchase printing equipment from trusted manufacturers such as Konica, Spectra, Xaar and Epson. Their commercial grade printers are guaranteed to last for years, but they will need maintenance and/or replacement sooner or later, so when that happens you need to be prepared and know a company that provides original spare parts such as printheads. For example, if you want to buy a new Konica KM256 MN 14PL printhead, visit online stores that specialize in printing accessories. We do not recommend compatible print heads, because they do not always work well and might not come with a quality guarantee.