Are you interested in starting a 3D printing business but you don’t know how to go about it? Do you need a sample 3D printing business plan template? If YES, then I advice you read on.
3D printing is the next big thing in the print industry. Nothing could be more fascinating than having pictures printed out exactly the way they look. Instead of using ink or toner, as is the case with traditional printers, a 3D printer can print in plastic, metal, nylon, and over a hundred other materials.
With 3D printing becoming more popular, the market for this new technology is expected to blossom, which means there are huge profit opportunities in the 3D printing industry for entrepreneurs who are willing to start a 3D printing business. Without wasting your time, below are the steps involved in starting a successful 3D printing business.
Starting a 3D Printing Company – Sample Business Plan Template
1. Learn more about the business
The 3D printing business is still very new and there are very few market players. So, chances are that you have very little knowledge of this business and how things work. Since your first step towards starting a successful 3D printing business is to have in-depth understanding of the market, you need to contact someone who is already in the business.
Ask as much questions as possible about the business, so you will know the requirements and the challenges you should expect. What is the required startup cost? How can one attract customers? What are the equipments one would need? Getting answers to these questions will help you decide if you really have what it takes to take a plunge.
It is recommended that you make your inquiries about the business from someone in another city or state, who won’t see you as a direct competitor. Such a person will be willing to tell you more about the business than someone who sees you as a threat will.
Having understood some basics of the 3D printing business, your next step is to analyze your chances of success. Is there a market in your locality for 3D printing? Are there businesses in your locality that will quickly welcome the concept and start patronizing your business?
Are there enlightened individuals in your locality who have heard about 3D printing and can afford the cost of using a 3D service? Your answers to these questions will help you figure out whether your locality will favor your 3D printing business or not.
Every business requires adequate planning. A 3D printing business requires even more extensive planning because what separates success in the business from failure is a very thin line.
Using the information you have gathered about the business, write a business plan that details the name of your business, mission and objectives, services and pricing, competition, marketing strategy, startup costs, management summary, projected earnings, growth or expansion plans, and so on.
Your business plan will guide you through the processes of starting your business successfully and managing it effectively after its launch, and achieving your goals and objectives in the long term. In addition, your business plan will present your business to third party funders should you need additional support in terms of startup funding.
Writing a business plan for your business is not a guarantee that your business will succeed in the long run. But downplaying the business plan is one of the shortcuts to failure in any business.
4. Register your business and obtain licensing
Your ideal business name is one that is unique, easy to pronounce and remember, and gives some hint as to what your business is all about. Having chosen a name for your 3D printing business, you need contact the appropriate local agency to register your business name. You will most likely be required to pay a fee.
In addition, you will be required to obtain some licenses and permits before starting your business. Since these licensing requirements vary from country to country, you will need to contact the appropriate local agency or a seasoned attorney or business consultant to find out what applies to your own locality.
Since obtain the necessary licenses and permits is the only way to get the nod from the government to start your 3D printing business, ensure that you take this step properly. You don’t want to run into problems in the future that could have been avoided.
Location is one of the factors that determine the success of any business. And your 3D printing business is no exception. Proximity to your target market, availability of supplies, accessibility, and availability of utilities such as electric power are factors you need to consider before choosing a location for your business.
6. Purchase and install the needed equipment
Your main equipment is a 3D printer. However, you will also need to buy stationery and other supplies. In addition, you will need to organize your office space. So, you also need basic office equipment, such as a PC, desk, telephone line, and so on.