3 Most Important Questions for Starting a Laser Engraving Business
At Viscom, at our in-house exhibitions and even in my private sphere, enterprising individuals come to me with exciting ideas about using lasers for customization and personalization. Their ideas range from engraving names on high-quality beverage bottles to producing cake-toppers for weddings to cutting boards with amusing sayings. One topic keeps coming up in these conversations: but how do I actually approach my business idea? What do I need to do to make it work?
The three most important questions to start with:
- What products do I want to sell?
- Who are the customers for my products and services?
- Is there a lot of competition or am I offering a unique idea?
What products do I want to sell? Specialization versus a wide product portfolio.
Specialization certainly reduces set-up costs, in other words, the time spent on each individual workpiece. Taking the example of laser engraved cutting boards with creative sayings, there’d be a choice of sayings, but the settings on the laser would remain the same. If the selection of products is larger, the creative scope also increases. When calculating the price, the higher time expenditure must be factored in.
Who are the customers for my products and services? B2B or B2C.
If you’re working with companies, the purchasing process will certainly be more complex than if your customer base consists solely of private individuals. In the B2B sector, the time invested before the first deal will pay off later, through high volumes and follow-up orders.
Is there a lot of competition or am I offering a unique idea? Who are my competitors?
Are there any other laser suppliers in the field you have decided to focus on? If yes, what unique features do they offer? Every laser engraver should ask themselves, where and how can I distinguish myself and stand out from the crowd?
Business plan, marketing concept and financing
Once these basic questions are answered, you will have a clear sense of your enterprise. The next step is to get down to business: The business plan, marketing strategy and financing need to be carefully worked out. Our downloadable guide “How to start a laser engraving business” will give you a detailed insight into the topic:
My personal tip: how to get productive faster
I have myself been an enthusiastic user of Trotec machines for over ten years. The potentials of lasering keep me fascinated. And I'd recommend one more thing - have a look at Trotec’s range of materials, and also at our Academy Program. The perfectly matched, tried and tested laser materials, in conjunction with our courses, will certainly make your start easier.