Do you want to start a 3d printing company? If so, find here in this article a detailed stepwise 3d printing business plan guide covering aspects like startup costs, market demand, legal aspects, tools requirements, etc.
The global market demand for 3d printing as per a recent study from Statista is expected to reach billion USD 34.8 billion by 2026. The growth of 3d printing is primarily because several industry sectors like architecture, aerospace, automotive, healthcare, and consumer are showing much interest in this technology. Countries like China and India especially offer a wide market opportunity to be tapped.
Here are the 10 Steps to Start a 3D Printing Business
1. Get Trained
It is a must to get trained in the technology of the 3d printing process. Take a 3d animation course online or through a nearby training institute providing 3d printing-related courses. There are good 3d printing courses online that you can attend from the comfort of your home too. This business is ideal for creative people with artistic backgrounds.
2. Understand the Market
Before starting the business, it is extremely important to know the trends and demands of the market. It is worthwhile to do market research and understand the requirements of the immediate market. The demand for 3d printing is growing in the field of art, architecture, automobile, education, casting, product development, etc. As an example, find real estate developers and contact them if they are in need of a 3d design for building projects.
3. Select your 3D Printing Niche Services
Now is the time to choose the 3d printing services you are going to offer to your customers based on the information received from the market research. For example, you offer 3d customizations of existing products, product designing, prototyping, 3d scanning, etc.
4. Write a Business Plan
Creating a business plan is an essential part of starting a 3d printing business. Write down the startup costs, tools and software requirements, manpower hiring plan, pricing strategy, target market, promotional strategy, etc. You can take help from business plan generators if needed.
5. Name your Business
Another important part is naming your 3d printing business. Choose a catchy, relatable, easy-to-remember name for your business. It is advised to check whether the relevant web domain is available or not before you decide on the name of your company.
6. What are the Costs Involved in the 3D Printing Business
The initial cost to start a 3d printing design business is minimal. Most people work from home in the initial phase. You will need a computer with 3d modeling software with 3d printing features.
There are many good free open-source software you can try initially, if not ready to invest initially. Another requirement would be having materials to create 3d models. Popular material types used for 3d creations are thermoplastic, sandstone, metals, and ceramics. If you are planning to print your own design, purchase a 3d printer for the same.
On average, the startup cost of starting a 3d printing business will range from $1500 to $10000. The investment includes rent cost( free if operating from home), printer cost, legal costs, and other miscellaneous expenses.
7. Set Pricing
The pricing is based on a series of factors. It includes the volume of the object, the amount of raw material used, the cost of human labor, etc. The price may vary with the type of material used. You can upload your design to online printing sites and get a rough estimate of the pricing band.
8. Form a Legal Entity
It is essential to form a legal entity if you want to establish a stress-free 3d printing business. If you are starting new as a beginner just for tasting water, then go for a proprietorship firm as it costs less. However, if you are looking to make it big, it is better to form an LLC.
9. Get the Required Licenses
Talk to the local appropriate authority or registered agents and apply for required licenses and permits. Other aspects like opening a business bank account, and setting up the bookkeeping processes need to be fixed with due consideration.
10. Promote Your 3D Printing Business
Having a website for your 3d printing business nowadays is a must. A website not only allows you to let customers know about services, and your client testimonials but also helps you in building a brand for your business.
Check this guide to create a website of your own within a few minutes with a nominal investment.
To make good money in the 3d printing business, you need to reach your potential customers. Networking plays a big role in this regard. Meet people and share your visiting card and set appointments offline and online if unable to meet in person.
Create social media profiles on platforms like Facebook, Linkedin, etc, and keep posting activities of your business to attract people in the relevant domain
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their businesses.