One of the best ways to start something new and innovative is to look up for business options that are provided by the development of new technologies. One such idea is the concept of starting your own 3D printing business. While some still may see this trend as relatively new and unreliable, the concept of 3D printing stands to revolutionize a number of fields. We’re talking about industries like education, manufacturing, as well as areas like the medical field (more sophisticated prosthetics). Nonetheless, with so many options, where do you start? Let’s find out!
1. Choose your industry
The first thing you need to know about the world of 3D printing is the fact that it is still an area in development. For instance, a 3D printing business is virtually a company either using, manufacturing or implementing the use of a 3D printing device into their services. Technically, an educational institution that utilizes educational toys like 3D pens would be rightfully considered a 3D printing business. The same thing goes for a construction company that uses massive 3D printers to manufacture tiny homes for less than 24 hours. All in all, the type of business also determines your industry.
2. Research your target market
About 42 percent of all small businesses fail because there is no market need for the service/product that they’re providing. For instance, let’s say that you want to start a business that specializes in prototype manufacturing with the use of 3D printing techniques (which is also a popular 3D printing business idea). Seeing as how this business is location-based (shipping a prototype across the world isn’t frugal, simple or even safe), you would have to look for potential clients in your vicinity. In this scenario, the first question that you would have to ask is just how startup-friendly your city/state is.
3. The problem with market need
One particular problem that we have to address as soon as possible is the fact that this is still a relatively new industry, which means that, just because there’s no market need, this doesn’t mean that you shouldn’t be first. Just because no one has thought of manufacturing prototypes with the use of 3D printing technology in your city, this doesn’t mean that this line of work is not profitable. The same goes for including 3D pens into your curriculum. The problem, nonetheless, lies in the fact that this is quite risky and not something that everyone would be willing to get involved in.
4. Make a budget
The next thing you need to do is make a budget. First of all, you need to consider the investment in 3D printing technology, which depends on your plans and ambitions. For instance, getting a sufficient number of 3D pens or 3D printers capable of manufacturing prototypes is substantially cheaper than getting your hands on a massive 3D printer that is capable of constructing entire homes. Also, the more competitive the field is, the bigger your investment in marketing will have to be, as well.
5. The logistical issues
Lastly, running a 3D printing business is a notion that comes with a set of logistical issues of its own. First of all, you need to consider the fact that even 3D printers get broken. Unlike with regular equipment, there’s a limited number of specialists in the area that are capable of handling its maintenance. Acquiring supplies is also far from simple. In other words, it would be irresponsible to even consider starting your own business before handling some of these issues first.
In the end, you need to keep in mind that the majority of steps in starting your own business still apply. For instance, you still need a business plan in order to pitch your idea to the investors. You might also opt for another fundraising method. You need to gather the right team, register a business and more. The above-listed were mostly steps that are exclusive to 3D businesses.