Laser engraving has, recently, become a highly lucrative business. Not only have local businesses embraced the potential of laser technology, but new manufacturers have also emerged. Thanks to the drastically reduced costs of starting a laser engraving business.
No matter where you reside on this planet, there are lots of business opportunities that can be unlocked by laser technology. That said, in this guide, we’ll carefully reveal how you can start a profitable laser engraving business at extremely low capital.
First off, let’s define laser Engraving and how it works. Lasers are one of the most flexible tech products in the world. They churn out an extreme heat to slice through metals or materials.
Lasers are also useful in media access and storage, fiber optic communication, 3D scanning, and also to survey aerial topography.
During laser engraving, the user directs an extremely focused laser or beam of light in a specified pattern or along with a specific point. The laser then produces energy that creates a perfect marking on the medium.
Potential clients for laser engraving business
One of the best parts of a laser engraving business is that it widely serves different kinds and levels of clients. Whether it is a small mom and dad store that caters to individuals or it is a large firm that provides its services to manufacturers and businesses, laser engraving technology is critical to every business success. Below are a few of your potential future clients.
Customized jewelry is nothing new. Arguably, customizing jewelry adds an extra appeal and flair to it. In ancient times, customized jewelry was manually made by hand. Although these methods are purely amazing, they consumed plenty of time.
Laser engraving provides a faster and better repeatable way to customize a piece of jewelry. When it comes to jewelry, two methods of laser engraving are typically used. First is ablating. Here, a thin layer of the medium is vaporized. Second is annealing, which involves changing the material colors and leaving it unscrapped.
Anyway, what took a jewelry artisan to do in several hours will only take a laser engraver to finish within seconds. Additionally, laser engraving has allowed jewelry makers to be more flexible with their designs. Lasers are perfect and can recreate any design imputed digitally.
The modern trends you see in wedding bands like bands containing fingerprints were made easier with the laser engraving technology. Lasers are perfect that you can engrave storybook rings”- those rings designed with varieties of text lines.
In automotive manufacturing, quality and trust are highly imperative. Each automobile part is subjected to strict quality tests because the quality will determine the safety of its users. This implies that a reliable traceability system must handle over 20,000 parts that are required to build a single car. With that, the manufacturer needs an automated and dynamic-data driven marking system for traceability. That’s where laser engraving comes in handy.
In addition to being fully automated, laser engraving technology is accurate enough to mark even the tiniest automotive parts, such as the ignition coils. It utilizes dynamic data like serial numbers, QR codes, or even barcodes, to mark the components of an automobile.
Any parts that determine a car’s safety, like the components of the seat belts airbags, are perfectly marked using traceability codes to ensure that manufacturer can determine proper accountability in case of any issue.
Laser engraving technology ensures that the car’s interior parts are marked. One of the reasons laser engraving is important for the automobile industry is that it is extremely fast. Since you only need about 5 seconds to engrave a thorough design on automobile components, you can seemingly integrate laser engraving into a current manufacturing procedure without slowing it down.
What you need to start a laser engraving business?
If you’re planning to be in the laser engraving industry, you must map the kinds of materials you want to work on so that you can purchase the right equipment. You don’t want to start a business that you will not scale but lose money. You need to answer certain questions that, when answered correctly, will get you qualified to splurge on this technology. Let’s make it easier for you!
Know Your customers
Business is not only about making quick cash but about what you can offer the society.
You have to solve the niggling pains of your potential customers and at reasonable prices. Their seemingly impossible issues must be solved at a price lower than what they are already paying for, which they never got the result with.
You need to thoroughly understand your customers, and how your laser engraving business could help them. Get creative. Set a goal, no matter how sellable your products are.
It’s important to have insight. Study the minds of your potential customers and try to know their fears, likes, and turn-offs. And, above all, make sure you pre-empt their needs. Try to understand what they might need even before they request for it, and so your best to offer it.
What you sell to your customers is important. In most cases, they don’t even know that they need laser engraving technology. You have to present your solution, so your customers can decide to buy from you.
Since you’re into engraving, you can choose your target customers based on the kind of material you plan to work on, your end product, offer price, time-taken, and the required artwork to complete the project.
You’re limited by how well you understand your customers, and how well you’re able to convince them that your product is what they need. So, get your samples ready. Create amazing designs and show them to your potential clients.
When you buy the right machine, you will be able to engrave your desired type of material, and how you want to. Excellent equipment will create more room to outpace your competitors and perform mass production.
As you increase your confidence and gain more design experience, so will your orders increases.
Understanding the legal conditions
Obviously, legal requirements will vary from places to places, so we recommend doing a little research on the statutory requirement of starting a small business in your area.
Here are some common legal requirements of starting a laser engraving business (however, it’s not limited to these);
- You must register your business. (sole proprietorship or as a company)
- You must obtain a tax compliance certification.
- A valid operating license, and more.
Logical steps to starting your business
If you’re convinced that your business idea is viable enough, let’s see the things you can do to start and get your laser business live.
Create a compelling business plan
For your ultimate business success, you must have a clear plan. Here are some of the things to do when planning.
Create an honest business mission and vision that will support quantifiable and accomplishable goals, whether it comes to customer satisfaction, sales volumes, or locational reach.
Business Capital Costs
Estimating (through thorough analysis) what your stating and operational costs would be.
Market and product
Detailing and profiling your potential clients, their preferences, pain points, and what you offer to solve them. Let say your target customers are schools; what’s their pain? Is it in trophies, school badges, or kit tagging, and more?
Cash flow and financing
An integral aspect of planning is Budget and cash flow. You must appropriately decide your running costs, capital expenses, and inflow. Not forgetting your statutory obligations. With that, you can map out your initial capital and when you’re likely to break even.
Your business name, brand, and your team (whether it’s only you or not). You must confirm whether your brand name is unique to your business and unavailable on the web. We recommend securing the web owner of the name by buying the domain name.
Establish a legal entity
Once you have everything checked out, form your business legal entity. Many countries support a limited liability company. LLCs prevent you from being liable should your business face issues.
You can use the service of a cheap legal consultant to keep your privacy protected while maintaining your business legal compliance.
However, many countries still support starting your small business on the sole proprietorship scale, as you’re growing to establish a ground, win over a few customers, and then create better structures. Other steps to take include:
- Comply with tax rules.
- Make sure your personal finance from your business.
- Access reliable insurance options.
- Create a brand.
- Hit the internet…..harder. Create a business website where you can showcase your service.
- Traditional Marketing can help too..
Starting a laser engraving business could be the breakthrough you’ve been waiting for. You must determine what kind of engraving you want to do. Plus, know your market, their preferences, pain point, and how your laser engraving businesses can solve these problems. If you have any questions about laser engraving machine, please contact EMIT.