The digital print industry offers a fantastic opportunity as a launching point into a new business, or even as a profitable addition to your current offering. There are numerous directions you can go in, many markets to target and a relatively straightforward learning curve that won’t act as a barrier to entry.
The huge success of online marketplaces shows just how popular the customisation and personalisation market is. There are many possibilities for creative entrepreneurs to expand what they offer to existing customers and get them finding new ones. But while every business has its own measure of success, getting a return on investment is essential if it is to be sustainable.
Read on to discover how Roland customers have managed to get a return quickly from their digital print business.
The Essentials
Starting a business in the digital print industry can be an exciting opportunity for entrepreneurs and has the potential to become a lucrative investment venture. The right approach can make it possible to surpass your initial expectations. So, what are your essential tools to achieving a good ROI?
Create a Business Plan
There are planners and there are doers, but when it comes to maximising your chances of success, there really is no substitute to having a solid, well thought out plan. Outline your business goals, strategies, and financial projections to help you to identify your target market, competition, and potential revenue streams.
Develop a Strong Brand and Marketing Strategy
A strong brand and marketing strategy can help you stand out in a crowded market and attract customers. Invest in developing a memorable brand identity and marketing materials that showcase your products and services.
Build a Strong Online Presence
By now, we all know of the importance of having a strong online presence. It’s crucial for enabling small businesses to provide their customers with a well-designed, user-friendly website and engaging social media pages. Useful, targeted online advertising campaigns are essential if you want to reach as wide an audience as possible, increase awareness of your brand, and generate more leads.
Focus on Your Core Competencies
It sounds obvious, but it’s important to know where your strengths lie. If you know what your core competencies – the areas of your business that you really excel in and that set you apart from your competition – are, you can provide better products or services, increase customer satisfaction, and generate more revenue.
Manage Your Cash Flow
Track your expenses, send (and pay) invoices on time, and negotiate the best possible payment terms with suppliers. Knowing exactly how much money is being spent and what’s coming back in is essential for the survival and growth of a business. By managing your cash flow effectively, you can avoid cash shortages, pay your bills on time, and even invest in areas where you can see growth opportunities.
Make the Most of Management Tools
There are lots of accounting software packages, inventory management systems, and customer relationship management tools available that can save you time and money so that you can focus on growing your business. They’ll help you to streamline your operations, reduce costs, and improve productivity.
Price Your Products Competitively
Research your market to determine what your competitors are charging and ensure that your prices are in line with industry standards. Don’t overcharge and price yourself out of the market, but equally make sure you aren’t losing out.
Streamline Your Production Process
Efficient production processes can help you reduce overhead costs and increase productivity. See what software and tools exist that can streamline your processes, such as Roland DG’s VersaWorks 6 RIP software, reducing the need for manual labour and increasing output.
Offer Excellent Customer Service
Offering excellent customer service is key to generating repeat business and referrals. If you have staff, consider investing in training to provide exceptional service and ensure that your customers are satisfied with their purchases.
Measure Your ROI
Of course, to know what your ROI is, you need to measure it. This involves tracking your expenses and revenue and comparing them to your business goals and projections. By measuring your ROI, you can identify areas where you are underperforming and make changes to improve your profitability.
Why Choose Digital Print and Customisation?
Digital print and customisation offer fantastic business opportunities for creative entrepreneurs, or it can be a profitable addition to your existing business. The right equipment can provide the means to a diverse and profitable business that’s easy to pick up and master in time.
You aren’t hamstrung by the same barriers to entry as in times gone by. With in-house digital printing machines, you don’t need to print thousands of identical items in the hope of making a profit. Instead, you can print very short runs of personalised items without the steep overheads of outsourcing the work, making stockpiling a thing of the past.
Stand Out from Your Competitors
Now that your business is on the right track and you’re looking to maximise ROI with a digital print setup, here are some important issues to consider.
Think Hard About Your Equipment
Really consider your planned output and make sure that the equipment you set up with is up to the task of meeting demand. Your digital printer, vinyl cutter (whether integrated or standalone), and software should streamline the design and production process, rather than hinder it. While it may be tempting to cut corners and opt for cheaper equipment, the chances of breakdown, poor post-sales support, and low-quality output is a lot more likely. Therefore, it’s worth investing in quality tools that help you produce products that will match (or exceed) your customers’ expectations, meet demand and support your brand.
Offer a Range of Products and Services
Have your specialties, but to maximise profitability, it’s a good idea to offer a range of products and services to support your core offering. Stickers, banners and signs are all products that probably aren’t far removed from what you normally produce, so introducing them should be relatively straightforward, allowing you to appeal to a wider range of customers and generate more revenue.
Conclusion
Getting a quick return on investment is something every business strives for. It’s essential to ensure the long-term success and to turn it into a profitable opportunity.
Planning correctly, offering a range of products and services that your customers really want and developing a strong brand and marketing strategy are all as important as competitive pricing, a streamlined production processes, and excellent customer service.
If you want to find out more about digital print solutions and how they can help businesses grow, get in touch with us and we’ll be happy to discuss your needs.