Low Cost Startups in Personalization Business
If you are looking for a low-cost start-up opportunity, look into the personalized gifts business. This has become a lucrative way to make money at home. For around $800, you can start on a high level of inventory to get your personalized gift company started.
If you don’t have that large of a budget, and want to start small, you can get started with at least one company for a low $229 investment.
What You Will Need to Get Started
As a bare minimum, what you’ll need to get started in this business is a good fairly large space to work, the software to do the job, a good, reliable computer, where you will work on the art work and design, and a good heavy duty industry standards printer to handle the work load. A great deal of what you do will be printing out designs and designing new ideas to fit the clients needs.
Typical customers on an average week might be people getting married who want all types of items personalized, a ball team, a business who wants customized business stationary, or any other organization, club, or civic group that wants materials to promote their cause or other purposes.
If you can turn out an order fairly quickly and still produce top-quality, customers will keep coming back. This business is focused on individualized attention to detail, so if you are a good listener, you should do well.
As with any business, there is always a “down side.” One of the main problems with this type of business is overhead. Not only do you have to stay well-stocked on printer ink, materials, and supplies, but you also have to be prepared to account for loss.
Inevitably, there will be wasted supplies, paper, and projects which will not be paid for, picked up, or used. Perhaps you will make a mistake on the printing and you’ll have to eat the order. Someone may change their mind and cancel the order after you have already printed out some things. If you do not have some firm policies in place regarding payment and other issues, you may be losing more than you intended.
Count Your Losses When Figuring Price
As with any business, it is important to take into account the amount of loss you may encounter on a monthly basis, so you can adjust your prices accordingly. I know someone who runs a multimedia production business. She charges $5 per disc for every copy of a disc someone orders, even though the media only costs here $1.50 each.
Part of that, she says, is for the time it takes to burn the copies, but part is also for loss of media. Inevitably, some discs do not burn correctly, get scratched, or damaged, or there is mistake made and she has to toss them. This constitutes a loss of $1.50 per disc. By charging $5 per disc, this takes up for the losses she might encounter in the daily running of her business, so that her business doesn’t suffer over the long term.
A personalization media business is similar. Count your possible losses first, then make up the cost in that way.
At the heart of this type of business is the ability to create original artistic designs. Think “T-shirt shop.” Remember when you were a kid in the mall and they did personalized T-shirts with your name or the name of your current boyfriend or girlfriend on it? Remember airbrushing? This gave someone a chance to express themselves with their own personal message. Vanity license plates are done this way too.
This is a popular business that you can start at a relatively low start-up cost and it can pay back in big dividends.