Basics of Starting a Printing Business

There are several aspects that you must understand before launching a print business. A successful, profitable printing business in this current economy requires a lot of hard work and patience.

Prior to investing in printing machines and other equipment, it is advisable to conduct a SWOT and business feasibility study to determine your strength, size and the number of clients you wish going to handle on a day to day basis.

You will also need to have a good grip on the most important things needed to start. Let’s dive in:

Location

If you want to start a printing business in your locality, you may face a few challenges. For instance, you may not have the expensive printing machines to provide one of your first services. This is why you need to be strategically located in an ecosystem – similar to what we have created in Somolu. A lot of us started small and became big from there.

What did we do when starting small? We made strategic alliances. Most of us started mutually beneficial relationships with better-established printing companies who could do the job we hustled for.

You can start with rented business space. Be conscious of the fact that if you do not invest in modern office equipment, the number of clients you can handle would be small. With so many people moving to the fast-paced world, potential clients would easily tell that you are still operating in the early years of your business.

A long-term lease agreement that includes utilities and insurance are some other things to consider before opening up a printing company.

Material Sourcing

Do you have material to print on and have you sourced this in time?

Printing requires a wide variety of materials and those are the pones you must have sourced and sourced early enough. If your business idea is solid and you have secured all your equipment, then the first thing that comes next is to source materials. You must have international contacts as well as local suppliers. Of course, materials are cheaper in China, especially when you buy in bulk, but the cost of shipping to Nigeria might be discouraging.

Your ability to weigh your options creatively and make a sound judgment is key. This is a tough task because printing in China is not like printing in Nigeria, and so to avoid surprises, the first thing is to source basic materials..

Marketing

Marketing is an aspect that cannot be downplayed when getting into the printing industry. One must use every means possible to market their services.

Most of the time, marketing and advertising are not up to the mark. In fact, the printing industry has been under the radar for a long due to a lack of marketing. A person does not get noticed unless he/she is active in digital media, in other words, social media and online advertising.

However, a businessman must also have a storefront or premises. There are several platforms for marketing, such as roadside media, posters, banners, workshops and others. To have a storefront or external sign, you would need a license from the Lagos State Advertising Agency (LASAA), and maybe check with your local government.

Apart from these factors, the internet is an important tool for any business to get their message out there.

Investment

One of the most important things you need to start a print business is cash. You will need money, or at least some form of credit, in order to purchase expensive machinery and supplies such as computers for designing. In addition, some landlords may require your company to provide collateral in case there are any incidents that make collecting rent difficult when it's time.

Printing business is quite capital-intensive, so I advise you to have a definite plan you can keep up with. Whether it is taking a loan from a financial institution or a peer lender, or obtaining a loan from trustworthy friends. The interest on the loan will be charged as a percentage. The charge for additional services rendered, and other operational expenses will be deducted from the loan.

One must also have enough cash for operations and should be able to work with loans. The money will also be used to expand the business and purchase more printing machines. Upfront investments can also be considered in the initial period of setting up the business.

Machines & Equipment

If you want to be in the printing business, make sure you have high-quality equipment. It will pay for itself.

Before you can afford expensive equipment, one thing you can do is you can get the particular machine you need for execution through trade or renting – this is another benefit of establishing your company in a hub of similar companies.

Prior to investing in printing machines and other equipment, you must know your size and the number of clients you are going to handle on a day to day basis.

The equipment also needs enough space for storage purposes so they won't risk getting damaged by things like environmental factors.

Managing People

In the printing industry, the machine operator who does the actual job is one person. However, it is actually not the machine operator who manages the business, but you – the business owner. The real power comes with the entrepreneur because of the myriad of decisions needed to be successful in the printing business. In this, good management skills are vital. Your number one job as the business owner is managing the staff.

You must be ready to invest time in training people as well as delegating tasks and responsibilities.

Conclusion

As printing evolves, so must your understanding of it.

Given the importance of these factors, it is important to have a well-thought-out plan for your business. In order to be successful in starting a print business, you need reliable and dependable staff members who can get work done on time.

As mentioned earlier, location plays an important role because not all businesses are able to succeed without help from their surroundings or other better-established companies. The way we have built a mutually beneficial printing ecosystem in Somolu.