Awards & Engraving

Start Here October '18

Issue link: https://nbm.uberflip.com/i/1037870

Contents of this Issue

Navigation

Page 62 of 104

56 S T A R T H E R E 2 0 1 8 P erhaps you own a small print shop and are looking to expand your ser- vices, or you are new to the market and are considering buying an existing wide-format business or starting one from the ground floor up. Whatever your situa- tion, there are a number of points to con- sider and a lot of homework that needs to be done before putting up your "Open for Business" sign. Buying an existing shop requires less work in start-up costs and finding a loca- tion. Starting a wide-format business from scratch will take more time, but it could allow you more flexibility in choosing a location, equipment and the work you want to produce. What Goes into a Business Plan? The first thing you need to do is create a business plan. This plan should have an ROI (return on investment) model. Create a spreadsheet and a letter explaining the new business plan. Include actual numbers with a timeline that shows how, in time, the business will start to make money. The business plan should review the basics such as payroll, rent, overhead (electric, heat, etc.), marketing, capitol (equipment), future expansion, expected material costs, vehicles, and anything else needed to make the business successful. Dave Conrad, former director of sales and marketing, Mutoh America, Phoenix, Arizona says the business plan should look at basics like market strategy, competi- tive analysis, a SWOT analysis (strengths, weaknesses, opportunities, and threats), short- and long-term goals and what you will do to attain them. "This is your blueprint for the business," Conrad says. "It is important to understand Wide-Format Digital Printing By Bill Schiffner Bill Schiffner is a free- lance writer/editor based in Holbrook, New York. He has covered the imaging industry for 29 years and has reported on many evolving digital imaging technolo- gies including wide-format printing and newer electronic digital signage. He was the editor for a number of imaging publi- cations and websites. He can be reached at bschiffner@optonline.net. CET Color's Q5-500 4' x 8' UV-curing flatbed printer pro- vides the latest Ricoh printhead technology with 1,280 nozzles per head. (Image courtesy of CET Color) Suppliers offer advice and tips for opening or expanding a wide-format business

Articles in this issue

Links on this page

view archives of Awards & Engraving - Start Here October '18