Printing Business is one of the profitable and lucrative business ideas in Nigeria. Even though starting a printing business in Nigeria requires a huge investment in terms of capital, efforts, and knowledge, it is a good means of amassing wealth. This article will serve as a complete guide needed for you to start your printing business.
What is Printing Business all about?
Printing Business involves printing of different materials in a bid to communicate with a particular audience. Examples of such materials include Election campaign paper, ballot paper, wedding cards, brochures, t-shirts, documents, and so on.
How Profitable is Printing Business?
Printing Industry has a lot of opportunities for new investors to take advantage of. Due to the large cost involved in establishing the business, only a few are into the business. Compared to the series of opportunities available in the industry.
It has a lot of daily job opportunities as well as seasonal ones. Daily job in case of companies brandings while seasonal jobs include; politics related jobs, the end of year events(marriages, thanksgiving and so on). Getting a printing job is so profitable that you just need just a job in a week. Imagine charging 40,000 for printing out of a material that costs 25,000. That is 15,000 per piece And you are expected to make 20 pieces. It means for that job, you just made a profit of (15,000 × 20) 300,000 for a job. Isn’t that profitable enough?
Now that we all know how profitable a printing business can be. Below are the requirements or overhead cost of resources needed to get started.
Requirements of a Profitable Printing Business
As said earlier, going into a printing business requires a huge investment on your part. Such investment includes
1. Machines and Equipment
Printing machines are costly and expensive. Depending on the type of printing niche you intend to dabble into, the following are the list of machines you need;
- D.I machine which cost between 10 to 15 million. It is one of the best machines used as it can print even large banners.
- Heidelberg fairly uses the machine is between 5 to 6 million. Unfortunately, the brand isn’t improving its products, so it’s not advisable to buy a new one
- Kord Machine
- Polar machine/200 machine (use for cutting paper)
- Ink eco-solvent
- Flex materials
- Graphic design software
- Accounting software
- Generator Set
This business can either be run online at the comfort of your home or in an office space or shop. If you intend to find an office space or shop for it, then you will have to budget for the renting fee. Depending on your location in Nigeria, you may need to budget between N10,000 to N50,000 per year.
Except you are a graphic artist or have adequate knowledge of operating the system, then you may not need to employ anyone. But if not, you should prepare to pay the salaries of at least two individuals(graphic artist and machine operators)
4. Other additional bills including money for utility bills, generator, printing, and office materials.
Steps to Start A Printing Business in Nigeria
Below are the steps to be carried out by anyone who wishes to run a successful printing business in Nigeria
1. Market Research with Good Business Plan
One of the mistakes many entrepreneurs make is investing in a business they do not understand. Before investing in any business including this printing business, ensure you make adequate researches.
Whether you are going to employ someone or be in charge by yourself, it’s appropriate to familiarize yourself with the business standards. It’s from this analysis, you will be able to conclude which printing niche is the best for you. It is there you will know who and where your target audience is with other useful information.
To increase the success chance of your printing business, make adequate research, have budget plans with other areas of your business plan completed.
2. Get Capital/Funds
Knowing how costly the printing machine and other associated equipment are. You may have to look at what you are capable of to decide whether you intend to start a small scale or large scale business.
You may also decide to request loans from family and friends or even apply for loans from banks.
3. Get Equipment/Materials
After getting the intended capital, the next step to decide on the type of machine you need. With adequate research, you should already know the one to go for.
Before purchasing a type of printing system, you should consider the niche of printing you are in to. For example, Laser is known for quality business card printing, Screen for T-shirts and fabrics, Inkjet for Vinyl signs, and Offset for large document size.
In summary, ensure you get the right equipment and materials needed to get started. If not capable of new ones, you can buy fairly use and good ones to save cost.
4. Getting a Shop/Location
A good location should be able to connect your business with your customers and target audience. Finding a good shop or site for your printing business is important for its success.
Ensure it is also where you can be easily accessible by your customers. Some of your target audience may include politicians, companies, business owners, researchers, individuals, and students.
5. Register Your Business
Printing Business is a highly lucrative business idea. With the right network, you will start securing a huge deal with companies, brands, politicians as well as individuals. For a business of such repute, it’s only reasonable for you to register with the appropriate authorities.
To gain credibility in the eyes of your prospective customers, register your business with the Corporate Affairs Commission(CAC), create an official bank account, and join any related legal association.
6. Provide Quality and Value Added Services
After putting all the above into place, you should start your business by providing value-added services to clients. Ensure you have the required level of expertise to provide results.
If there is also a need for you to employ staffs who know about operating the machines, do so. It will help a lot in promoting your brands as quality service is inevitable.
7. Promote Your Printing Business
It’s not a must for you to launch the business before you start promoting it. You can even start promoting before it is launch fully. As a new start-up, your printing business will require a lot of promotions, networking to get known by your target audience.
You can promote your business by adopting both online or offline advertisements form. Some of the platform you can use to promote your service includes
- Social media advert
- TV/Radio advert
- E-mail advertising
- Paid ads(Google ads and Facebook ads)
- Creation of Website
- Other forms of marketing you can do includes sharing of flyers or posters, referral or word of mouth marketing
With all these, it’s admitted that the printing business is a high yielding investment and lucrative business idea. Despite the avenue to amass wealth, it needs the right knowledge, skills, and effort for it to blossom. We do hope you find our guide on how to start a printing business useful?