The 3D printing market value is growing fast, on an average of 25% per year over the past five years. This quick rise in market value has resulted in a boom in the 3D printing business.
Here are some general ideas to consider while setting up your 3D printing business.
What kind of 3D printing business are you interested in?
3D printing is used in a large variety of ways. There are so many niches for a profitable 3D printing venture. These include printing prototypes and manufacturing parts, local 3D printing services, and 3D printing models and toys.
3D printing of models and prototypes
Almost 65% of the 3D printing demand is from engineers and developers for industrial or consumer goods. Also, the architecture, engineering industry requires prototypes and models of devices and certain manufacturing parts. 3D printed parts and not only cheaper to produce but also cut down the production time tremendously. So, a dedicated 3D printing business to help other businesses with their requirements could be profitable.
3D printing services
A more general way to go about it is to have your own local 3D printing service. As mentioned in the previous example, many businesses require 3D printing for their production process. However, most small businesses cannot afford 3D printers. A local 3D printing service is a boon for such businesses and is more efficient than traditional manufacturing methods. Individual customers could also require a 3D printing service, such as a student for a school project or an artist for an art project.
Toys and models
The market for toys and collectibles is a niche market but a highly profitable one. Collectors pay highly for rare models and toys. Also, clothing or weapons of famous cartoon characters or comic characters are in demand during cosplay events. Also, children love dressing up as their favourite superheroes. Lastly, a rare model or toy that’s out of production can be made through 3D printing.
Types of 3D printing businesses you can set up
It is essential to know how much you can handle before starting any business. Budget, space, number of employees, and how much time you are willing to invest in your business are all vital parameters to consider before starting your business. Because not all 3D printing businesses are the same, depending on the type of business you are into will have its own requirements. For example, if you are into manufacturing components, you may need a larger 3D printer.
Cost of setting up?
The cost of setting up your own 3D printing business would depend on the type of business and the nature of the industry you’re getting into.
On average, the set up costs can range anywhere from $1,000 to $10,000. This cost mainly depends on the type of printer you buy and other aspects such as utilities and rent if you decide not to operate from home.
As with any business, the exact figures need to be worked out after due research. If you wish to do the math, start with getting an idea of the 3D printer types and prices. You could visit the website of any leading 3D printer companies like Konica Minolta to get started.