Print on demand — or POD — is quickly becoming the new go-to option for indie businesses of all shapes and sizes. Its popularity has never been higher because successful businesses using this method saves time, money, and effort while growing their profits.
Not many business concepts enable you to launch with little to no initial financial investment while also providing opportunities for success and unlimited earnings.
Print-on-demand services let you sell physical products without having to stockpile inventory. These companies handle order processing, delivery, and customer service, so you don’t have to deal with any of that. That means you can run this business as a side hustle or expand it into something that brings in tens of thousands of dollars per month.
This article will dive deeper into the print-on-demand business model. We’ll discuss the benefits and drawbacks, the kinds of goods you can sell, and how much capital money is required to launch a print-on-demand business.
Why Launch a Print-on-Demand Business?
Let’s first discuss the advantages and disadvantages of this kind of online business. Of course, you must assess your circumstances to see if this line of work fits you.
The Advantages of a Print-on-Demand Business
A print-on-demand company can be a suitable fit for you for several reasons. The most significant benefits are as follows:
- Low start-up expenses
With very little capital, you can launch a print-on-demand business. You can start selling on an established marketplace for free or for less than $100, or you can put up your own website. You won’t find many legitimate business opportunities that require such a small cost.
- No inventory
To sell physical goods, you usually have to purchase inventory. This means that a new business owner can spend a large sum on start-up costs. When you try to expand the business by adding new products, paying for inventory can deplete your cash flow. The print-on-demand business concept solves these problems.
To scale a print-on-demand business, simply add new designs and expand your product offerings as your sales grow. You don’t need to stockpile more goods or build more factories.
- Work from any location
POD is a fantastic choice if you want to be location-independent because you may operate it from any place on the planet. You may manage your business while on the road or abroad.
- Part-time or Full-time
You have control over how much time you want to invest in your business. You can operate a print-on-demand enterprise either part-time or full-time. If you want to supplement your income or replace your regular 9 to 5 job, this is a great option.
- Schedule Flexibility
Now that you’re the boss, you may spend time at your convenience to grow your company. Whatever your current schedule, you can work your business around it. Having the option to work whenever is convenient is a huge bonus if you need to balance work with other obligations or just want to relax.
- Possibility of passive income
A profitable print-on-demand company provides passive income. You’ll be able to earn money from the items you create today, weeks, or even years from now, thanks to your partner provider. Of course, you’ll have to do some initial work to get your shop running, but once it’s up and running, you can sit back and relax.
The Disadvantages of a Print-on-Demand Business
Of course, launching a print-on-demand business has certain drawbacks as well. It would be best if you kept these several considerations in mind:
- High levels of competition
There are a lot of rivalries in the print-on-demand sector because it’s growing so quickly. To succeed, you’ll need to figure out how to differentiate yourself from the competition.
- Decreased profit margins
Print-on-demand enterprises often have smaller profit margins than other business models that involve purchasing inventory in large quantities. Since you won’t have to pay the fees associated with maintaining an inventory, you’ll need to increase your sales to achieve the level of profit you desire.
- Slower fulfillment
Product fulfillment for print-on-demand items can take a few days since they are made to order. Because of this, clients might receive the product slower than they are used to with some other forms of e-commerce.
- Finding reputable suppliers might take a lot of work
With the growing popularity of print-on-demand services, more and more companies are joining the industry. While this is great news for businesses, finding a reputable provider can make it difficult. Many choices are available, so it’s important to do your research before making a decision.
The Different Print-on-Demand Products You Can Market
Now that you know the advantages and disadvantages of launching a POD business, let’s look at some of the products you can sell. Some of the more well-liked choices are listed below:
- Canvas Prints
- Peel and Stick Prints
- Metal Prints
- Fine Art Paper Prints
- Tote Bags
- Water Bottles
- Phone Cases
More about POD products to offer here!
But how much does it cost to launch a Print on Demand store?
There are two approaches you can use when creating a Print on Demand store.
To start, you can use a third-party marketplace to create a Print on Demand store.
The most significant advantage is the fact that zero initial capital is needed. If you want to start making money immediately, you don’t even need to put any money down to open a store. This is the cost-free route.
And you may do this on several online sites. If you’re just getting started with building your store, these are the two platforms we recommend.
Although eBay does not offer built-in Print On Demand functionality in its platform, you may still incorporate services like Lumaprints into your eBay store.
Like eBay, Etsy lacks any built-in Print On Demand capabilities; however, you may incorporate Print On Demand services like Lumaprints into your Etsy business.
This strategy is a fantastic way to start things if you don’t have available cash for investments. And as revenues begin to flow in, you can reinvest the proceeds to the point where you can construct your own store for your business.
The second approach is launching a Print on Demand store on your own website.
You will have to pay for this, but there are various benefits over the free method. Some of the advantages are as follows:
- The consumer experience is under your control.
- Your marketing strategy for your products is up to you.
- There are no restrictions or requirements that you must follow.
- You won’t face competition from other merchants.
We advise using Shopify if you want to create your store. You can create a fully functional, professional-looking online store quickly with no coding knowledge required.
Shopify provides you with three different plans. Basic plans cost $29 per month, standard plans cost $79 per month, and advanced plans cost $299 per month. The basic subscription for $29 a month will give you all you need to get started as a beginner and will be more than enough to get you started.
But this isn’t all that’s needed to launch a website; you’ll also need a domain name. For $14, you can get this straight from Shopify.
If you’re just starting with an online store in your domain, you can avoid a lot of headaches by buying a domain name through Shopify. This means that the total cost to launch a Print on Demand store using your domain name is $43.
Additional expenses you can put your money in
Spending extra money to upgrade your online store is necessary if you want to take your business to the next level.
Here is another item that we suggest adding to your store if it is a viable choice for you.
- A logo from Fiverr or Upwork
Using your logo to attract customers’ attention is crucial as you establish your business as a legitimate brand.
Fortunately, you don’t have to be a skilled graphic designer to make one. To have a logo created for as little as $5, you can engage a designer via the crowdsourcing platform Fiverr and Upwork.
What are the costs associated with producing designs for Print on Demand?
Now that you know how much building an online store will cost. What about your designs, though?
Because Print on Demand doesn’t require you to compete with other retailers as dropshipping does, you can design your unique product. However, the burden of producing these goods now rests on your shoulders. Furthermore, not every design you sell will bring in money.
That leaves you with a choice between two alternatives, to either put in the time and effort to design something yourself or pay a professional graphic artist to do it.
- Make your own designs
No financial input is required while coming up with one’s own designs, which is the primary advantage. By using your imagination, you can make a product that will sell well and bring in a profit. The term “creativity” is used here, but that doesn’t mean you have to create a whole new layout. Why? For the simple reason that effective sellers have paved the way for you.
They have discovered which designs are effective and which are not. Your task is to take advantage of this and improve an already successful design.
You’ll need an editing tool for designs to do this. We strongly suggest using Canva, a free but potent program. With many fun and functional features, this program allows you to design and customize your graphics.
Canva has a vast deal of free source graphics and fonts, one of its best features. And the significance of this point is emphasized by the fact that most effective Print on Demand designs rely on text rather than graphics. Because of this, most designs are simple to recreate using only a free program like Canva.
While it’s okay to be inspired by someone else’s design, you shouldn’t just copy them. You want to improve upon an established design by adding your unique twist to it. In essence, you are enhancing a successful design that has previously demonstrated its ability to sell.
- Work with a Professional artist
We are aware that not everyone has a creative inclination, though. Additionally, only some people are eager to try to make their designs.
Because of this, it’s probably wiser to hire someone to create your designs if you want to accelerate the design-creation process.
We suggest using the website Fiverr to locate highly rated yet affordable designers. You may commission custom T-shirt designs from many highly-rated designers right here. Typically, you should budget $15 to $25 for each design created by a Fiverr artist.
What budget do you need for marketing?
It’s great that you’ve put up a store. But until you draw in customers, it won’t bring in any cash. How do you draw in the right customers? There are three techniques that work particularly well.
- The first strategy is to use Google’s free search engine traffic by modifying your store and making it Google-friendly. It will be hard for your target audience to find their way to your store if it’s not searchable in the first place. Open the doors to your customers by making your site Google-friendly. Produce quality content that your audience can understand while ensuring that it meets Google’s standards.
- The second strategy is Setting up a Facebook fan page. This fan page is intended to develop a sizable fan base in the market niche that your store is based. Once your page has a sufficient number of followers, you can begin posting your products there and linking your Print on Demand store in the process.
- The third strategy is making use of bought traffic. In reality, you must be prepared to spend money on sponsored advertising if you want to succeed quickly with Print on Demand. Paid social media advertising is the quickest way to bring in high-quality traffic and potential customers to your store. In contrast to organic free traffic, paid adverts allow you to scale your traffic and income more quickly.
Learn more about website optimization here.
As you can see, market research plays a significant role in business. The Print On Demand business is no different from many other businesses in that it can only predict which goods will succeed after testing them out to determine which goods would succeed.
It’s hard to predict how many ideas you’ll need to try before you find a successful product. Therefore, until you have your winning product, we advise that you set a daily budget that you’re prepared to spend. A day’s worth can be $5 or even $20. Your desire to invest in your achievement will determine everything.
Starting a print-on-demand business requires consideration of three things: your online shop, your print design, and your marketing efforts. If you put in the effort, you can get started for absolutely nothing.
It’s important to understand how to prepare financially before starting a Print on Demand business, so you don’t face any pitfalls or obstacles years from now.
Want to know more about marketing strategies? Read here.