How to Start a Laser Engraving Business
There is a large market for laser etchings on crystal or glass. Families create beautiful custom heirlooms, corporations offer key chains and paper weights as giveaways, and sports teams love the elegance of sparkle trophies and plaques. With such a diverse market, you can start a laser etching business that will thrive. But keep in mind that just because you have the product and there is a big need, you're not guaranteed success. If you don't have a solid plan with the proper resources backing you, you may be on of those small businesses that fail within the first two years of opening their doors.
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Instructions
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Create a plan
Many business owners think that they don't need a business plan unless they are seeking money from investors. Don't make this mistake. Write down you company strategy, marketing plans, and financial goals. It doesn't need to be a perfect "proposal plan" if it is only for your eyes, but it will help keep you focused on the tasks that you need to do.
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Establish your corporate structure
You can establish your company as a corporation, a limited-liability company, or as a sole proprietorship. Speak with a tax advisor about the best structure for your personal needs, since each method has its own pros and cons.
Register your company name through the County Clerk or Secratary of State. When filing, do a business name search to make sure you are not infringing on someone else's name. Do any necessary public disclosures (some states require that you file a newspaper notice for two to four weeks). Register your corporate structure if you are not a sole proprietor. You can do this with an attorney, tax advisor or through one of the many online resources such as Amerilawer.com.
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Establish bank accounts and fund the company
You will need your company paperwork (articles of incorporation, Doing Business As, or LLC filings) in order to legally establish bank accounts.
If you are seeking a loan or investment capital, this is the time to show the business plan to investors. Remember to always understand every detail of loan repayment or investor ownership. You don't want someone coming in and taking over your company because you didn't understand the fine print. Seek the help of an attorney if you have any questions or concerns about contracts.
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Create your store
You may be doing this from a mall kiosk, a web-based business, or a small storefront. Regardless of what your "store" is, make sure you have a logo that defines your company, business cards, an easy to navigate website and a way for people to find you.
Buy your equipment and materials and all the office supplies you will need to get running.
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Market yourself
Take a small ad out in the community paper. Do online advertising on websites with demographics of your target market. Sign up for local business networking forums such as the Chamber of Commerce and attend events with lots of business cards so people will know you are up and running.
Always carry business cards and be ready with an "elevator pitch," a ten-second summary of what you do and how people can find you.
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Tips & Warnings
Do your research about the cost of equipment
Laser-etching equipment can be very expensive depending on the quality and type of etching it does. Some companies will help you finance the purchase of the equipment, which may be well over $100,000.
According to the Small Business Administration, most new businesses fail within the first two years of operation because they don't have enough capital to properly establish themselves or give themselves the time to get established. Plan and be prepared for at least six to 12 months of overhead when getting started.
