Expert: - 7/25/2010

Question
Jane, do you know much about the Engraving business? I would like to justify buying a Roland engraver as a hobby tool by using the engraver to make money on the side. If the business is profitable, that's a bonus! It seems like the manufacturer, Roland, is all too eager to trumpet the moneymaking potential of their equipment, without mentioning all of the costs - like the engraver points. Yes, I am a sad gadget addict ... but .. but ... it can carve in wood, plastic, leather, light metal ... wheeee!!!

Answer
Hi Jim,

Sounds as though this is something you would like to purchase and trying to figure out if you can justify the expense by starting up a business. I was not clear if you already have a business started and this would be an extension of it. So I will answer with the assumption that you don't currently have a business started.

I looked at their site and saw some of the pricing of the machines. It's definitely an investment - so the question is: is it a business investment or are you thinking about making the purchase and trying to justify it by thinking you could make enough money to pay for the machine.

A business is more than the equipment. It is also not just doing the work yourself. It is getting customers - and that is sales and marketing. Marketing is a huge part of starting a business because you need to attract your target customer to what you offer and then the sale is made. Just because you have the machine does not mean you have paying customers. Now I know it sounds fancy, but a marketing plan is in order so you think it through before you spend the money.

I can compare this purchase to the expensive embroidery machines or high end sewing or knitting machines. I have worked with clients who made these purchases without really knowing or understanding HOW they would create a business model.

Personally I think this is a viable business and there are ways that you can market it directly to the consumer or wholesale through stores. You can create your own line of products and sell wholesale and retail online and off. The possibilities are up to you.

I would focus on exactly what you are going to create to sell.

Know also that your marketing plan will need to consist of basics:

Website with a shopping cart
Marketing materials - such as tags, order forms, line sheets, etc.
Facebook "fan" page

You'll also need to price your items correctly so they are profitable

And of course there is the bookkeeping, business license etc. to start-up.

It's all doable, and fun - you just need to decide.

Pick up my free report "10 SIMPLE STEPS TO LAUNCH YOUR BIG IDEA: FROM DESIGN CONCEPT 2 MARKET" on my website http://design2marketsuccess.com  - I think it might help you and walk you through the process better than I can here.

Best of luck to you!

Jane

Jane Button
www.Design2MarketSuccess.com