Even though the economy is currently recovering slowly, there’s still a high unemployment rate that should be a major cause for concern. Much like previous economic downturns, there are people who have decided to use this as an opportunity to build businesses. After all, when new problems arise, so do new opportunities. Before you think about starting a printing business, there is one question that we need to answer first.
It’s understandable why most people would be averse to the idea of trying their luck on starting a new business, but the truth is that economic downturns are actually one of the best times to do it. The reason for this is that even when the availability of goods and services dissipates, the demand remains and at times, even increases substantially. In the case of the 2020 pandemic, goods and services were severely hindered by health restrictions that were meant to discourage mass gatherings.
This meant that people lost access to malls, clinics, and schools. Many business owners recognized that there was still a demand to be met, and many of them took the initiative to find a way to bring the goods and services to their customers.
Even during an economic crisis, there’s still a strong demand for services, and business owners need to identify a problem and provide a solution (as is the case with food and grocery deliveries and online businesses.) In fact, many industry giants such as Ford, Netflix, AirBnB, Microsoft, GE, and MTV were all started during an economic crisis.
If it’s such a good idea to start a business, why should you consider a printing business over other business types?
One of the reasons that a printing business would do well is that there’s a spike in the number of new businesses being established. An increasing number of people are taking the opportunity to provide solutions for modern problems. As a printing business, you don’t have to compete against all these businesses, but rather you become a means to help them grow.
With the rise of e-commerce and on-demand printing solutions like Gelato, entrepreneurs can tap into new markets like printing on phone cases, and creating custom designs for customers without the need for expensive equipment or inventory.
Rather than force your way into an already competitive and saturated market, you might want to consider filling a need that these new businesses have, which is marketing.
Whether it’s in the form of promotional material, branding, or even just packaging, these new businesses are going to need a printing service.
Take note that even when these businesses can print these materials themselves, they’re going to be far better off by working with printing service providers because they tend to have access to much better printing equipment, whether it’s in the form of top-grade printers, high quality ink, cutting tools, or even the software. These are things that print businesses invest in, which would also help new businesses minimize their expenses.
While the demand for printing services isn’t as high as that of the pre-pandemic period, there are other ways that printing services can help meet customer demands. Businesses that have 3-D printers can capitalize on the demand for personal protective equipment such as masks, face shields, gloves, and acrylic barriers.
Other 3-D printing companies are even having difficulty keeping up with the demand for medical equipment such as ventilator connectors and spare parts for non-medical machinery. Some businesses from other industries even need to have their parts or products 3-D printed, and this easily adds to the demand for such a service.
It’s easy to see that the printing industry works closely with other industries, whether it’s restaurants, movie theatres, and clothing brands. It’s also important to consider that much like all the economic downturns before it, the COVID-19 pandemic is a temporary crisis.
Things will get better, economies will recover, and many businesses may even reopen. Clients usually remember the services that stood by them during times of difficulty, and they often build lasting relationships with these services. As long as other businesses need to market their brand or produce 3-D printed goods, your printing business is going to survive and thrive.
Even when the printing industry took a significant hit during the pandemic, there are several opportunities to capitalize on. A printing business is extremely adaptable because it can cater to the needs of businesses from many industries. If you still haven’t decided on a business path to take, this is one business idea that you might want to consider.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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