How To Set Up A Digital Sign Making Business
Firstly as with any new business idea you will need to create your business plan
. As the saying goes, fail to plan, then plan to fail. Scribble down your ideas to start with, then using resource from organisations such as business link in the UK you can download a Business Plan Template.You will need to make some financial calculations but we will cover that later on in the article.
In specific regards to sign making you will need a vinyl cutter, a computer with signmaking software alongside a good supplier to sign makers and a printer. The printer type is known as wide format, and solvent, eco-solvent printer.
If you buy your hardware over a 5 year period you will find minimal cash required to get you going. An important consideration is a well ventilated room. Maybe you have a spare room, or access to a friends spare room to start off with. With interest rates being low you are sure to find a great deal with discount and a low rate of interest.
You'll need a computer with sign making software to design the graphics and send the information to the cutter. There is freeware and shareware which you can try first until you find the package that you like best. The vinyl cutter usually comes with its own software. You can use it to design images or import files designed software or on specially developed websites.
There are suppliers who can provide the whole starter kit. If you take this route then you will be sent tutorials and may be offered telephone support. It depends on how much sign making knowledge you already have. The overall price may be higher than buying components seperately.
You will aldo need rolls of vinyl, premask, and squeegee to prepare the vinyl for application. We carry every supply necessary for complete sign making.
You will require substrates for the finished signs. This can be any solid, non-porous surface. A glass door, an automobile, or primed and painted wood even scaffolding.
Precut manufactured substrates known as blanks are available for everything from retail signs to license plates. Corrugated plastic in bright colours is often used.
There is much resource on the internet about how to do various aspects of the sign making. With the advent of video jug and you tube, there are videos on the web which will show you how its done by the experts.
Lets look at the other aspects commencing with financially. We need to work backwards here. Calculate how much profit per month you need to live off. Do your research and establish the profit to be made from an average sign. Now calculate how many jobs per month you will have to do to break even and be able to pay your household bills.
When I started my own business, I cashed in my shares, emptied my savings accounts and had enough cash reserve to live off for three months. I therefore had a three month plan to win new customers, do the jobs, and ultimatley the fourth month was make or break. Fortunatley for me it was make. Partly due to planning, I was able to thoroughly enjoy the sales process rather than worrying and feeling under immense pressure.
Least forgetting the tax man. You will need to contact the tax office and register your business. There is an amount of flexibility about time given to register but I would strongly recommend registering as soon as you set up. The reason being that they can take eight to ten weeks to send through your tax number and you may need this for the family tax credits that you may be relying on.
You need to do your bookkeeping from day one. I was lucky to have a friend tell me about a special free offer. There are several book keeping packaging that make it simple to produce invoices, take payments, record expenses and materials costs. It will quickly produce balance sheets and profit and loss statements. Do not worry about doing your self assessment because the tax office will send you your pack well in advance explaining how to do self assessment and when they need it by.
If you find this daunting you may ask an accountant to do it and the costs for sole trader is normally quite low. They will also send by default a pack on how to run your own business. Obviously you need to keep receipts for everything from petrol, materials, to car expenses.
During the starting out period look out for deals on the internet. For example you may choose to use compatible inks rather than branded inks.
If you are starting to think about your own business then my advise would be do your research, use the internet, find out about pricing and remember it is not easy. However it can be the smartest move you ever make. You need to be self motivating, have a hunger and determination which will get you out of the bed and into the office each morning, and finally good skill and a bit of luck.
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