HOW MUCH MONEY CAN I MAKE
How much should you try to make per hour for engraving?
Let's be realistic here. The laser is one of those machines that you can compete against Chinese goods, because the profit margin can be that good, but you have to realize that if you ran just forty hours a week times sixty minutes in an hour, that's 2,400 minutes a week. If you were making R5 a minute, that'd be R12000 a week. For an R39,995 machine? I mean, if somebody told me that I could make that kind of money, I'd want to be buying ten machines. The truth is that what you want to do is keep that machine steady. If you kept that machine steady, even at R2.50 a minute, you'd be making a good living off that R39,995 investment. The trick is not how much you make an hour on that machine, as much as it is getting the sales and marketing volume for running that machine. Better still train up an operator or family member so you can concentrating on networking and marketing.
Talk about some effective ways to market your laser engraving business?
‘This is the easy part, weddings, celebrations and gifts. Engrave wine glasses and bottles, pictures on jeans and clothing, stylize gifts and accessories, engrave photos directly onto wood steel or glass to give that permanent durable look and feel. The possibilities are endless.
What are some of the most common mistakes people who start a laser engraving business make, and how do you think they can avoid them?
The biggest mistake one can make is not to network with your friends , business associates and social circles. Constantly set out to impress them with your suggestions. If you keep quiet no one will flock to your door. There are no recurring costs in the engraving busisness once you have bought your engraver-but by the same token unless the machine is operating – your revenue will not be maximized.
I would say that if somebody wanted to get into a new business, was looking for something very different, something that not everybody has, something that's almost futuristic and that has many possibilities. We can't even tell all the different things you'll be able to make in the future. Then it could be a great business for somebody. It's just like every other business. I don't care if you have a service station, a shoe shop, or a laser engraving business, without exposure and somebody marketing and getting sales, that's where the money comes from. This can be a great, fun business and you can make a lot of money and be able to go to work in your garage if you want to.