What to learn before opening my own shop?

[LEGEND]

Hello there!

I've been in the sign industry for a little over 2 years (print industry for about 8). Initially hired as a designer but have expanded to do a little bit of everything, from sales rep to installs.
Besides diving a bit more into installs (haven't yet wrapped a full vehicle by myself), what else should I learn before going on my own?
I'm 29, I would say I'm great at customer service and modern marketing and I'm looking to sail on my own within the next 12-18 months... I'm all up for diving into these forums too, been a lurker for a while since I don't know many people on here but let me know what you guys think...

Cheers!

 

[OldPaint]

GIVING THE mass of people now printing, the only selling point today is WHO CAN DO IT THE CHEAPEST, the public, now............want to SET THE PRICE THEY PAY, because of all the people getting into this business and selling for way less..............just to keep the printer running.........TODAY..........FOR THE $$$$ it takes to get going..........and the $$$$$$ of profit gained on this investment of $$$$$...........


i would look for another line of work))))))

 

[LEGEND]

GIVING THE mass of people now printing, the only selling point today is WHO CAN DO IT THE CHEAPEST, the public, now............want to SET THE PRICE THEY PAY, because of all the people getting into this business and selling for way less..............just to keep the printer running.........TODAY..........FOR THE $$$$ it takes to get going..........and the $$$$$$ of profit gained on this investment of $$$$$...........


i would look for another line of work))))))

I see, but like any other business, I suppose if I find a niche, it could work. For example, I could focus on vehicle wraps or vehicle graphics in general since I run an Instagram page with 150K followers who love classic cars... Just looking for any ideas and tips from learning certain techniques to the way a shop should look and run...

 

[CMI]

I don't often post, but I'm right in the middle of working with a small business that's adding wide format to their services, and even with an existing customer base, it hasn't been an easy decision to make. I don't want to discourage anyone from wanting their own business, but I fully agree with the previous response. You need to invest so much time and money into a business that is super competitive on price (at least in our area, and I'm assuming elsewhere) Unless you've got a specialty niche that no one else is doing, are in a location with no, or few, other sign shops, or are willing to work for free for the next 5 years, keep learning the business, build your skills, and make your self invaluable to an employer. Down the road, you may get the opportunity to take over or buy an existing business.

 

[reQ]

The biggest mistake i made when i went on my own, that i thought it will be very easy to get business lol.
You also need to understand that you will need cold hard cash when you start. I did not have enough, simply because i thought that i will be make money right away.
Thinking how you will pay bills is not as fun as it might look like.

To many things to list. Unless you already have some contracts that will keep you afloat or a lot of cash in the bank, i would think twice before doing it again the way i did it.

 

[GAC05]

http://www.helpguide.org/articles/stress/stress-management.htm

 

[James Burke]

It all starts with customers. Contract out all your printing/cutting, and then keep an eye on your books. Once you start paying more than what you could have done it for yourself, then buy the printer/cutter.

Don't get me wrong, optimism is a good trait to have, but it can also be problematic if not tempered with a strong dose of realism. You'll see people at their very best...and their very worst. Just make sure you're well prepared.

Once you

 

[Fred Weiss]

Based on what you've stated, my feeling is that you should focus on the business management side of things and let your craft skills develop as you go. Read a couple of good books on running your business, take a couple of evening courses and write a business plan to the best of your ability.

Having a reasonably well developed skill set to design and produce work that will please clients is, of course, a key ingredient. That being said, the most important thing you can do is to not go overboard with your purchasing and financial commitments. Instead always make your decisions on having financial staying power. If you do then you'll have time to get organized and find clients who are willing to pay a fair price for work that is better than they expect.

This doesn't mean go cheap and build your production capability with inferior equipment and materials. Just take it a step at a time and build your business from profits instead of up front investment or acceptance of debt. I've been self employed since 1968 and have had my share of successes and failures. Looking back, the best businesses I've had required very little to start and grew from reinvestment of profits ... what I would call organically grown. The failures all involved larger investments and commitments with all the pressure that comes with such things.

My sign business was started for less than $800, most of which came from the deposits on two jobs I knew I could produce. At one point in the mid 1980's, it generated $30K a month and has produced an annual profit every year from year one. This forum was started for less than $500 in 2003 and was allowed to grow organically. It has evolved into the highest traffic sign industry website on the internet and has been profitable since we began offering paid subscriptions and banner advertising. Because, in each case, I took on very little in overhead, I was never faced with owning a business that was losing money. As such, I had the staying power to wait for each to grow to a point of providing an adequate return on my time and investment.

Conversely, I once started a business that required hiring five people, renting an office, equipping it and furnishing it before I could make my first sale. The product was good and customers bought but the profitability never materialized and I closed it down after six months.

• Organize your business and set attainable goals.
• Always produce work that is better than your client expects. Let your work and your reputation grow organically. Good clients will find you.
• Keep your promises.
• Know what you need to charge and only work with clients that place getting what they want ahead of what they will have to pay.

Good luck.

 

[LEGEND]

Very much appreciate every single answer, great advice.

 

[binki]

You need to learn how to price, sell, motivate, organize, solve problems, buy, know what inventory to carry, what to outsource. You should have a good location, effective and targeted marketing, the ability to cold call and close. You need the ability to establish yourself with your vendors, get terms and have them help you. You need to be able to collect from your customers. You need to know when to enter markets and when to exit them, when to liquidate inventory and when to charge a premium for it.

If you are in California then you better know how to deal with all the regulations for City, County and State as well as special districts. They all have their own rules and taxes.

I know it is kind of generic but it is a really big question. You can't do it all by yourself. At some point you will need to hire someone.

 

[Techman]

about the sign bizz?
my best advise is to learn this song,
We got to get out of this place==

 

[player]

I just bought a piece of equipment from a guy who started up but it did not work.

Be careful.

 

[OldPaint]

I see, but like any other business, I suppose if I find a niche, it could work. For example, I could focus on vehicle wraps or vehicle graphics in general since I run an Instagram page with 150K followers who love classic cars... Just looking for any ideas and tips from learning certain techniques to the way a shop should look and run...

i guess you know as much about "classic cars" as you do about the sign business.........i been in a few car clubs in my 70 years....and i have put a lot of PAINT on "classic cars"........with a spray gun and a brush...........its well known that people with classic cars DONT PUT WRAPS ON THEM........ cause if they intend on putting the vehicle in.."juried" SHOWS... if the car is pre-late 60's(66 or older) IT CANT HAVE VINYL ON IT........ and if it does....the judges DEDUCT POINTS for it.....................because its "not period correct." this is a tire cover i painted for a show car...couldnt be VINYL for a 55 chevy

 

[HDvinyl]

Hey 70 year old genius, maybe people wrap classics SO THEY CAN KEEP IT ORIGINAL underneath and not have some OLD HACK try his OLD PAINT methods......................................))))))))))))).....)))))))

 

[Gino]

At 29, you are showing signs (no pun) of having a good head on your shoulders. You've been around and connected for almost 10 years, so perhaps, much of what you need to know, has rubbed off on you. You're planning almost 18 months out. That's a good goal

As mentioned, a good business plan is important, but don't make one that is doomed for failure. Keep it realistic. Also, as mentioned, there are so many toys available, once you have a target audience and you test the waters by subbing out, then look into equipment. After a year or so, you can probably look for a retail space based on your customer base at the moment. If you're gonna just sell on-line crap from your bedroom, just stay where you are, otherwise, the world is completely open for you. What most are complaining about is the economy is not very good right now. Many shops are closing down, due to bad business practices and poorly picked customers. Ours is down maybe 150 to 200k this year. It's affected some things, but usually we can withstand this. It happens every 10 years or so. Kinda like cleaning house of old customers and cultivated some new ones. If you have a good business plan, honest business ethics, you'll do fine whenever you jump in.

​

 

[boxerbay]

Broker everything out until you build up a steady client base to support your projected overhead.

 

[Billct2]

If I was to start over at this point I would focus on high end dimensional signs, including installation. Seems to be the one area (along with the big boys doing electric work) that can't be done by hacks or rolled in a tube and shipped.

 

[OldPaint]

Hey 70 year old genius, maybe people wrap classics SO THEY CAN KEEP IT ORIGINAL underneath and not have some OLD HACK try his OLD PAINT methods......................................))))))))))))).....)))))))

really???? you that dumb????
CLASSIC CAR WRAPPED IN PLASTIC....to protect it????hahahahahahaha i have been a "piston head"(car enthusiast since 1950's) and in all these years and belonging to car clubs...........I HAVE NEVER SEEN ANYONE cover a classic car to keep it original))))))
NEWS FLASH........the reason people have CLASSIC CARS is to SHOW HOW ORIGINAL/BEAUTIFUL they were when new..........or else what your saying ....is how your grandmother protected her couch from urchins like you and ill bet she even had them clear seat covers in her car)))))))hahahahahahahahahaa

 

[Marlene]

i guess you know as much about "classic cars" as you do about the sign business.........i been in a few car clubs in my 70 years....and i have put a lot of PAINT on "classic cars"........with a spray gun and a brush...........its well known that people with classic cars DONT PUT WRAPS ON THEM........ cause if they intend on putting the vehicle in.."juried" SHOWS... if the car is pre-late 60's(66 or older) IT CANT HAVE VINYL ON IT........ and if it does....the judges DEDUCT POINTS for it.....................because its "not period correct." this is a tire cover i painted for a show car...couldnt be VINYL for a 55 chevy

I can see the black box around the juke box that you dropped onto the circle. why did you "paint" a black box around it? hummmm

 

[OldPaint]

really? rather then have to explain the things wrong with the "painted" photo ...........reflecting light shows up as paint streak........it was not finished when i took this pic...........and the color of the white lettering is actually cream............the music notes are white....