Adam Thomas - January 2022

How to Make Money with Laser Engraving

How to Make Money with Laser Engraving

A laser engraving business is a lucrative business, it’s easy to set up, has loads of potential and is very profitable. All you need is a laser engraver, product ideas, a medium to sell and you’re good to go. If you are into crafts, and are looking for a low competition business, consider starting a laser engraving business. You don’t need to invest a ton of money to get started with laser engraving, and it can be a fun hobby that makes extra cash many times over. A laser engraver caters to the needs of people who are looking for custom products as small as pieces of jewelry, to metal discs and intricately designed materials. As a side hustle or business, entrepreneurs can use their lasers to either create their own objects or to engrave existing objects for either professional or personal use.  

Is the Laser Engraving Business Profitable?

Laser engraving businesses can be very lucrative, provided you’re willing to work and go through the due process. Just like any business, the laser engraving industry requires dedication and new ideas to flourish. You need to conduct market research, find out what’s in demand and work to create a brand that connects with your target market. Luckily, there are plenty of reasons why laser engraved products are great to make and sell, the first being the low overheads associated with laser works. Laser engraving machines are the biggest investment, and with changes in the market recently, you can get high-powered laser machines for a fraction of the cost they once were. You’ll need to spend a little on equipment, building a website and getting your name out there, but this doesn’t have to be expensive at all. Many people think of trophies and gifts when they think of laser marking or engraving, and while they can be money makers, you’re better off thinking bigger if profit margins are a priority. Getting bulk orders from buyers can give you stability and more profit in longer run. Establishing your brand name is where you create a business that can secure your future. 

There are two ways of making money with laser engraving 
○ By offering services
○ By selling products

MAKING MONEY BY OFFERING SERVICES

We will go into detail about setting up a laser engraving businesses but first let me tell you what you can engrave with a laser engraver. A laser engraving machine is capable of engraving anything on any object that you wish to engrave however there are few typical products that laser engraving businesses sell online. These include:
 
○ Company logos
○ Signage
○ Christmas Gifts and Decorations
○ Spice jars
○ QR codes and barcodes for industrial clients
○ Photo engraving
○ Personalized products
○ Business cards
○ Wine glasses
○ Key chains
○ Customized jewelry
○ Theme toy boxes
○ Coasters
○ Artwork
○ Medical devices
○ Celebration and special occasion gifts
○ Custom metal/tumbler cups
○ and MUCH MORE 

Here are a few tips and ideas on how to make money with a laser engraver.

1. Getting Started
Grab a laser engraver from our list of engraving machines. Any of these machines gives you more control over most of the things that you will be trying to create. Also, consider adding a Rotary Roller and Honeycomb Table as these two add-ons will give you more room to create a variety of things. 

2. Practice
Clients will be looking for quality custom products. Therefore, you should develop a skill that enables you to deliver the same to your clients. Luckily modern laser engravers are very user friendly, and you can get hold of it after a few tries and some trial and error. You can improve the skill by starting with small DIY projects. With time, you can start creating intricate designs to sharpen your skills.

3. Offer Services to Family and Friend
There are several ways that you can start to offer your services. You can advertise on social media and niche forums like Reddit, Ebay and Etsy that you are offering laser cutting and customization service and start working on customer orders. Alternatively, you can also get cutting boards and start customizing them and selling them as finished products. You can also make pieces of jewelry, phone casings and holiday decorations. You should try to make innovative ideas to ensure that you provide value to your customers.

4. Upgrade Your Product Line As You Go
This involves adding new features to available products in the aim of increasing their value and selling them at higher prices. In the laser cutter industry, you can enhance a variety of products. For example, you can take existing phone casings and add logos, names or design to the casing. You can also add children’s names or characters to the toys, puzzles, etc. . They have about a 50% Profit Margins after shipping. You should explore as many business opportunities as possible to enhance your skills and make yourself more marketable. So if an owner starts off making cool, fun and fashionable pieces, they can also consider branching out into engraving company logos on their machinery or providing signage for other small businesses in the area.

5. Incredible Customer Service
Add a wow effect to your products. Make the experience so nice that the customers would think of you as the priority when they need similar products. This calls for innovation, expanding your imagination and enhancing your creativity. Create abstract designs and incorporate nature, flowers and anything else that may inspire you into the designs.

6. Create a Shipping System
Sign up with any courier that delivers on time and with high success rate. You don't want your customers to receive their orders after the date that you have promised. Your shipment should  be on time and fully intact. 

HOW MUCH SHOULD I CHARGE FOR LASER ENGRAVING

Pricing is one of the most important facets of any product lifecycle. Starting a laser engraving home business without thinking about pricing beforehand is a recipe for failure. Here is the problem – if you price your products wrongly, you will either get no sales or run at a loss. You want to nip the pricing of your laser products in the bud in order to make your new venture profitable.
Determining your input costs
Knowing your costs is important because this is the only way of knowing if you are really getting a profit. Trying including the raw material cost, packaging cost, courier charges (if you want to offer free shipping), production time, and advertisement. 
Know your customer
The most important thing you want to know about your customer is how much they are willing to pay for your laser engraved products. The easiest way to do this without spending a dime is going to Etsy and Amazon to see which other products in your niche are selling and for how much.
Know your competition
If there is a similar product that is retailing at $40, it may not be a good idea to start selling at $90. But there is a process of knowing what to do. The goal of knowing what your competitors are charging is so that you can use that price as your base price. Once you have the base price, you can decide to either charge less or more.
Charging less than competition is usually the easiest way to beat the competition. The trick is to use the cheaper price to steal customers from your competition. Obviously, the main challenge with this pricing strategy is you will get smaller profit margins. You should therefore only take this approach if you have thoroughly assessed the cost of the business and are sure the lower selling price will not ruin your laser engraving business.
Charging more than your competition is also a viable pricing strategy. However, there are two important factors that will determine if you should take this route. First of all, determine if your audience is convenience sensitive, budget-sensitive, or status sensitive. Using this pricing strategy with a budget-sensitive customer base will result in utter failure. But if you are targeting a status sensitive or a convenience sensitive customer base, a higher price will not be a problem.

HOW TO SUCCEED 

If you are planning to launch your own laser engraving business, a proper marketing plan is a must, how can you use a laser engraver to launch your business perfectly? I have a few tips that can help you make a profit right away. 

1. Start with One Niche:
You naturally want your home-based business to be as effective and rewarding as possible, however you can not be all things to all individuals. Instead, it is best to choose one particular niche or product to create. and to be the best that you can be at it!

2. Concentrate On One Channel at a Time
Your company might succeed from various marketing channels, however it is inadequate to divide your time and financial resources into pieces. Instead, focus your attention on one channel. Knowing your perfect customers will assist you identify the best location to build a strong base in. If you focus on social media, attempt to develop a strong following on one platform at a time.

3. Market Your Company Everyday
Do one thing every day to market yourself. Drop of samples to companies in your neighborhood. Engage in a giveaway of some kind in your community. Send a personalized email to someone new and give them some kind of  discount.
 
4. Experiment Frequently
Your laser engraver can etch lots of products. Not just that, but it’s likewise efficient in cutting things like wood, acrylic, paper, leather, and other materials. The only limit is your imagination! Get comfy with these materials and try out various speed and power settings till you get the perfect result you’re trying to find. Try to find some inspiration on Pinterest or Etsy, these sites are full of laser users and hobbyists just like you, and are great ways to find inspiration when you’re blocked on materials or other ideas.

5. Don't be Afraid to Purchase Artwork.
If style isn’t your strength, do not be afraid to use done-for-you artwork! There are numerous files online available for purchase, and some are even complimentary. Try to purchase files online now and then and try it out. 

6. Utilize the Benefits of Little company.
Connect with other some small businesses, provide some free personalized mementos, sponsor some occasions, etc., which will help you to promote your products. These laser customized products will always attract attention, and when a particular variety of client base is accumulated, the advantages are big!

7. Construct Engagement and Loyalty.
Through the advancement and promotion of your distinct selling proposal, you may develop a faithful following of highly engaged consumers. The benefit of having a faithful following is substantial, and you can motivate engagement and loyalty in various ways. For instance, you can distribute giveaways, offer a discount when your clients refer you to others, and more. Make the advantage significant and attractive for them to benefit from.

8. Repeat and Grow.
Avoid being enticed into competing in locations that your business is not yet prepared to target. Scale your focus to size for a thoughtful marketing campaign. Your project can be repeated in a refined way when you are ready to broaden your reach. In this way, you can gain from past successes and lower the threat of expensive failures.

Personalized Cutting Boards

Baby Milestone Cards

Personalized Wood Coasters

Laser Engraved Key Chains

Nametags 

Christmas Decorations 

Personalized Wood Spoons

Personalized Mason Jars

Dog/ Cat Nametags 

Laser Engraved Diploma

Laser Engraved Maps

Personalized Tumblers 

Laser Engraved Magnets 

Personalized Diaries 

Charcuterie Boards

AIf  you're ready to embark into the world of laser engraving, we'd love to share many more resources that we've used to build a stable laser engraving business. We'll be here to help you every step of the way as well! We mentor and guide our customers for a full 90 days, during which time we'll be providing you with the kind of assistance that is unheard of in this industry. We'll be there to help you with everything from machine assembly, software setup and even a big bundle of over 
     175 professional designs so that you'll have everything you need to get started right out of the gate!

     Beyond that we'll be sending you a series of lessons for engraving every kind of material you can imagine, and you'll even 
     be able to reach out anytime if there are any questions that you may have about any type of project you'd like to create!

     To get started, take a look at our homepage modernelectronica.com because we've now bundled our favorite laser 
     engravers with their most popular accessories! This will allow you to get the very best savings on the laser that fits just
     what you're looking for!  As always we offer Free Shipping with every order and your purchase will be covered by 
     our BuySafe guarantee!

     We look forward to helping you craft the designs you daydream about!!