There is hardly anyone who doesn’t prefer drinking a beverage at least once a day. And what if you get to see a beautiful quote, an image, or your old photo on your mug every morning you pick it up?
Demand for mugs is perennial, and that’s what makes it a lucrative business. If you are also looking to start an online business, mug printing can be the best idea for you.
However, many first-time entrepreneurs find it challenging to get people to buy mugs from them, as mugs are everywhere, from Amazon to local stores.
Hence, if you want to start a mug printing business, you need to develop a strategy that helps your business reach the right customers and grow.
To assist you with your mug printing business plan, we have prepared this detailed guide covering everything from choosing a print method to ways to sell more.
Selling Personalized Mugs: A Profitable Idea That Works
One of the most significant factors contributing to the increase of personalized mugs is the growth of the personalized gift industry. The industry is evolving every day owing to the ever-advancing digital technology.
The personalized gifts market size in the world is expected to reach a value of USD 44580 million, at a CAGR of 6.7% by 2028.
This implies that personalized mug printing can open up a lot of business opportunities for you. Custom printed mugs can be used as:
· Corporate gifts for employees and vendors
· Birthday gifts for friends and family members
· Wedding gifts, etc.
Further, you can enable your customers to design their mugs by adding logos, taglines, images, etc. This won’t only keep your customers engaged but also contribute to increasing your brand awareness.
An example of a company doing great with customizable mugs is 365Canvas. The company provides a wide range of photo gifts, including canvas prints, mugs, pillows, etc. What sets them apart from competitors is a personalization tool. Because of this, they were able to build a successful customer base of 2,00,000 people.
Using the gift design tool, shoppers can add a personal touch to their gifts by adding names, images, messages, etc.
Now, let’s start with how you can launch your mug printing business successfully.
Define Your Goals with a Business Plan
No matter what business you want to start, proper planning is the first and foremost requirement. You must understand and define your goals clearly and consider your spending limits. Properly defined goals and a clear budget estimate are the two cornerstones of a well-thought plan.
The easiest way to get started to pen your business plan is:
1. Make a list of things you are good at. For example, marketing, managing finances of the business, etc. Once you are clear about what you know, it will help you understand how many people you will need to hire for your business. The reason is simple: Without a well-versed team, you can’t build a business.
2. The second step is to decide whether you want a physical store, or an online store.
3. Pro tip: It can be easy to launch your business online because you do not have to manage physical spaces, etc.
4. The next step is to finalize all the legal formalities (something that you will have to figure out on your own).
So, this was just a small checklist of how you can plan to start a mug printing business.
If you are still not clear on whether to start your business online/offline or both, you can review how people love to buy a LOT of mugs when they are personalized.
So, meanwhile, you prepare your business plan, review what’s trending in the Mug printing industry right now!
Read the entire original article here.
