Print On Demand – Creating The Passive Income
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What makes Print On Demand such a great business idea?
Have you heard the phrase Print On Demand and wondered what it meant? Or the term dropshipping and wondered about that too? If so, then this is a brief explanation of both and how they work together as a business idea.
Firstly, a description of Print On Demand – or Print To Order or Supply On Demand, as they all refer to the same thing. The basic principle of print on demand is simple, it is where a product is only printed, after it has been sold. The customer places an order for their chosen item, which is the demand part, and that order is then passed to a print supplier to create. The supplier prints the design and then ships the finished item directly to the buyer, this is the dropshipping part.
Dropshipping is where a seller is advertising an item without actually holding stock of the item that they are selling. Instead, when they receive an order for it, they pass it to a specialist bulk supplier or manufacturer, who then ships the individual item directly to the customer on their behalf, but without any labelling or branding from the supplier themselves. This is a process commonly used by many e-commerce businesses and can cover many different types of products.
When you combine print on demand and dropshipping, you have a business model that allows you to have your own range of personalised products, custom made to order, and shipped direct to your customer.
How do you make money using Print On Demand?
The basic principle of selling a product for more than you paid for it, is still the same when using the Print On Demand principle too. You know what it will cost to have your item printed by your supplier and so you take that into account when you are deciding your selling prices. Just like you do when any other stock that is purchased from a wholesale supplier is being priced to be sold on.
Why Print On Demand rather than buying stock in bulk?
There are many benefits to using print on demand, so let’s consider a couple of the financial advantages. Firstly, that there is no monetary risk to having products created only once they are already sold. As you do not have to purchase any stock up front, there is no risk that items bought, may not sell. Also, with POD, as your items are only processed once you have already made the sale, it is an inbuilt guarantee that there will be no unsold inventory or overstock. Also, with your items being created to order and on demand, you will never be out of stock. You will never miss any sales because you do not have stock available, whilst you wait for a bulk order to arrive.
Then there is the time factor. The fact that you do not have to spend any of your time managing merchandise orders. You do not have to process orders, no time spent handling the inventory or any stock management required, and none of your time will be spent on packing & dispatching the products. That is all being dealt with by your print supplier.
You can of course purchase your products in bulk quantities and manage each of these aspects yourself. However, if you are considering selling merchandise as an additional revenue source for your business, you may want to consider how much time you will have available and therefore, whether using the print on demand principle, might be a better option from a time management perspective.
What sort of products can you sell with Print On Demand?
There are many print on demand suppliers and therefore, there are a wide range of products available, and some will specialise in different areas. For example, some printers print only books, notebooks, planners and journals. Possibly the most common print on demand products though, are t shirts, hoodies and sweatshirts. There are countless different styles of these items available too. The list then also includes things like mugs, bags, phone cases, facemasks, hats, water bottles, cushions, sportswear, fitness clothing and numerous other ideas. Then when you add in the different types of print, and product decoration methods that can be available, it gives you even more merchandising choices. For example, here at MCS we offer embroidery for products as well as printing on demand. So, with that as an additional method of decoration, it increases the options, for the products available. Print technology is always advancing too, so the range and type of goods that can be used, is also constantly expanding.
Does it work for any type of business?
The short answer is yes. It is perfect for any type of business that wants to sell a product. There are countless examples of businesses that solely use the Print On Demand method to sell their designs and ideas. They have chosen a range of merchandise that their design, slogan or logo will be printed on to. Those items are then made available for sale online, through personal websites, on Amazon, Ebay, Etsy and other selling platforms, with the items being promoted and advertised, just like any other retailer. This would be an ideal business opportunity that you could work from home, as all the products, print processes and shipping of that item are being completed by a third-party print supplier. These businesses do not handle any aspect of the product part of the customer order at all
Then there is the business that sells goods in addition to another service that is offered by that company, with those products being processed using print on demand. This can be an additional revenue source for a business owner and a completely passive income stream for them. A good example of this would be a gym owner or personal trainer. They can sell their own brand of fitness gear, without taking any time away from the coaching and training requirements of their customers. In this example, it is also a fantastic boost to the brand image of that business. Customers could be wearing their branded products as they work out, which in turn is also a great advertisement for that business too.
So, whether you are a designer or retailer, product based, or service based, a charity or a rock band, you can sell your own designs and products using print on demand. A risk free, stress free revenue option for any type of business, using an extensive range of products.
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