Why My 3D Printing Business Failed, and How to Prevent it for Yours #3dprinting

Summary

In this video, the creator reflects on their experience running a 3D printing business, sharing both the challenges and successes encountered. Key insights include the importance of creating unique, niche products that combine multiple skills and hobbies, like the Falcon 9 rocket nightlight and a double pendulum kit. The video also emphasizes the financial realities of running a 3D printing shop, including the significant fees on platforms like Etsy, and the ethical considerations around intellectual property. Ultimately, the creator encourages aspiring entrepreneurs to pursue 3D printing with passion and creativity, ensuring the experience remains enjoyable regardless of profit.

Takeaways

• 😀 3D printing has become mainstream, and the market is saturated with competition, making it hard to make significant profits from selling standard 3D printed products.
• 😀 To succeed, focus on niche, proprietary designs that offer unique value or utility, such as combining skills like woodworking or electronics with 3D printing.
• 😀 Avoid overselling low-cost items, as high fees from platforms like Etsy (listing, transaction, and shipping) eat into profits, especially for products under $10.
• 😀 Offering customizations and managing customer service effectively (e.g., responding to custom color requests) can improve reviews and increase customer satisfaction.
• 😀 Managing orders can become overwhelming, especially if personal events like vacations interfere. It's crucial to be prepared and manage expectations effectively.
• 😀 Originality is key: avoid selling designs that others made under Creative Commons licenses without permission. Ethical concerns can hurt your reputation.
• 😀 Consider the total addressable market—there's a limit to how much consumers will pay for products, and focusing on higher-value, more intricate designs can justify higher prices.
• 😀 Combining multiple hobbies and skills in your products—like designing 3D-printed items that also require electronics or manual craftsmanship—adds more value and uniqueness.
• 😀 Simplify your workflow by limiting the number of colors you offer in your products. Overwhelming customers with too many choices can backfire.
• 😀 Having a stock of popular products ready to ship reduces production time and simplifies logistics, making it easier to manage orders efficiently.
• 😀 The most important part of running a 3D print shop is enjoying the process. If you're not having fun creating the products, the financial rewards might not be worth the effort.

Q & A

Why should I not buy a 3D printer with the intention of opening a shop to make money?

The market for 3D printed products is oversaturated, with many hobbyists looking to offset the cost of their printers by selling items. Competition is fierce, and it's unlikely you'll make significant profits just by opening a shop. You should only open a 3D print shop if you're passionate about the product and its potential market.

What is the 'total addressable market,' and how does it relate to selling 3D printed products?

The total addressable market refers to the maximum revenue opportunity for a product within its target audience. For 3D printed products, this means understanding that there's a limit to how much consumers are willing to pay, especially for simple items like knickknacks or novelty figures.

Why are 3D printed products sometimes seen as 'garbage,' and how does that impact sales?

3D printed products often have a stigma because many items like small figures or articulated toys lack true utility and are relatively easy to make. This perception can make it hard to convince customers to pay more, especially when they could make the same item themselves.

How can I increase the selling price of my 3D printed products?

You can increase the price by adding value to your products. This might mean combining 3D printing with other skills you have, such as electronics or woodworking, to create something unique or functional. Products that offer utility or niche appeal, like the Falcon 9 rocket nightlight, can command higher prices.

What are the challenges of selling low-priced 3D printed items on platforms like Etsy?

Etsy and similar platforms charge numerous fees, including listing, processing, transaction, and shipping fees. These can quickly add up, reducing the profit margin on low-priced items. It becomes challenging to make significant profits unless you're selling higher-priced, more complex products.

Why is it morally questionable to sell Creative Commons-licensed 3D printed products?

Creative Commons licenses, especially the 'attribution' type, allow people to use, modify, and sell designs without crediting the original creator. While not illegal, it's considered unethical to profit from designs made by others without offering them a share of the profits or crediting them.

What is the advantage of offering a limited range of colors in my 3D printed products?

Offering a limited selection of colors simplifies inventory management and reduces production complexity. Too many choices can overwhelm customers, and fewer options make it easier to maintain stock and fulfill orders quickly, especially if you offer custom colors for an added fee.

What are some of the best-selling products in a 3D printing shop, according to the speaker?

The speaker's best-selling products included the double pendulum kit (a niche item for math and chaos theory enthusiasts), a Chick-fil-A sauce tower (quirky and functional), a Falcon 9 rocket nightlight (a giftable, complex product), and a stock ticker (integrating electronics and Python programming).

How can I ensure that I'm creating a product that sells well in a 3D printing business?

Focus on creating products that are either unique, niche, or have real utility. Combining your other hobbies and skills, such as electronics or coding, with 3D printing can result in products that are more complex, higher value, and more likely to sell well.

What is the key takeaway from the speaker's experience running a 3D print shop?

The most important lesson is to enjoy the process. Even if you don't make a lot of money, you should be passionate about what you're creating. This way, the experience will be fulfilling regardless of the financial outcome.