How You Can Use Gross Profit Margin to Scale Your 3D Printing Business
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- čas přidán 10. 09. 2024
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Let's talk about gross profit margins!! This is essential to running a successful business. If you don't know what profit margins represent or how you can use this to grow and scale your business then this is the video for you. I will show you the numbers for my Mystery Mini Animal packs which I launched a few weeks ago so you guys can get a better picture of the numbers and how I can use this to grow sales.
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So looks like I did my calculations wrong in the video. The cost to print the 10 pack should be $2.20 not $1.50. This changes the gross profit margin to 34% and 44% respectively. Sorry for the confusion!
glad I could help you out on that, just a bummer I lost my 1st post flex haha 🙂
@@97JoMiller thanks for pointing that out I was gonna re record but I said f it doesn't really change much
@@Dancyn3Dprints ya, I figured when it was removed right after my post you were figuring out what to do. I wouldn’t have re-recorded it, I would have probably just put some text on the screen… but what you did works as well… we all make mistakes, no harm no foul :-)
Thanks for being so transparent. It’s awesome. I love seeing how the sausage is made
This.. made me laugh
I run from around 30 to 50% GM, and that includes labour, electricity, material, and machine wear. 3D printing is absolutely profitable. I agree with the comment of “I don’t know what you’re smoking”. If someone is doing this and not making money, they’re scaling wrong. And I see this at markets all the time. People who don’t calculate the costs properly, and attempt to undercut to grow, and then inevitably run out of money.
never undercut, innovate. If people are already making it, then don't try. It's why buying other peoples models and selling isn't a very good idea - it's just a race to the bottom.
That said if profitability is less than 33-50% I wouldn't even get into the market.
Facts
Thanks for sharing, I run a very small 3D print business out of my home with 3 printers, just me. I also love to use elegoo filament great prints and great value. I always try to get the best deal possible but sometimes I will spend more on better quality hardware that I use for my prints. There is definitely a lot involved in running a small 3D print business, keep pushing on your channel is motivating.👍🙂
@@RedCornOutdoors it is a very interesting business indeed
I run more off of "Gross profit per hour", I worked out what I want to make per week then divided it by the hours in a week (168hrs). So I want $1200 profit a week, divided by 168 is $7.14 an hour. Then I can divide that number by how many printers I have. Running a farm of 10 printers, I'd only need to be making $0.72/hr to make my $1200 a week profit.
Makes sense
Really appreciate this type of content.
Appreciate it 🔥
Very cool stuff, love the depth you're going in to explain this to people. Really inspiring too!
I like Your videos, but I see 33 figurines on that build plate. So a 10 pack would be 1.36 plus egg 1.09 is 2.45. If you calculate with such errors, you´ll be broke next month ;-). Still labor cost, electricity, office space rent, furniture and the printers (they´ll brake one day for good) the new dumpster and all the other cost are the larger bite. It is not payable with that margin in my opinion. For now its ok with brand new printers, but I fear you do not calculate future rising cost on wearing out printers. I always calculate an extra 1$ for each running hour of a print on a X1C, just to pay for the wear of the printer, the spare parts needed and a back up for new printers in the future, as you will need one after 2 years max. Its like just calculating the gas for a car by mile, but the bigger chunck is the wear and tear, insurance, work shop, spare parts, oil, tires, AC gas and so on. For my car the average mile is a total cost of 0.95$ but only 0.13$ on gas, a 1 to 7 ratio.
I loved the “idk what you’re smoking” on the video u just deleted❤😂
@@300D_Printing brooo I was like shit do I re record everything.. just too lazy and made a pinned comment LOL thanks for pointing that out
@@Dancyn3Dprints I thought I pointed out the math flaw or am I smoking something? haha Yup, I had first post and the heart email from you hahaha... I had to double check, I was like man, did I dream it or did my sins of my youth and smoking just come back and bite me?
@@97JoMiller haha
@@Dancyn3Dprints haha no prob
This is a good video. Very informative regarding pricing the 3D printed item correctly. A lot of people are racing to failure by not price the prints appropriately thinking they are being competitive. But they will soon be out of business. Also, you did make it clear that you did not include the other expenses such as rent, electricity, etc. in the video. Again great video looking forward to more content from you! Thanks.
Thanks
Thnak you for sharing!
Useful info as usual)
Glad it was helpful!
Thanks fot the very informative video, a gross profit margin of over 30% is incredible. Its great business overall. Thinking about it in tetms of material cost instead of hours makes it easier to charge less. Though there are different approaches. I have some unique products and sculpts that I did myself. Based kn my niche the question is do I take an approach like yours or like say side show collectibles for the prints of the sculpts. I'm going to also start looking into buying licensing for other products as well as selling licensing for my designs and sculpts. Thanks again for all the great info, no flash just straight to the point I really appreciate that.
The more printers you have .. the more obsolete "time" becomes
@@Dancyn3Dprints that's a good point.
You should make a landing page where we can input our emails and download that spreadsheet for free
I should. I hate spamming people tho.
Hello, just came across your channel. I feel like you're severely underestimating your overhead cost. I know you mentioned you didn't include it in the video but it's import to remember that it will always be a part of your CoGS. Things like rent, utilities, labor, machine time, etc. It's just a gentle reminder to people to be aware of it when calculating. Additionally, what's your scaling on those eggs? They're definitely running quite a bit longer than what you'd usually see (mine run about 1hr 40min @ 0.24 layer height). You can definitely shave off a lot of time and material cost there by optimizing while still retaining a good looking rigid product. You got a nice set up and i look forward to future content. Subbed!
Thanks for all these. Helps us small shops get an idea what we gotta do.
Appreciate you watching
how do you get elegoo pla for 11 or 12 bucks on amazon its around 15 and the dual color filament i use is 20 to 25 bucks a roll
Is the software to manage 127 printers important for you? or does the ability to wifi print manage that process well enough? I use software to manage 10 printers, but I got 2 K1's thinking I could integrate into what I use but found out my software does not support klipper very well....so currently trying to figure out a solution. I use repetier server in my set up, I don't sell anything I just don't like waiting a week to print mando armor or multipart helmets....I would love to do a full farm but I have a really good job and the transition from one to the other would be very rough.
Wifi is fine for me
As always, thank you for sharing and explaining what you are doing so that we can learn from your experiences. Here's a question, don't answer if its not appropriate to share this on a public space. What kinds of insurance did you decide on getting for your business, what company did you go with? I can't get my local insurance person to understand what kind of business this is and how I can run it out of my home...
I have an umbrella insurance policy
Can you tell little about what brands of filament are you using and why? Had any issues with some brands of filaments?
I have links in the description of which brands I use
So if I were to say I had an item selling for 70%-90% gross profit at 1 to 2 a week you would rather drop the price lower to sell more even if the gross profit went down? I’m just curious on how you think about this stuff. Obviously you have something successful over there with your print farm.
Everyone's situation is different. If you have 1 printer and can only produce 1-2 units per week then you're kind of bottlenecks already if you're overproducing then lower price to see if you get more sales
you slice and print in 0.24 draft mode with no issues/quality complaints? I'm still new and keep most things in standard mode so far, might have to give draft a try.
Usually .2
So what percentage would your electricity and labor be for each print run?... You would have to include at thise two items as a cost factor.
I didn't include this as everyone's situation is different. For instance someone selling this at home doesn't have "labor" costs. And let's be real the electricity cost is minimal. Probably $1 per day on the high end.
I’m a new sub so you might have covered this, but what does your ad situation look like? Or Are the sales all organic. (Last time I selling on Etsy, they forced you to sell with ads) but what about your website? I feel that skews the gross sales / demand discussion a bit. Your gross sales with no ads is phenomenal
Etsy is trash when it comes to ad spend. I used to and tried different strategies but it never worked. I stopped all ads on etsy. I do spend on amazon and tiktok usually try to achieve 3-4 roas
Did you not mention in the comments a few days ago, that your able to get filament for about $7 a spool? If so that icreases your prrofit margin a lot, as your costs would come down to about $1.80 or less for the egg and animals?
I never said $7. If I did it was a mistake
@@Dancyn3Dprints ok. BTW, have you considered recycling the poop. And making your own filament.
I would appreciate a video about how you handle claims and feedback. I bet my life that not 100% of your customers leave positive 5 stars feedback. What are they complaining for? Is layer lines an issue in this type of products? How you handle a healthy review percentage.
Are you referring specifically to this item,?
@Dancyn3Dprints I mean, in general. That is something I have seen it is a widespread comment. People always complain about how fdm printers don't leave a smooth finish on prints, specially for toys applications. I was wondering if you have had that experience.
What about price of the 3d printer. It will eventually die.
Eh.. maybe in 3-5 years
Every video of yours is about gaining some knowledge, and thanks for that. I just have a small question. Are those eggs multicolor or is it a multi color filament? its hard to find a plain egg online like yours. Wanna print one of those.
Multicolor filament
What happens when China collapses and you can’t get parts for your printers???
You'll be the one saying I told you so
Make a video on your advertising
Just did
I still think your wrong with 2.20? 10x .45 is 4.50 egg at 1.09 equals 5.59???
No 40x minis on a plate is around $4.50... so a 10 pack is 4.50/4 which is roughly $1.12 + the egg
math is hard haha
@@Dancyn3Dprints My apologies, I thought you said they were approx 45c each.
@@Dancyn3Dprints no its 33x minis on that plate