Are you thinking of starting a manufacturing business? You’ve come to the right place.
Starting a manufacturing business in 2019 is a bold undertaking. With so much of the world going digital, it takes a special kind of dedication and know-how to succeed in manufacturing. But it’s not impossible.
In this post, we’re going to discuss 10 tips for starting up a manufacturing business in 2019. Follow these and you’ll be on your way to a successful life making the product(s) that you love.
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Starting a Manufacturing Business From the Ground Up
If you’re starting from scratch, there’s a lot you’ll have to know about starting and running a manufacturing business; more than we can tell you in one post. But, if you’re diligent and savvy, you can use these 10 tips to put yourself in the best position to succeed.
1. Have a Passion
Presumably, you’re going to be passionate about what you’re making. Of course, it’s important to care about your manufacturing business, but a lot of entrepreneurs don’t approach this decision with foresight.
When you’re deciding what to manufacture, you should think long-term. Are you going to be passionate about it twenty years from now? Or is it something that you love now, but could get old in a few years?
If it’s something that you’ve always been passionate about, then you’re probably safe to move forward with turning it into a business.
2. Research
Now that you’ve decided what you’re going to be making, you can start to think about the logistics of everything. How are you going to manufacture your product on a large scale? Is it going to be a worthwhile venture? Who else are you going to involve in your business?
You don’t have to be able to answer all of these questions right away, but being mindful of the amount of planning and work that will need to go into it is important. Putting in work before the real work begins will put you in a great position when you start to build your enterprise.
3. Location, Location, Location
Part of your initial research will be looking into where you’ll run your manufacturing business out of. If you’re planning on doing it in the city that you’re from, make sure that there aren’t other businesses manufacturing the same products as you are. If there are, consider looking in other locations.
Location is one of the most important factors that can be instrumental or detrimental to your success. There are many ways to figure out what makes a particular location good or bad. Go online and look at some statistics to theorize how things might go when you launch.
4. Industrial Design
Once you’ve locked in your geographical location, you should figure out if you want to hire an industrial design firm or do everything in-house. An industrial design firm can help you with the brainstorming, product design, and prototypes when you’re starting out.
Many small and young manufacturing businesses flounder from the get-go because they don’t come out of the gate with a professional and thought out product. If you’re confident in your own abilities to make it all work, however, you can save yourself a lot of money.
5. Have a Great Team
It kind of goes without saying, but you should surround yourself with people that you trust and have unbridled confidence in, especially in the beginning. So many young entrepreneurs try to do everything themselves and burn out before they can take off.
Those early years of a manufacturing business have to be delicately managed so that you can afford to keep the lights on. Keep a close team of executives, each with a special skill that you don’t have, and watch your company grow by leaps and bounds. Any great company owner knows that they can’t do it alone.
6. Brick & Mortar
Now you know what you’re making, how, the city that you’re making it in, and you’ve got a close-knit executive team. So, what’s next?
In the beginning, you might be able to get away with operating out of someone’s garage or basement, but at some point, you’ll need to consider how to house your manufacturing business. Depending on what you’re manufacturing, you might even need a decent sized factory to efficiently make your product.
Check out real estate in the city that you’ve chosen to operate in and find a factory that fits your needs, not just now, but into the future. After that, research what type of equipment and machinery you need to put in your space and you’ll be ready to get up and running. If you need tank liners for your manufacturing business you could check out tank liners Brisbane for some high quality ones.
Before you make a decision, make sure to sign up for tours of manufacturing spaces that are similar to what you’re looking for. Sites like https://www.plant-tours.com/ allow you to arrange factory tours online. Doing this will give you an idea of how to lay out your factory when you decide on one.
7. Start Small & Grow
Planning for a brighter future is great when it comes to buying or renting a space, but always stay humble and try not to get too big for your britches.
The public reception will dictate how fast you’ll grow and you’ll have to fly by the seat of your pants to some degree. In the years after you launch, you’ll be able to more accurately track your growth and determine what adjustments you need to make in the future.
8. Find a Shipping Partner
The early days of your manufacturing business might see you handling the shipping yourself with USPS or Fedex, but as you begin producing a lot of your product, you may need to find a more cost-effective way to ship large quantities.
Look into logistics companies around you that might suit your needs. Whether you’re shipping by air, truck, or boat, you’ll need to get an account set up with the company before you can start using them.
9. Be Open to Other Partnerships
You might be wondering how exactly you’re going to grow this operation. How are you going to get your product into stores? And, how will you create awareness?
You should always be on the lookout for partnerships that will be mutually beneficial. Beyond that, it’s crucial that you’re always seeking out new distribution contracts with the right online and offline shops.
10. Figure Out How to Grow in 2019 and Beyond
As you grow through and beyond the earliest stages of your manufacturing company, you’ll need to figure out new and creative ways to raise awareness for your products. This will mean familiarizing yourself with the latest digital marketing practices.
Hopefully, you’ll have grown to the point where you can delegate this task to the marketing team, but it’s always good for the high-ups to know all about SEO, social media, and digital advertising. This can take you from a local operation to a worldwide enterprise, which is ultimately where you want to go.
Start Up Your Manufacturing Business Today
Take these tips and start brainstorming ideas today. Starting a manufacturing business is an incredible achievement and all of the hard work that we’ve laid out for you in this post will feel so rewarding when you finally get off the ground.
So, take what you’ve learned here today and put everything you’ve got into your new endeavor. Why waste any more time?
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