The Ultimate Business Blog Citygirlbusinessclub.com
Launching any kind of business is tough, but getting a manufacturing company off the ground is especially challenging. There are a range of logistical issues to overcome if you’re to make your fledgling enterprise a success.
However, with plenty of hard work and some savvy planning, you should be able to achieve your goal. To ensure you cover the basics, follow these six steps.
1) Look for a gap in the market
Your initial business idea will be critical to the ultimate success or failure of your venture, so it must be sound. For example, it’s vital that there is a gap in the market for the product you plan to create. Therefore, it’s worth putting plenty of time and effort into honing your idea until you’re completely happy with it.
2) Do your research
Once you’ve got an idea you’re 100% satisfied with, it’s time to get stuck into some market research. Talk to your target audience to see if they would be interested in your product. If possible, show people a basic prototype and ask for their feedback.
Also, take a close look at any existing companies that offer similar products and work out how you could gain a competitive advantage over them.
3) Find a base
All manufacturing firms need a base. Initially, it may be more cost-effective for you to operate from your home or garage. Of course, for this to work your equipment will need to fit in the space you have. Also, you’ll need to check the rules to see whether you’re allowed to use your property for this purpose.
Alternatively, you could find a modestly sized commercial space. Always bear in mind that you can move to larger premises if demand for your goods picks up.
4) Select your machines
At this stage, you will need to think about the equipment you need. It’s now possible to get impressive deals on CNC lathe controls and a host of other items, so you shouldn’t struggle to find what you need. Of course, you’ll have a limited budget so it’s important that you seek out good deals. However, don’t be tempted to opt for substandard items in a bid to save cash. This could lead to a whole range of problems and prove to be a false economy.
5) Get clued up on business laws
Although it can seem frustrating, it’s really important that you spend some time going through all the legal issues that will impact on your business. For example, you will need to get to grips with safety legislation. When running a manufacturing business, you will want to make sure that you and your employees are safe when using the equipment. To keep everyone safe, you could look into a fall protection lanyard to make sure none of your workers will experience a fall, no matter what height they are at. Also, if you’re planning to take on personnel, you must be in the know when it comes to employment laws.
Another issue to consider is the legal structure of your company. You will need to decide on this before you register your firm.
6) Secure your funding
Once you have a clear business plan and know what you want to achieve, it’s time to raise some money. Unless you’re in the fortunate position of being able to fund your business yourself, you may need to apply for a bank loan. Investor financing is another way to raise money. To acquire funds in these ways, you’ll need solid financial projections.
By following these steps, you will stand a good chance of making your business launch a success.