As the head of a budding manufacturing business, you’ll spend a lot of time deciding what you want to manufacture and how you want to do it. When you get involved in manufacturing, you’re taking on a business where you have to decide whether you want to manufacture the actual product or you want to sell the completed version of the product you want. A lot of the early days of manufacturing centre around you being everything to everyone in the company: and that’s not easy.
Thankfully, you could hire a team of people to work with you to be the salesperson, the PR person, the marketing person, the manufacturer – but in the beginning it’s just you doing it alone. Manufacturing is an important piece of the business puzzle, especially if your business is making products and choosing to sell them. It can cost an awful lot of money to start a company that makes products for others, and you’ll know this from your market research on things like packaging companies and warehouse space. You’ll need to sort out your packaging choices with www.clsmith.com now and then you have to consider the staff that you need to come on board with you. If you’ve got the right attitude and you put together the right business plan, you can get the finances you need so that you can take the right approach with your manufacturing business. There are some secrets to success that you need to learn if you want your new manufacturing business to go off without a hitch, and here are six of those secrets:
Get In With The Right People
Your job is to be in the front of the business and you need to get in with the right people to make the right contacts. You need a strong, professional network of people to help your manufacturing business to grow. You will be doing a lot of networking as a new business anyway, but if you’re ensuring that you rub shoulders with the right people in the industry, you can get a solid leg-up in your startup company. A support system is one of the most valuable things that you can have in this business, so get out to your local community and Chamber of Commerce and get to know people.
Location, Location, Location
A big consideration for your new manufacturing business is where you are based. If your warehouse is inaccessible, people won’t have any interest in your business. A big secret for your success is going to be based in where you are located. You need to be close to transport links but make sure that you choose somewhere nearby to roads that can handle vehicles of all sizes. You should also make very sure that you are going to be accessible by your staff – there’s no point in starting a new business if you don’t have people to get there and work for you! Think carefully before you buy or rent premises; do your market research.
Say ‘Yes’ To Technology
If there’s one thing that every single company in every single industry is doing right now, it’s embracing technology. We are in an age of change and innovation, and technology is a big deal. In manufacturing, think robotics and automation. The more you automate, the better productive things are in the business and improving efficiency should be your goal from day one. You should think of manufacturing as something that naturally embraces technology. Doing so will put your business ahead of the rest and make you look like the star player in the industry that you are.
Choose premises wisely
There are a great many business owners out there that forget to measure up properly when it comes to choosing the right factory. It’s lovely to tour premises and get a feel for what is out there, but if you’re going to try and squeeze in all your equipment and vehicles into one space that is just far too small, you are at risk of failing very early on or causing a huge accident. Dangerous practice will give you a shoddy reputation – one that says that you don’t care about your staff. Of course, you do care about your people, which means you have to prove it by ensuring that you don’t put them at risk.
Recruitment & Retention
A big secret to your manufacturing business is going to be within the people that you hire. We’re not just talking about the packaging teams that you outsource to, or the external marketing agency that you bring on board to establish your brand. You should consider the people and their personalities that you have on the very floor of your business. People can make or break your company and the last thing that you should want is to hire in the wrong people who won’t bring anything valuable to the table. Productivity and efficiency are vital, so make sure that your hiring process is watertight.
Your Business Plan
Before any of this can get off the ground, you need to have a comprehensive and solid business plan written so that you can approach the financial teams at the bank with confidence. Don’t be the type of entrepreneur that doesn’t believe in a good business plan; they’re not just a piece of paper. They’re a map of where you want your company to go with forecasts and goals and a guide of where you hope to be. If you don’t have one, you can’t expect anyone to have any faith that you know what you’re doing. This is your vision put into words; don’t leave it behind.
Your manufacturing business can be a huge success if you follow all of the above tips. Yours can be a company that surpasses others in the industry and make a real name for itself. Take your time, write your plan and aim for the top of the industry charts.