Getting into the manufacturing industry as a business owner and start-up isn’t easy. It’s a tough market to crack as it is dominated by certain businesses that have a wider pull than startups. Especially in today’s environment where coronavirus has made a huge impact on the industry. People can’t manufacture things if they’re too close together or not in a safe environment, so a lot of people have been sent off home or furloughed. This has had a drastic impact on global economies, which may help lead to a global recession. Launching a startup and going into business at the moment maybe even harder than usual. Yet, most people who go into manufacturing have already got contacts and the industry. This means they may have a certain kind of leverage to use to ensure their business is a success. These steps can help you go.5
Equipment Matters Most
If you’re starting out then you need to sell a quality product. The consumer can already get what they need to be manufactured at a low cost, so what you offer needs to be great. This doesn’t matter if you’re making Metrology Parts, wooden components, or synthetic materials, your quality will speak for itself and at the outset, you can’t afford to be turning out a low-quality product because your reputation will take a significant knock. Start strong, ensure your reputation builds in the right direction. This is the major challenge you’ll have at the outset.
Launch Into A Niche Product Stream
If you have contacts in the business you’ll already know what you want to make or offer. If you go for basic components, you’ll be sold out of the market by bigger companies. They already do that and because they buy materials in such bulk they’ll be able to sell cheaper. You can’t sell at a loss, so what are you going to do? Sell smart. Sell something different that’s hard to get in your country where consumers will usually need to go abroad. Or sell something which is hard to make or something where you know you have the edge. And best of all? Sell something no one else has invented yet. If you are from outside the industry, you can still make a go of it, you just need to do a lot more research before you get started.
If you’re manufacturing you will need people to work for you. The market is absolutely saturated with people who need work at the moment. This means you have your pick of the bunch whether you’re looking for entry-level positions or something more skilled. Check CV’s, do your research. Remember no one cares about your business as much as you so you need to ensure you get the right people in. People who know how to do the work and people who have a good level of experience. Sometimes paying a little more for someone great pays off because they invest their experience in your business. Better than paying less for someone who really just doesn’t care that much about their own progression and success.