An idea for a business can blind side you on some unsuspecting afternoon. You spot a gap in the market, you think something can be done better, or you simply notice a need for something. You develop your idea, write a business plan, and before you know it, you can class yourself as a business owner and become your own boss.
But what next?
Many businesses that supply products will outsource the manufacturing side of things at the beginning, but what about making it part of your business this year?
So with that in mind, here are some of the things to think about…
Choosing the Right Location
One of the first things that you need to think about would be the location. You may already have a business premises that works well, so is there space to add a production line and manufacturing project to it? If there is, this could be ideal. However, not all business locations have the capacity, so if you do need to look elsewhere ensure it is close by. You might also need to take into account things like overheads, logistics and also whether it is possible.
The Right Tools for the Job
Once you know where it will all be happening, you now need to think about whether you have the right tools for the job. Often it isn’t just thinking about the big tools and machines, you also need to take into the smaller mechanical elements that may need replacing over time. This is when companies like smc can come in handy. Once you commit to manufacturing the products, you will want minimal disruption to the production line so that you can fulfill orders.
The Marketing and Advertising Potential
Another thing to think about is the marketing and advertising potential associated with manufacturing your own products. If you decide to go down the route of producing your own products, then this can be an excellent selling feature. You can discuss the products and materials used, play on the fact that they are created in the same country and also offer up other options like customizable features, if your products allow for that. There are many ways you can capitalize on this, and it could be a great way to increase sales and/or give you the edge against competitors.
You do need to take into account that you will need to hire additional staff. Some of which will need to have experience in either engineering or handling certain materials and tools. You will need to pay close attention to your recruitment process, and also consider hiring a project manager to oversee the operation. This can give you peace of mind, and is essential if the manufacturing element of your business is not in the same place that you are based.
Last of all, there will be changes you will need to make where health and safety may become more of a priority for you. Regular risk assessments will be needed to ensure that you cover all bases.
Let’s hope this has inspired you and given you some advice on how you could add manufacturing to your business plans this year.