Everything You Need to Know About Starting a Manufacturing Business

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Starting a business is never easy, but if you have the drive and the passion to see it through, it is the perfect solution for somebody looking to work for themselves. It offers the type of freedom that many people crave. However, knowing how to get started on this new endeavor, when you are not an experienced businessman or woman, can be tricky. So, where do you start?

What is your idea?

Before you do anything, you need to settle on an idea of what type of manufacturing business you want to be. Do you want to work with steel? Would you prefer to work with electrical machinery? Maybe you want to focus on making furniture or clothing and textiles. Narrow down exactly what area of manufacturing you are most passionate about, and what products you can create as a result, and this will allow you to move onto the next step.

Forming a business plan

You have an idea; now, you need to develop it into a business plan. This will detail what type of business you want to be, who your target customers will be as a result of this decision, and what the goals for the year are. What type of business you choose to be will impact what customers you get. For example, will you be a B2B (business to business) or B2C (business to consumer)? If you choose the former, then you need to make sure you have the appropriate market research done on companies that would be in need of your services and products.

Safe and legal practices

Like all businesses, you need to ensure that you are complying with safe and legal practices. However, due to the type of industry and environment you are working in, this needs to be a top priority. Dust and fumes, if inhaled, can cause serious health problems and can even be fatal if they are inhaled over a period of time due to continuous exposure. Construction and manufacturing business employees are those most at risk of this kind of exposure, and it is shown in the statistics. More than 33,000 industry workers suffer from illnesses caused by their manufacturing jobs every year.

Therefore, you will need to ensure that you are following the correct safety procedures of extracting dust and fumes. If you fail to comply with these regulations, you could find yourself facing legal action. The solution to fitting these legal requirements and ensuring your employees’ safety is to purchase a portable welding fume extractor Australia companies such as Fanmaster offer.

Financing your business

Finances are something many people struggle with when starting a business, and this is because it is hard to finance something when you have no income yet. This can result in many companies failing within the first year, so you need to make sure that you have a plan in place for how you can finance your business. You could turn to the bank to take out a loan (just be sure to take along your business plan), or you could try crowdfunding, or you could use your own savings.

Finding a factory and premises

You need to have a factory in which you can manufacture your products. When you are first starting out, there is little reason to rent out a huge space; however, a big impact on the size of your premises will be the type of products that you want to manufacture. If you require a lot of power, then you will need much bigger machinery and a much bigger space.

Marketing your business

You can no longer rely on somebody stumbling upon your business. You need to present it to your potential customers, and how you do this is through digital marketing. Expanding your online presence by creating a website and carrying out SEO techniques will put your brand out there and increase your chances of people finding your business and, therefore, purchasing your manufactured products.

 

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