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Planning to Start a Small-Scale Manufacturing Business? Don't Proceed Without Reading These 5 Tips

Companies / SME Mar 28, 2019 - 04:49 PM GMT

By: Steve_Marks

Companies

Entering a new business is scary. Not only will you have to learn the ropes of something that’s completely unfamiliar to you, there’s always the risk of things not panning out the way you had planned. But such is the world of business; while there are no guarantees (nor are there in life in general), there’s a way to minimize the risk. Implement the following 5 things you’re about to learn, and you’ll be at least one step closer to success:


1. Market research comes first and product creation comes second

Coming out with a product without having a reliable indication it’s going to sell in the first place is not the right way to go about it, no matter how passionate you may be to create it. It’s much better to do the market research necessary to determine what’s in demand, then ride the wave of trends and make them work to your advantage.

This doesn’t mean there’s no room for creativity; as long as you build upon what’s been proven to work, it’s hard to make a wrong turn. It’s a good idea to learn how to distinguish between evergreen goods and seasonal ones as well. For example, handcrafted jewelry can sell the entire year long, while skiing accessories are unlikely to sell much outside of the winter season. Either of them can be a profitable venture for you, given that you know what you’re doing, and you’ve set your expectations right.

2. Rely on tried and tested ideas

With that in mind, what are some small-scale manufacturing ideas that are based on what’s already working for others? For instance, you can manufacture one of the following:

- Jewelry
- Furniture
- Instrument stands
- Cake molds
- Candles
- Drinking straws
- Envelopes
- Leather bags
- Soap
- etc.

This is by no means a definitive list, but it should be more than enough to get you started.

3. Know the technological breakthroughs of the recent times

This will help your products stay relevant, competitive, and in tune with how the times have changed. For example, by knowing that our society is gradually moving towards a world where connectivity is the norm and IoT products are gaining in traction, you can use this knowledge to produce something the market is hungry to buy. For instance, a case for Raspberry Pi or micro-controllers comes to mind.

You can also take advantage of the modern technological breakthroughs directly by applying them in your own small-scale manufacturing process. 3D printing, to name one example, is a cost-effective way to produce almost anything your mind can fathom… if you provide the right blueprints, that is.

4. Learn to manage the order queue

When your small-scale manufacturing business is still in its infancy, managing the order queue manually or with the help of a simple Excel sheet may get the job done just fine. But as soon as you reach a certain point and become successful, you’ll find that things can go out of hand rather quickly reach out for professional niche-centered solutions.

For example, if you decide to make jewelry and sell it online, a Shopify order management system is a true lifesaver when it comes to prioritizing and fulfilling orders. At the same time, a professional solution like this will also help you manage the supplies you need to keep your business afloat.

5. Utilize the marketing channels available to you

There is a saying claiming that if you build it, they will come. But in the world of entrepreneurship, this couldn’t possibly be further from the truth. Yes, making a product of great quality will undoubtedly get you far, but if no one knows it exists, how can you expect to make a sale? It’s like opening a hardware store in the middle of the desert where no living soul ever dares to set foot.

By realizing this, you’ll know that some form of marketing is essential to the success of your small scale manufacturing business. Whether it be social media, event networking, paid ads, forums, or classifieds, by actively working to bring your products in front of the right audience will set you on the right track to making more sales. Do know, however, that you shouldn’t just throw it out there for random people to see; that’s no good. You’re looking for ways to pre-qualify your potential prospects. At the end of the day, trying to market your baby strollers to golf enthusiasts is probably not the best use of your time (or resources for that matter).

By Steve Marks

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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