Best of the Week
Most Popular
1. The Trump Stock Market Trap May Be Triggered - Barry_M_Ferguson
2.Why are Central Banks Buying Gold and Dumping Dollars? - Richard_Mills
3.US China War - Thucydides Trap and gold - Richard_Mills
4.Gold Price Trend Forcast to End September 2019 - Nadeem_Walayat
5.Money Saving Kids Gardening Growing Giant Sunflowers Summer Fun - Anika_Walayat
6.US Dollar Breakdown Begins, Gold Price to Bolt Higher - Jim_Willie_CB
7.INTEL (INTC) Stock Investing to Profit From AI Machine Learning Boom - Nadeem_Walayat
8.Will Google AI Kill Us? Man vs Machine Intelligence - N_Walayat
9.US Prepares for Currency War with China - Richard_Mills
10.Gold Price Epochal Breakout Will Not Be Negated by a Correction - Clive Maund
Last 7 days
Massive Stock Market Price Reversion May Be Days or Weeks Away - 22nd Sep 19
How Russia Seized Control of the Uranium Market - 22nd Sep 19
Dow Stock Market Trend Forecast Update - 21st Sep 19
Is Stock Market Price Revaluation Event About To Happen? - 21st Sep 19
Gold Leads, Will the Rest Follow? - 21st Sep 19
Are Cowboys Really Dreaming of... Electric Trucks? - 21st Sep 19
Gold among Negative-Yielding Bonds - 20th Sep 19
Panicky Fed Flooding Overnight Markets with Cash - 20th Sep 19
Uber Stock Price Will Crash on November 6 - 20th Sep 19
Semiconductor Stocks Sector Market & Economic Leader - 20th Sep 19
Learning Artificial Intelligence - What is a Neural Network? - 20th Sep 19
Precious Metals Setting Up Another Momentum Base/Bottom - 20th Sep 19
Small Marketing Budget? No Problem! - 20th Sep 19
The Many Forex Trading Opportunities the Fed Day Has Dealt Us - 19th Sep 19
Fed Cuts Interest Rates and Gold Drops. Again - 19th Sep 19
Silver Still Cheap Relative to Gold, Trend Forecast Update Video - 19th Sep 19
Baby Boomers Are the Worst Investors in the World - 19th Sep 19
Your $1,229 FREE Tticket to Elliott Market Analysis & Trading Set-ups - 19th Sep 19
Is The Stock Market Other Shoe About To Drop With Fed News? - 19th Sep 19
Bitcoin Price 2019 Trend Current State - 18th Sep 19
No More Realtors… These Start-ups Will Buy Your House in Less than 20 Days - 18th Sep 19
Gold Bugs And Manipulation Theorists Unite – Another “Manipulation” Indictment - 18th Sep 19
Central Bankers' Desperate Grab for Power - 18th Sep 19
Oil Shock! Will War Drums, Inflation Fears Ignite Gold and Silver Markets? - 18th Sep 19
Importance Of Internal Rate Of Return For A Business - 18th Sep 19
Gold Bull Market Ultimate Upside Target - 17th Sep 19
Gold Spikes on the Saudi Oil Attacks: Can It Last? - 17th Sep 19
Stock Market VIX To Begin A New Uptrend and What it Means - 17th Sep 19
Philippines, China and US: Joint Exploration Vs Rearmament and Nuclear Weapons - 17th Sep 19
What Are The Real Upside Targets For Crude Oil Price Post Drone Attack? - 17th Sep 19
Curse of Technology Weapons - 17th Sep 19
Media Hypes Recession Whilst Trump Proposes a Tax on Savings - 17th Sep 19
Understanding Ways To Stretch Your Investments Further - 17th Sep 19
Trading Natural Gas As The Season Changes - 16th Sep 19
Cameco Crash, Uranium Sector Won’t Catch a break - 16th Sep 19
These Indicators Point to an Early 2020 Economic Downturn - 16th Sep 19
Gold When Global Insanity Prevails - 16th Sep 19
Stock Market Looking Toppy - 16th Sep 19
Is the Stocks Bull Market Nearing an End? - 16th Sep 19
US Stock Market Indexes Continue to Rally Within A Defined Range - 16th Sep 19
What If Gold Is NOT In A New Bull Market? - 16th Sep 19
A History Lesson For Pundits Who Don’t Believe Stocks Are Overvalued - 16th Sep 19
The Disconnect Between Millennials and Real Estate - 16th Sep 19
Tech Giants Will Crash in the Next Stock Market Downturn - 15th Sep 19
Will Draghi’s Swan Song Revive the Eurozone? And Gold? - 15th Sep 19
The Race to Depreciate Fiat Currencies Is Accelerating - 15th Sep 19
Can Crypto casino beat Hybrid casino - 15th Sep 19
British Pound GBP vs Brexit Chaos Timeline - 14th Sep 19
Recession 2020 Forecast : The New Risks & New Profits Of A Grand Experiment - 14th Sep 19
War Gaming the US-China Trade War - 14th Sep 19
Buying a Budgie, Parakeet for the First Time from a Pet Shop - Jollyes UK - 14th Sep 19
Crude Oil Price Setting Up For A Downside Price Rotation - 13th Sep 19
A “Looming” Recession Is a Gold Golden Opportunity - 13th Sep 19
Is 2019 Similar to 2007? What Does It Mean For Gold? - 13th Sep 19
How Did the Philippines Establish Itself as a World Leader in Call Centre Outsourcing? - 13th Sep 19
UK General Election Forecast 2019 - Betting Market Odds - 13th Sep 19
Energy Sector Reaches Key Low Point – Start Looking For The Next Move - 13th Sep 19
Weakening Shale Productivity "VERY Bullish" For Oil Prices - 13th Sep 19
Stock Market Dow to 38,000 by 2022 - 13th Sep 19 - readtheticker
Gold under NIRP? | Negative Interest Rates vs Bullion - 12th Sep 19
Land Rover Discovery Sport Brake Pads and Discs's Replace, Dealer Check and Cost - 12th Sep 19
Stock Market Crash Black Swan Event Set Up Sept 12th? - 12th Sep 19
Increased Pension Liabilities During the Coming Stock Market Crash - 12th Sep 19
Gold at Support: the Upcoming Move - 12th Sep 19
Precious Metals, US Dollar, Stocks – How It All Relates – Part II - 12th Sep 19

Market Oracle FREE Newsletter

Nadeem Walayat Financial Markets Analysiis and Trend Forecasts

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.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in

6 Critical Money Making Rules