Despite the difficult economic times, people are continuing to set up new businesses. Companies are arising in a vast range of industries, and not just those that are recession-proof. Many new businesses are technology companies, or technology-adjacent. With this in mind, it’s also a good time to set up a business supplying these new companies. One type of business that could tie into the tech industry is manufacturing. Although the manufacturing trade has dwindled in some parts of the world, due to cheaper access elsewhere, it is still a major part of the economy. Manufacturing companies aren’t the most affordable to set up, but once you have a product idea and have obtained financial backing it could be a lucrative venture.
Choosing a Location and Premises
The first decision to make when you want to set up a manufacturing business is its location. You need to know two different things: where you will make your product and where you will sell your product. Depending on what you’re making, you might be able to start manufacturing your product from home. However, anything requiring large pieces of equipment or machinery is likely to need a bigger space. You can hire an office or industrial space to house a larger operation. It doesn’t have to be close to your current home, so look around for some cheaper options. Make sure your choice of premises matches your needs. When you choose where to sell, you should try to access as many channels as possible. Use the internet, form contacts and find companies that could use you as a supplier.
The equipment you need will obviously depend on what it is you’re manufacturing. However, the important thing is to make sure you don’t immediately jump in and buy the most expensive tools on the market. You should first think about the minimum you need to run your business efficiently. Whether you need a CNC router control system and parts or a t-shirt printer, don’t get anything you aren’t certain is necessary. Something might look new and shiny, with all the latest high-tech functions, but that doesn’t mean it’s worth the purchase.
Whether you need staff will depend on the size of your business when you first start up. As a small operation, you might be able to do everything by yourself. However, if it all seems too overwhelming, you could find some staff to help you. You may want to prioritize the roles you hire for based on affordability. Perhaps you can hire someone to handle the manufacturing process while you focus on obtaining funds, marketing, and sales.
If you do hire staff, it’s important that they receive the correct training. One of the things that are essential in any manufacturing business is training in health and safety. Your employees need to know how to stay safe in the work environment, but of course they also need to know how to perform their roles properly. When you first begin, you will also need to make sure that you train yourself, or receive training, on how to operate the necessary equipment.