So you’ve decided to make something? Perhaps you’re a creative type that spends hours each day sketching new designs? Or maybe you simply love to build new gadgets and gizmos? If you have that one killer idea that could potentially make you millions, now might be the time to run with it. Starting up a manufacturing business means you are developing the product from concept. You’re taking it through design, manufacture, and all the way to market. Here’s what it takes, and when to apply the brakes:
Plan, Goals
You know your product inside out. You’ve spent hours refining those sketches, asking friends for their opinion, and tampering with blocks to shape it out. You know what you want, but a product development plan and a business plan require a lot more detail. You’ve got to decide what you’re willing to invest into your budget, and how much you can reasonably put into your business right now. Plan meticulously but make sure your objectives are achievable. Set goals, and set boundaries.
Acquire The Knowledge
We can’t be expected to know absolutely everything about running a business. What about marketing, or operational efficiency in manufacturing? Where you know you have holes or gaps in your knowledge, plug them with qualifications now. You can find an online operations management degree or advanced marketing diplomas online right away. Because they’re flexible, you’re able to complete them while you work or set up.
Find The Help You Need
For any bigger holes in your own knowledge, look to recruit some help. You might hire permanent members of staff with the experience and certification you need. Or you might approach suppliers so you can outsource those parts of your business you’re not ready to carry just yet. Until you have saleable products, you may not have the income to cover these costs. Make sure you have adequate investors in place to oversee these expenses until you’re turning a profit.
Start To Scale
Once the money starts to roll in, you can start considering your scale. Can you start to take ownership of some of those outsourced provisions? What about the suppliers? Is your business ready to bring more in-house? Do the math and figure out how to scale your business for maximum return on investment. Consider the assets you have and the ones you’ll need to make the next level work. As you start to scale up, you’ll also need to ensure you have the right marketing team on board to help you reach the channels you need to scale up distribution.
Head To Market
Finding new markets and penetrating the ones you’re in takes time and good marketing. You might choose to develop your own marketing knowledge and skillset. Perhaps you’re recruiting an in-house marketing team or an external agency? Don’t forget you’ll need skilled salespeople to help you reach the B2B channels you’re hoping to develop. By now you should have a clear idea about your brand’s personality, and the scope of your product offering. Are you ready to give it the green light?