The initial days of starting up are mostly spent on researching the market, benchmarking competition and seeking funding from friends and family. When you start searching for manufacturers and talking to them, it all starts to feel real. There are many steps for a smooth start to manufacturing business, we have compiled seven steps to begin with.
1. Set-up a mutually beneficial partnership. As a start-up, you may not taken be seriously enough by the big manufacturers. The volume of business you bring to their table is not significant either. Consequently, it is imperative for you to find the right partners for you to boost your credentials.
2. Check references. Finding the right manufacturer is difficult. Unlike programmers, few manufacturers have a digital presence. Checking for references is paramount.
3. Take small steps. Setting up your own manufacturing unit takes a lot of time and money. You cannot afford mistakes. Depend more on manual labour and low-investment tools in the first few months since the product will undergo several changes in that period. Using low investment, easy to install interlocking tiles can be a small step for the right flooring for manufacturing, by partnering with R-Tek Manufacturing ltd to do this.
4. Research. Regardless if you are looking for a manufacturer or setting up your own manufacturing unit, you need to do extensive research before you make a decision. Trade journals and fairs are good avenues to research and connect with manufacturers.
5. Have multiple open partnerships. Have multiple reliable options, rather than zeroing in on just one good vendor. Having a list of good vendors and alternating among them for risk diversification and competitive pricing.
6. Get the legal details sorted out. Visit local government websites and talk to people in the know about the kind of licenses and certifications required to set up shop. Once this is done, you can confidently go ahead with buying equipment and hiring employees for your business.
7. Know the people you work with. Your manufacturers are critical to your business. It is imperative that you know them well before working with them. This is true regardless if your manufacturers are in the neighborhood or another country.
To conclude, there are many things to do before starting a manufacturing business. Mostly it’s around research and finding the right partners. This is because manufacturing normally needs a large investment from the start, having the right partners and can help de-risk the business and get you to thrive in the industry.