Manufacturing is one of the biggest sectors in the world, even if you don’t hear too much about it. It’s a lucrative field to step into, if you’ve got the confidence and brain power to do so! So, if you’ve got an idea for some kind of production sector business, we’re here to guide you through the next steps. Here’s what to focus on when making your idea a reality.
Secure Your Funding
Funding your business is always going to be the number one priority, no matter what sector you’re planning to carve out. But when you think you’ve got an idea that’s missing from the manufacturing industry, you’re likely to need more startup cash than most. No matter where this funding comes from, you’ll need a lot of it!
Because of this, secure your funding well ahead of time. Talk to investors about the research you’ve done, make sure you’re networking from day one, and put together a well rounded business plan that covers what you want to do, where you want to go, and how you’re going to get there.
Consider Your Premise Dimensions Properly
You’re likely going to need about 20% more equipment than you realise. From a case of stackable core trays to conveyor belts to pallet storage systems, your factory floor, head office, and operations warehouse are going to be filled with equipment. Again, this is one of the main reasons you need to think carefully about your funding capability, but it’s also where you should be serious about your premise dimensions.
Most manufacturing startups collect a series of viable premises before they settle on one, so be sure to search far and wide throughout your local area. Remember, don’t trade in size for remoteness. You don’t want to go too far away from main transport links, as you need to be able to keep your product moving once it’s come off the belts.
Incorporate Streamlining Technology
Streamlining technology depends on the IoT. When everything is connected up to a central hub, you can access it wherever you are. That means you can maintain remote control over your operations, as long as your equipment is password protected at all times.
Build Your Team
Before you finish up here and think about introducing raw materials to your manufacturing line, think about the state of your team. How big does your workforce need to be? And what kind of manpower are you working with right now? This should also factor into the size of the premises you need to secure, as you need your factory floor to be a safe place to work.
How many staff can you have on shift at once? What skills are currently missing from your core group? Having a good sense of both these questions can make it a lot easier to man your outfit in the future.
If you’ve got a production business idea, make sure you start off on the right foot with this logistical ease.