Key Areas To Focus On When Starting A Manufacturing Business

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StrategyDriven Starting Your Business Article | Key Areas To Focus On When Starting A Manufacturing BusinessThe manufacturing industry is one which is always in demand, so it is easy to see why so many entrepreneurs look to start a business here. Manufacturing can also be a complex industry to work in and highly competitive, so success is not as straightforward as it may seem, especially when you consider how hard it is to compete with the much larger manufacturers.

This is why it is so important to focus on the right areas when you first start out so that you can hit the ground running and find some success early on.

Market Research

Much like with any new business venture, the first stage will involve thorough research. This will help you to determine if it is a viable business idea, which sector you should operate in, who your competitors are and who your target customer is.

Business Plan

With this information, you can then create a detailed business plan which will act as a blueprint to your success and guide you through the early stages of the startup. In addition to this, a business plan will also be important for securing funding which will be crucial for getting the operation up and running to a high standard.

Premises & Location

Manufacturing operations often require a lot of space so you need to find suitable premises that will allow your team to work safely each day. In addition to being a large enough space, this should also be somewhere that is easy to access with plenty of parking so that staff and suppliers can easily reach the site each day.

High Quality Equipment

High-quality equipment is essential for any manufacturing business so that you can create products of the highest standard. For those working with liquids, this is likely to include float switches designed by a specialist, so that you are able to increase productivity and allow staff to work to a high level each day.

Staff

Following on from this, you also need to make sure that you take the time with recruitment as it will be impossible to succeed without a skilled and hardworking workforce. A good way to keep costs down is to outsource certain areas of the business, but for the key parts of the operation you need to find the right people for the job and keep them happy in their role.

Marketing

It is important to start marketing your manufacturing company early so that as many people are aware of your business as possible from day one. As previously mentioned, it can be hard to compete in this industry, which is why marketing is so important and also why you should use the services of an experienced agency to raise awareness about your new business.

Focus on these areas when starting a manufacturing company and it should pave the way for future success, as well as help you to hit the ground running in what can be a challenging industry to succeed in.

 

Top Things To Think About When Starting A Business

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StrategyDriven Starting Your Business Article |Starting a Business|Top Things To Think About When Starting A BusinessStarting a business can be exciting and daunting at the same time. However, if you get it right it can lead you to success and a completely different way of life. It can be difficult to know where to start and what you should be prioritising, especially when you are expected to wear many hats and complete several tasks all at once.

Let’s have a look at some of the things you need to think about when starting a business:

How To Fund

One of the first things you’re probably going to want to think about is the funding for your business. You need to take into consideration what you’re start-up costs will be. When thinking about this you need to think about things like:

  • The equipment you need
  • The marketing you will require
  • If you’re going to need to employee
  • Are you going to outsource any areas of the business?
  • Do you need working space or are you working from home
  • What do you expect your running costs to be each year?
  • And more.

Once you’ve collated an idea of all the costs that you may come across, specifically in your first year and then your next 4 years, you can start to think about how you’re going to fund your new business. Do you already have the start-up costs saved? Or do you need to look at startup business loan options? If you do look at business loans, make sure you include the repayments in your running costs until it is paid back.

Your Name

This is one of the most important areas that you need to think about, it’s the way that your customers and clients are going to identify you. Are you planning on using your name or are you thinking about using something unique? Once you know your name, it’s advisable to check that this trading name is available on places like companies house. If you move away from being a sole trader, you don’t want to trade as one name and be forced to change it because someone is already using it later down the line.

Your Marketing

This is something that you will need to think about as a priority. It’s the way that you are going to be able to get your services and products out there and spoken about. Think about who your products and services are aimed at and do some research about how these people like to see their products. A lot of people now make use of social media platforms like Instagram, Facebook and Twitter as viable ways to market their business. If marketing isn’t your strong point, it might be worth either employing a marketing expert or using outsourcing. If you outsource you have access to skilled freelancers or marketing services that are experts in the field. Many new businesses use this as an option because it saves a lot of time and often money.

These three areas are three important areas to consider when starting a business. Of course, there are others to factor in. Do you have any important areas that you could share in the comments below?

Why Is Manufacturing So Hard to Master?

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StrategyDriven Entrepreneurship Article | Why Is Manufacturing So Hard to Master?Manufacturing is something that trips up a lot of smaller and medium sized businesses. Many feel that they’d prefer to keep their production in house rather than outsource to another company due to costs and control issues- but are put off due to it being such a mammoth task. What exactly do you need to know when it comes to manufacturing, and is it really out of reach for smaller and medium sized companies?

Getting set up

Whether manufacturing your own products will be a possibility will mainly depend on what you want to make and what your budget is. If your business makes complex items  such as electronics which require a lot of technology and specialist manpower then you might struggle. For other companies, it might not be too difficult to source and run the machines you need, even if you have to buy second hand. Some of the practicalities you will need to consider is where your plant will be based, and whether you can source skilled workers to run things. If you’re able to do this, then manufacturing might well be in reach for you.

The costs

One of the major roadblocks for SMBs looking to manufacture their own products is the costs of getting set up can be incredibly high. You’ll need factory and warehousing space, equipment, materials and staff. However, if you’re able to make this work, once you’re up and running it’s worth knowing that you will save more in the long run compared with outsourcing. So if you’re in it for the long haul when it comes to your business, and you have a product which is selling well, taking out loans to cover the startup costs could well be worth doing as it will pay off for you long term. Just be sure to get your finances right, you need to ensure you’re able to cover the costs of borrowing money as if things spiral out of control it could easily lead to bankruptcy. Spend some time sitting down and crunching the numbers, find out if it’s worth it for you.

Health and safety

Any workplace comes with risks, even in a shop or office employees can suffer slips and trips which can be disastrous if it was a result of your neglect. However, when you’re running a manufacturing plant, there are many more risks of accidents and injuries due to the nature of the workplace- from heavy machinery being in operation, vehicles like forklifts going back and forth and powerful equipment such as drills and saws being used, it makes things much more risky. For this reason, you need to take health and safety incredibly seriously and make sure that you’re insured correctly. Everyone should be properly trained and qualified and wearing the right equipment. If not and someone is hurt, you’ll end up with a personal injury law firm on your case, seeking the compensation your employee will be entitled to.

Have you ever considered manufacturing in your SMB?

Deftly Walking Through the Minefield of Business Error

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The pursuits of business can sometimes feel a little like pot luck, as it’s not always completely predictable just what will define our success and what may delay it. Of course, that’s the gamble we all take when launching a business, but there are measures we can partake in to reduce that gambling potential. For instance, staying on good terms with our customers and clients, using honest promotional tactics, acting with integrity in honoring our business arrangements, and treating our staff well will almost always be a set of positive influences on our brand, and if not, you’ve unfortunately experienced some terrible luck.

That being said, deftly walking through the minefield of business error is not always so easy. For that we need to continually refine ourselves, learn from the goings-on around us and staying abreast of all developments in our industry. To that end, we’re sure to approximate the best forward solution.

But how do we get started as far as this is concerned? Might it be worth considering our vital role in this going forward? With that in mind, let us consider the following advice:

Your Staff Are Ambassadors

Your staff are ambassadors of your firm, regardless of if they willingly fill that role or not. Their activities on social media, how they drive in your company car, how they speak to clients on the phone, all of it is included in the overall perception of your company. It’s important to make them aware of this, and to train them in the best social media or public facing policies and practices you hold. Additionally, reserving the right to discipline or terminate employment based on if these requirements have been ignored can also be a worthwhile means of distancing yourself from bad behavior.

Your Legal Standing

It’s essential to ensure your legal standing is perfect, from hiring the best accountant to establish your tax contributions, to using legal services to help in setting up a corporation, especially knowing the difference between S-Cop and C-Corp options can be vital. Protecting yourself through the hiring policy that allows candidates to submit to best practice, and ensuring your safety protocols and policies are watertight before permitting staff to exercise dangerous tasks, perhaps in your manufacturing line, is crucial to covering your back, and ultimately protecting everyone involved in your business approach.

Promotional Blunders

It’s also important to consider protecting yourself against promotional blunders. Revise your marketing strategy to ensure it will not offend, or will not promise over the mark. Additionally, ensure that with any business marketing strategy that you’re completely clear about what it is consumers can expect, what your privacy policy will be, and what you require from them for using your services. Do not hide charges, or market towards one group of people, as you can never tell just who might be interested in your brand. When you focus on that, you’ll ensure most of your promotional blunders are cared for.

With this advice, we hope you can deftly walk through the minefield of business error.

8 Surefire Ways to Jumpstart Growth using Trade Shows Event

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StrategyDriven Marketing and Sales Article | 8 Surefire Ways to Jumpstart Growth using Trade Shows Event

Developing a strong presence is critical for small businesses in California. And, trade show can be the ultimate way to achieve this goal. Right from enhancing visibility to establishing credibility, trade show can be the ideal platform to kick-start your business. To begin, either you can choose a creative booth or a winning trade show displays to create the truly awe-inspiring moments for the passersby or choose event signage ideas which are creative and unique in all respect. Anyway, Trade shows works incredibly to target your prospective customers and harnessing it to get word out for your business is the pathway to the next level.

Why You Need Trade Shows?

Trade shows in West Coast offers limitless possibilities and is really worth the time and money you pour in to create groundwork for your startup. Not only you get great visibility and exposure but also the valuable feedback from the customers itself. Plus, there are other great opportunities such as creating a strong business network and keeping an eye over the competitor as well. Moreover, there are relentless opportunities that ready to be embraced; all you need to do is to be on the right place at the right time. And, here are some excellent ways to do this. Take a look!

1. Create Relationships and Contacts

As a matter of fact trade shows brings future or potential customers closer by generating interest in your product or services. Another critical reason, business owners can easily communicate and take feedback about their products from visitor’s in-person and could also allow them engage with their product. Not only does it allows customers to share their feedback but also assist you to perceive your product from the customer’s point of view. Apart from it, you stand chance to interact with investors, and financial assistance provider.

2. Exploring the Possible Sales Opportunities

Being a highly targeted and profitable business arena, trade show offers incredible opportunities which can be easily converted into sales. With exclusive planning and an appropriate strategy, it’s quite easy to compel and convince to attend the fair and eventually invest in your product and services. Apart from the engagement and interaction, it is a great way to reach out to visitors in a bid to influence to buy your products and ultimate gaining more sales.

3. Improving Skills and Welcoming a Learning Experience

A lot of trade shows have this additional program that aims at educating people about the programs and businesses participating in it. So along with knowing your audiences better you will also get to know your competitors well. Trade fair can be a great opportunity for you to understand the strategies well as the prevalent business trends that can help your business to grow and prosper.

4. Spreading Brand Awareness

This is the most visible but the most undermined opportunity presented by the trade fairs. A huge proportion of companies join the trade fairs and expos to make their brand visible among the clients and customers. The more people see your business the more they try to buy them. If you are just a blooming startup then spreading brand awareness with these trade fairs can be an exceptional way to be known among people. Hiring a promotional modeling agency is a great idea too to attract, engage, and create lifelong customers.

5. Build a Customer Base

Staying competitive in your space and consistently dominating the sphere would require more than just advertising, product improvement, and market expansion. Your entire business revolves around customers not around your products, so your focus should be largely on getting more and more customers rather than tweaking your products. Possessing and maintaining a massive customer base could be crucial in regards, not only does it help in sustaining your market footprints but also keep the steady cash flows going. So, it is essential for new business to put more efforts in building a customer repository that you can easily tap in using email marketing. Trade shows can help in getting more leads by assisting in building a targeted customer list and also to generate extremely qualified leads.

6. Be Cost effective

At times, the success is more about keeping things simple rather than making them complex. For small and medium business, staying within their means plays a significant role in keeping resources and efficiency to the maximum. Trade shows here an advantage over other advertising medium in terms of cost per acquisition. With trade shows, the number of attendees, visitors, and buyers are pretty high which reduces the cost per sale to a quite low margin. Hence, it offers a great return on your investment.

7. Increased Understanding

Trading shows go miles in winning the faith of the customers. With one-on-one interaction, customers are able to build a deeper understanding for your products or services. This is pretty much the reason why in a survey 74% people agreed that they are likely to purchase a product advertised in trade shows. It works wonderfully in bridging the gap between businesses and end user. People buy it more since they are more exposed to benefits, outcomes, and advantage of the product. Plus, they can suggest their valuable feedback which can transform the product a greater deal.

8. Research Competitors

While trade shows with too much hype are aimed at promoting product or services, it can be exquisite way to observe and determine the marketing tactics of your competitors. Take a note of their promotion strategy and incorporate the unique elements that are missing in your campaigns to build more engaging and attention worthy campaigns. Doing this process ensures that you become a key player in your niche and always stay ahead of your competitor.

The bottom line

Trade fairs could be a showstopper when it comes to developing your brand recognition and awareness. Therefore, each of your actions and advertising campaign should revolve around the interest of customers and using it to your advantage. Eyeing for something remarkable and noteworthy not only be beneficial but also will be fruitful in the longer run.