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5 Steps for Starting a Successful Manufacturing Business

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StrategyDriven Starting Your Business Article | 5 Steps for Starting a Successful Manufacturing BusinessStarting a new manufacturing business can be a daunting prospect, but if you pull it off, there can be great rewards.

One of the most important things is that you don’t rush into it without being ready, and this means careful planning is needed. These five steps for starting a successful manufacturing business can help you on your way.

1. Planning

You can’t just go into business and hope things will fall into place, because they invariably won’t. Instead, you’ve got to plan your approach in as much detail as possible.

Some of the first things you need to think about are how you’re going to enter the market, where your competitive edge lies, and how you’re going to finance the venture. There are a lot of start-up costs associated with manufacturing, so you may have to come up with some innovative ways of financing your company.

2. Location

Where you locate your factory is going to play a big role in your business’s success.

Logistics play a huge part in manufacturing, and you’re going to want to minimize these costs as much as possible. One of the ways you can do this is by finding a factory in a location with excellent transport links.

Great transport links also make it easier for customers to get to you and your staff to get to and from work.

3. Personnel

When you’re starting a new venture, it’s vital you get the right people in to help you out. This is a critical time for your company, so you want to be able to rely on competent staff to help carry out your vision.

If you hire well and build a good, solid team, you start to breed a culture that will define your business for the years to come, but if you get your hiring wrong, it can lead to bad habits and poor-quality work.

The hiring process is crucial, and you need to be getting the right people in, something that has served this dowel pin manufacturer well.

4. Technology

You can only get the best out of people if you give them the right tools to do their job.

Investing in technology is expensive, but if you’re investing in the right technology, it’s going to make a huge difference to your efficiency and make your company more profitable.

It might mean a big upfront investment, but technology can make all the difference in your manufacturing business’s success.

5. Suppliers

We’re always talking about customers and rightly so: they’re the ones that help pay the bills. That said, suppliers play a big role as well.

If you can start to build good relationships with your suppliers right from the very start, they can stand you in good stead for many years. Your suppliers are one of the very first cogs in the entire manufacturing process, so it’s vital you can rely on them.

Really do your research and due diligence on suppliers and try to cultivate strong relationships.

How To Start A Successful Business In A Niche Market

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A lot of businesses now are within a niche area. There are plenty of ways to be successful still. The industry of plumbing for example, is a highly skilled area that will take you some additional steps before you can really see the business flourish. This is because it is a skilled job, as many niche industries are, such as building, architecture, medical equipment manufacturing, car manufacturing and they require a lot of hands on work.

Here are the first fundamental steps for starting in a niche market:

  1. Know your niche.
  2. Get training and experience – this includes knowing about plumbing as well as business and also the implications of hiring staff and their wages, insurance.
  3. Take care of the legalities with the necessary insurance needed and all the important information relating to your businesses’ tax.
  4. Make a business plan and look at what you would like to achieve in the first year or two of business.
  5. Have a unique logo and create a business website to help drive sales – you should look at good web design to ensure that your business is being advertised in the right way.
  6. Generate leads and be a good salesperson.
  7. Have a license – this may vary from state to state, but often you’ll find that being a trade qualified plumber isn’t enough to obtain your licence. You may also need to prove you are capable in business, whether that is exams or additional skill sets that you can prove on paper and in practice.

StrategyDriven Starting Your Business Article | How To Start A Successful Business In A Niche Market

Look At What You Need

If you are looking at the world of plumbing for example, you are going to need to look at a big supply of tools and equipment. With wholesale plumbing supplies, you can be sure that your business is well equipped to deal with all types of plumbing situations and that you can do your job well with good quality supplies. You want to ensure that you have reliable equipment and tools that will serve you well. You want to keep your customers happy with being able to carry out the work effectively and efficiently without any problems. This will keep your customers coming back time after time. This depends on how well you do the job, your expertise and the staff that you employ.

Another important thing to remember is that when you are working as a business, you will need a team of people behind you, so employing the right people is vital. You need friendly and reliable team members who will be qualified for the job and be able to prove their skills as well as offering a personable attitude to customers. Without this, your business is dead in the water. You must be able to look at the positives of business too, because you will need a lot of focus and determination. Look at the competition. What companies are you currently competing with before you start your business? What are they doing differently to you and how can you outsmart them and do better?

Starting any business is an exciting prospect but there are some additional things to consider in the plumbing industry. Start small, know your craft and see the benefits.

10 Top Tips For Starting Your Own Business At Home

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StrategyDriven Starting Your Business Article | 10 Top Tips For Starting Your Own Business At Home

If you’re thinking of starting your own business at home but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re starting a business as a result of COVID-19 or you’ve had a business idea in mind for years, you need to be sure you’re doing all you can to make your first year a success. Whilst it may be overwhelming at first, there are lots of tips and tricks you can pick up to ensure you’re doing your best. From determining your target audience to creating a routine that you easily can work to each day, the more you’re doing to help your business succeed the better. With that in mind, here are 10 top tips for starting your own business at home:

Consider What Your Business Is Going To Do And How You’re Going To Make Money

One of the first things you need to do when it comes to starting your own business is to think about what your business is going to be doing and how you’re going to be making a profit from it. Although it may seem obvious, people often forget about this stage of their business plan.

If you’re unsure, the best thing to do is write down all of the products and services you’re thinking of offering, focussing on the value each of them will bring to the customer. Once you have done that, you will be able to think about a price point. If it helps, you may want to consider looking at your competitors and what they’re doing. When it comes to doing your first competitor analysis, you may want to do a little bit of research first.

Write A Detailed Description Of Your Target Audience

In order to create a business that is going to succeed, you need to think about who your target audience is. Whilst it may take some time, you need to ask yourself as many different questions as you can in order to create the perfect customer avatar.

Questions you may want to consider asking yourself include:

  • How old are they
  • Are they male or female?
  • Where do they live?
  • What do they do for a living?
  • What do they like to watch on TV?
  • Where do they like to shop?
  • Do they have any children?
  • What hobbies do they have?
  • What social media platforms do they use the most?
  • How often do they get paid?
  • What are their pain points?

Once you have asked as many different questions as you possibly can, you will be able to create an image of what your ideal customer should look like. This will make it much easier to market your product in the future.

Create A Comfortable Space For You To Work That Is Free Of Distractions

Working from home is incredibly difficult as you associate your home with being able to relax. Whilst you’re allowed to relax in your own home, you also need to ensure you have a specific space that is dedicated to working. Whether that’s a home office or a desk in your living room, knowing that you have a comfortable space that is free of distractions will help keep you motivated when you’re struggling to concentrate. For tips and tricks when it comes to creating a working space that motivates you, you can visit this site here.

Make Sure You’re Working To A Routine

Similar to the point above, you need to ensure you’re sticking to a working routine. Whether that means starting at the same time every day or ensuring you have an hour-long lunch break, you’re going to find you get much more done if you have a routine.

Do As Much Research As You Can When It Comes To Running A Business

If you have never run your own business before, you need to be sure you’re doing as much research as you possibly can in advance. From following successful entrepreneurs on social media to reading as much information as possible, the more you know about running your own business the better. If you’re struggling, you may want to consider taking a course to help improve your knowledge.

Set Up An Email And Caller System To Deal With Enquiries

Although you may not get many enquiries, to begin with, you need to ensure you have a way in which people can contact you if they’re interested in your products or services. The best way to do this, of course, is to give them ways to email or call you.

When it comes to setting up a phone number, you may want to consider using an auto dialer at first. This means that you will be able to continue using your personal number whilst you make outbound calls. This makes you seem like a much bigger business, which certainly helps when it comes to professionalism. For more information, you can visit Call Cowboy here.

Put As Much As You Can Into Your Marketing Efforts To Begin With

One of the best things you can do for your new business is to ensure you’re putting as much as you can into your marketing efforts for the first few months. If you’re starting a business where no one knows your name, you need to do as much as you can to increase your brand visibility. A great way to do this is to use paid ads on social media. Not only will this help build a customer base, but it will also help when it comes to growing your social media following.

Consider Outsourcing To Professionals For Certain Roles Within Your Business

One of the best ways to ensure you’re able to focus on the important aspects of running your business is to outsource work to professionals. Whether that means you’re outsourcing a role that you have no experience of or you’re simply freeing up your time to work on business development, bringing external people into your business is something you should look to do as soon as you possibly can. Although it can be expensive, they will more than pay for themselves when you’re able to grow your business exponentially.

Here are a number of different jobs you can outsource if you need to:

  • Your monthly or yearly accounts and tax return
  • The management of your social media channels
  • Content writing for your blog and your website
  • Public relations to help your business be seen
  • Virtual assistance to help with the running of your business

Although it can be hard to let go of certain aspects of your business, outsourcing is a great opportunity for business owners. For more benefits to outsourcing as an entrepreneur, you can visit this site here.

Set Yourself Goals And Targets That Are SMART

Setting yourself goals is another great way to ensure your first year is a success as it gives you something to work towards. When setting these goals, you need to ensure that they’re SMART. This means setting goals that are specific, measurable, achievable, realistic and time-based.

Make Sure You Have A Back-Up Plan In Place

Finally, you always need to be sure you have a backup plan in place. After all, you never know what could happen.

Although it can be hard to set up your own business, the tips and tricks above will help you have the best possible start. What will you be doing first? Do you think we missed anything off of the list? Let us know your thoughts and ideas in the comments section below.

How to Start a Business That’ll Succeed: A 10-Point Guide

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StrategyDriven Starting Your Business Article | Starting a Business | How to Start a Business That'll Succeed A 10 Point GuideIt is only natural to worry about failure when starting a business. However, don’t let the fear stand in the way of what could be a profitable company, which could potentially change your life.
To set yourself up for success, you need to understand how to develop a strong business model and to avoid the potential pitfalls that could thwart your venture’s growth and profitability.
To kickstart your idea, here are 10 helpful points to help with starting a business that will succeed.

1. Find Your Passion

Never launch a business for the sole reason of making money. If an idea or industry doesn’t light a fire inside of you, then avoid it at all costs.
You will need to dedicate a significant amount of time and energy into building and maintaining a successful enterprise, so it’s critical to love what you do.
It is this passion that will help to push through setbacks, gain in-depth knowledge about the industry, and wake up every morning with the sole aim of growing your brand and acquiring new customers.

2. Gain Experience

A lack of experience could lead to a lack of success in your chosen industry. For example, if you have your heart set on opening your own restaurant, you must gain experience in the food industry.
You’ll need a solid understanding of the level of hard work, passion and commitment required to run a restaurant, as there is more to it than hiring a chef and marketing your venture.
Gaining experience will ultimately provide the tools you need to kickstart a successful restaurant or could prevent you from making a big mistake.

3. Earn a Business Degree

Aspiring entrepreneurs would be wise to earn a business degree, which will provide them with the in-depth knowledge and skills they need to run a small or large company.
There are now several superb degrees budding business owners can choose from. For example, you could embark on a Masters in Business Administration online, which will take 18 months to complete and you can customize the course to suit your needs. You could also study health management, operations management, global leadership, or supply chain & enterprise resource planning. It can prove invaluable for those hoping to start their own business in the near future.

4. Start Your Business While Employed

Don’t quit your day job because you have a great business idea. It could potentially take a long time until your new venture generates a profit.
A part or full-time job will keep money in your pocket while you’re developing your budding brand. Once your business considerably increases its profit margin, you should quit your career to focus on your new company.

5. Start Networking

You don’t need to wait until your business is officially up and running to start networking. Line up potential clients or customers by reaching out to individuals, brands and organizations. For instance, you can form connections via LinkedIn, ask professionals for advice, or attend local networking events or groups to develop strong relationships in your chosen industry.

6. Write a Strong Business Plan

A business plan will provide your new enterprise with a roadmap to success. It will provide your company with a direction, as you’ll need to set objectives, define strategies, and set targets to work towards. It can, therefore, prevent you from sinking your time and money into unnecessary areas of the business.
In addition to providing you with a sense of direction, the business plan can also help you communicate your vision to potential partners or investors, who could be integral to your company’s success.

To write a strong business plan, you’ll need to:

  • Perform market research
  • Feature detailed information about your marketing strategies
  • Identify your target audience
  • Determine potential obstacles
  • Feature realistic goals

7. Turn to the Professionals

The prospect of performing every internal task yourself might seem a little daunting, which is why you’ll be happy to know you don’t need to go it alone when running a new business. For example, unless you have experience in bookkeeping or accounting, you could outsource a professional accountant or bookkeeper, who could save you more money than they could cost you.
You also must not cut corners when writing contracts either, which could lead to potential legal and financial issues in the future. If you don’t have a law degree, hire a lawyer to write up a contract for you. Never perform tasks you’re not qualified to do, as it could lead to your company’s downfall.

8. A Financial Investment

Think carefully about how you will fund your business. If you don’t have money in a savings account to rely on, don’t expect to walk into a bank to secure a loan, as most traditional lenders don’t like new ideas.
They also are often only willing to work with entrepreneurs with a proven track record in business.
Rather than skimping on different areas of your business, which can inhibit your growth and damage your brand, you should consider the following financial options:

  • Approaching potential investors
  • Saving money out of your own pocket
  • Crowdfunding
  • A business loan from a lender or loved one
  • Refer to your business plan to estimate exactly how much money you’ll need to get your new business off the ground.

9. Develop a Cohesive Brand Identity

Mixed messages, different color schemes and varying tones of voice can lead to a confusing brand, which will indicate a lack of professionalism and attention to detail.
Your website, social media profiles, brochures, flyers and print ads should feature a consistent voice and message, which will help you to develop a standout brand that will convince your target audience to become a customer.

10. Choose Your Team Wisely

When the time comes for you to hire your first employees, you must ensure you build your team wisely. Not only must they have the appropriate skills and qualifications for a role, but they also should have a positive, hard-working attitude and their personality should complement your desired company culture.
As a result, you can create a strong, productive and passionate team, who will help your brand to grow from strength to strength throughout the years.

First I Launched My Company And Then I Had To Start Learning About Managing A Product.

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StrategyDriven Entrepreneurship Article | First I Launched My Company And Then I Had To Start Learning About Managing A Product.To some degree, I always knew I’d launch my own business. I just didn’t know which field of study the company would rest in. So after spending much of my 20s working in finance and real estate, and then going to business school, the right opportunity sat in front of me. In 2011, I formed SquareFoot, a new kind of commercial real estate company, to address growing companies and their office space needs.

We spent those early years building our website and fleshing out our marketing and messaging to reel in clients who suited our solutions. For a few years, this process worked well for us, and I took it on my own shoulders to grow in my knowledge first and then my role and leadership to include more. As I managed the real estate component of the company, and pinch-hitted adequately on the marketing front, too, I came to realize that I wouldn’t be able to carry the team in one crucial element: product.

My thinking on this was simple – There were three areas of the business that needed to be top-notch for us to succeed: 1. Real estate, 2. Marketing, and 3. Product. I could handle the top two, but not the last one. Not if I wanted the company to deliver on the vision I had. So I set out to hire a COO who could. I needed someone with complementary skills to mine, to fill in the gaps and to lead the other half of the organization. That person’s background would be, ideally, the inverse of mine, someone who was strong on product, could assist with marketing, and likely wouldn’t know the first thing (at that point) about negotiating real estate deals.

Over the past 3.5 years, I have been a stakeholder in the success of our product management, not the leader. And both the organization and our clients are better off because of it. I sit in on meetings where our COO and the rest of the team outline how and why to build out the product offering to give our clients more and better tools. This is an ongoing area of growth for me. Much of the interactions we have with clients are in-person, which falls into the real estate category of our negotiations and communications, but we must also have a high-quality website and app to match the promises and commitments we’ve made. I know we’re in good hands.

Some CEOs are product-first front their experience, skillset, and interests. They have a leg up on people like me who are catching up as they go when it comes to product, and depend on others more able than them to lead that portion of the business. But, I’d argue, nobody has done it all, or can do it all. For the product-oriented founders, they’ll need to eventually hire a business-oriented executive to help them build and grow for the future. What’s most important in these thought processes and conversations is to be honest and upfront about your own limitations and how those may be standing in the way of valuable progress or long-term success.

Since every company is different in makeup, there’s no definitive time to expand the executive team. You know it’s the right time, in my experience, when you feel in over your head again. As discussions internally began to mount among junior team members looking to me to make the ultimate decision, I was comfortable and confident in the real estate and marketing areas far more than I was when it came to product. It reached a point where I had to acknowledge and accept that I would eventually make a bad misstep if I didn’t turn to someone who was more capable of handling those situations and circumstances. That’s not a sign of weakness for a CEO, it’s a show of maturity. As SquareFoot grew in employee count and in client base, I had to grow in my leadership, too. Bringing on my counterpart then helped accelerate that growth overall across all metrics.

The advice I’d give to CEOs first starting out is to try to manage it all for as long as you can. But also be realistic and honest about when that style ceases to work. These are good problems to have, as it means you’ve tackled and conquered many layers of company growth to reach the point where you can no longer scale yourself to cover it all. Bringing on someone at that time is a smart move. Finding the person best suited to balance out your weaknesses with their strengths is the best path toward reaching what you set out to do and continue to seek. For me, that was understanding that product wasn’t something I could pinch-hit on. Once I turned to an expert, I haven’t had reason to look back.

About the Author

StrategyDriven Expert Contributor | Jonathan WasserstrumJonathan Wasserstrum is the Founder / CEO of SquareFoot a commercial real estate platform based in New York City. Founded in 2011, Squarefoot helps companies find their next (and next) office space.