Nibletz Staff
One of the most important components of any business plan is your relevance. You could have the brightest scientists and engineers working on a life-changing product, but if there is no market for it then you aren’t going to make any money. If people don’t have a use for your product, then no matter how great it is you aren’t going to make a profit on the money you invested in.
This is the key to running a successful manufacturing startup. You can’t be too specialized and you can’t be too broad, but you do need to be flexible and take on as many orders and clients as you possibly can. An industrial startup has to be willing to accept jobs that are outside of their comfort zone, but you need to be professional enough not to overstep your boundaries and overestimate your ability.
Versatile equipment
Image starting a production line. Picture all the machines, gears and computers required for production to run smoothly. Now let’s say your contract is complete and you’re going to take on a new job. As you receive the order, you realize that you now have to change your production line and tweak it so that you can build this new order. If your manufacturing line isn’t ready for change, then you’re going to be slow at meeting orders and your efficiency as a business will plummet.
Whether it’s heavy duty clamps to lock down hoses, robotic arms to do highly detailed work or conveyor belts to move items around your factory, you need to have versatile equipment that can be switched or modified at a moment’s notice so that you can continue working efficiently whenever you receive a new order. There are some obvious limitations to this. For example, you can’t expect to create plastic toys and also manufacture chemicals to be used in cleaning products. You have to set realistic goals and aim to conquer an industry.
Focus on a needed industry
Let’s start with this question: what can you provide? If you want to specialize in a specific industry, then you need to get yourself out there and provide products that resonate with your clients and customers. For instance, if your factory is close to a large lumber yard, then you can specialize in wooden products that could be anything from furniture to disposable chopsticks. Wood is one of the most used raw materials in our everyday lives. We build houses with it, buildings, furniture and it’s even used as fuel.
For something so versatile, you are guaranteed to get regular customers and you might even sign contracts to supply big-name brands assuming you can meet their demands and provide excellent quality and service. If you focus on too many contracts, however, you’re going to spread your resources too thinly and you might not have the right equipment to tackle every job thrown at you. Another example of a needed industry is a chemical plant. Chemicals of all types are used in almost everything from food to cleaning products and bathroom essentials.
