Setting up a manufacturing facility is a major financial commitment and whether you intend to own and manage your manufacturing facility yourself or work with a third party to produce your products there are several things you can do to help make the process a lot less stressful than it needs to be.
In this three-part post we will look at nine tips to help you avoid the pitfalls in the transition from your idea to a product that’s ready for sale.
Finding the right manufacturer to partner with can be quite challenging and unlike many organisations today manufacturers seldom have a strong online presence. What this means for you is that you will have to go the extra mile with the research and check references.
Get the legal details sorted out
You should 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.
Your business model
Perhaps you’ve had a fantastic idea for a product but you could find someone who already has a factory to make it for you? Is your product definitely unique enough to guarantee a market? Perhaps there is something similar out there already and you could be a distributor of theirs instead? Do you have the requisite administrative and managerial skills to co-ordinate the many people and processes that constitute a manufacturing enterprise? Get these elements in place and you will already be five steps ahead of most new manufacturing businesses out there.
Lookout for part 3 of our post where we look at three more tips to help you get your manufacturing facility off the ground effectively.
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Resource: Entrepreneur.com, Guardian.com