The Secrets Every Manufacturer Wished They Knew (And Now You Can)
For every success story, there is a tale of woe. The people telling it might be at the top of the tree now, but they learned the hard way. After all, entrepreneurs need to understand the small details of every aspect of the industry to drive the brand forward. You’re at the beginning of your story, which is scary. It’s impossible to know the ins and outs this early on in the game, which is why mistakes are inevitable.
However, the people that are switched on will realise others have already been down the path. So, you can learn from their errors and set a new example. Here are four manufacturing examples for your information.
Prove Your Product (But Not 100%)
Proving a product is viable for the long-term is a delicate balancing act. The initial pitfall is jumping into the business too soon without doing any research. Yes, friends and family are good sounding boards but they’re also biased. They’ll see the excitement and go along with it without posing any tough questions. To avoid this, reach out to strangers on social media with polls and questionnaires. Speaking to contacts on LinkedIn can help too. But, don’t miss an opportunity by waiting for 100% confirmation. Instead, use Jeff Bezos’ 70% rule.
Invest In Quality
You are creating products and can’t outsource to a third-party. So, investing in high-quality material handling equipment or lift truck for sale and other machines are going to be essential. To cut costs, it’s tempting to go second-hand rather than buying a brand new resource. As a generalisation, it’s an error in judgment because the quality isn’t as great. Remember that time is money, so any downtime will impact sales and the company’s profit margin. There is nothing wrong with haggling and negotiating over the initial price; make sure it’s for high-class products. If you need haggling advice, check out the link.
Get Certification Beforehand
A lack of paperwork tends to stump industry newbies. They invest in machines and tools and materials and don’t realise they need regulating. Yep, a PUWER inspection is mandatory depending on the type of device. And, even if it doesn’t need one, it needs checking and putting on a register. Take a look at a comprehensive list of PUWER FAQs by following the link. It’s essential to obtain the certification before the machine is used for the first time or you might be subject to penalties. Get it done fast, get it done by experts, and keep the receipt.
Leave Space For Scalability
There’s a tendency to focus on the present and not look to the future. As a manufacturer, it’s vital that you think about moving forward. Unlike most businesses, you can’t find a new lease and move as there’s too much equipment. And, it’s impossible to grow without the room to install new equipment and hire recruits. The downside is that you end up paying for space which you aren’t yet using. With this in mind, opt for a factory which is roomy but not huge. In addition, you should also consider using electronic contract manufacturing to make your tasks more easier.
Armed with these secrets, do you think you can make a mark in the manufacturing sector? Are you using lathe for your business yet? Lathe is a machine that presses the cutting tool against the rotating material while moving it parallel to the main axis cutting it to form a cylindrical shape.