Starting a Manufacturing Company
Many manufacturing companies have existed for a long time and have established themselves. You can seek the advice of an industry leader and model yours after a manufacturer that has a history of success.
Market Research and Funding
The initial stages are going to be lots of market research and seeking funding. What resources and equipment will you need for your industry? From whom will you source your raw materials? How will you market your services? For funding, many startups are self-funded and accept gifts from family or associates. Small business loans typically aren’t available until the second or third year of operation so that the lender can assess your processes.
Infrastructure and Systems
Your infrastructure will, of course, depend on the industry you’re entering, but there are a few essentials. Once you know what machinery you’ll be running, you can have an engineer figure out what kind of electrical system you’ll need. You will also need to plan for plumbing, waste removal, a compressed air system, and ventilation.
Networking and Partnerships
Networking ad partnerships are perhaps the most crucial aspect of starting a manufacturing company. It is no small operation, so you’ll need a team of consultants, lawyers, engineers, and bookkeepers. You will most likely have at least one or two business partners as a result of funding negotiations. Be discerning about who you give rights to your company. Be clear with your partners about what their role will be and have your lawyers draft tight contracts.
Manufacturing in the United States is not as commonplace as it was a hundred years ago, but that doesn’t mean it’s gone for good. If production is your passion, and you have the means to open a factory, the world always needs people who know how to produce the ideas they envision.
