How can you break into an industry that has failed for so many?
Retailers are struggling more and more each year. Big names in the industry are closing their doors for good, and online retailers are taking the world by storm.
Set yourself up for success with the right, high potential, manufacturing business ideas.
If there is something you’re skilled at or something that you are passionate about, why not turn it into a business? Creating a low-cost, manufacturing powerhouse could be just the ticket!
Are you interested in walking the path to success? Read on to find out how, and discover where you should start.
What Does a Manufacturing Business Entail?
If you’re new to this industry, you may not be familiar with all the things that make up a manufacturing business.
A manufacturing business uses any components or materials to create a finished product. A manufacturer can sell right to a customer, but generally, they sell to merchants.
Your product could be a few simple pieces, or it could take hundreds of components to create a finished product.
It’s also essential that you follow good manufacturing practices so that you succeed and your business thrives. Learn about GMPS and create your path to success.
9 Fantastic Manufacturing Business Ideas
So, what industries would benefit the most from new manufacturers? Where are you most likely to find success?
Here are a few ideas that you can start for less than $50,000:
1. 3D Printing
You can use CAD/CAM software to create pieces that aren’t made anymore (think old pinball machine pieces), prototypes for new products, or mockups for companies looking to share ideas tangibly.
If you get into the customization business, you can range anywhere from computers to welding. You can provide any level of customization for your clients or create plans for a higher return.
3. Micro-machining & Lasers
Most industries are favoring smaller components, which means that keeping up this could be a big business. If you can provide these small, micro parts and openings, you will be sure to find buyers.
4. Custom Woodworking
If you are handy with woodworking, consider manufacturing necessary items like plaques and awards. If you get in with local organizations, you could have a regular source of business. Wood products are growing in popularity because of their high-end quality and durability.
5. Vacuum Forming or Thermoform Molding
The process of vacuum forming uses heat and vacuum pressure to form plastic into a mold. When you get started, you can DIY a mold out of wood and then upgrade once your business is thriving.
6. Metal Casting
If you’re interested in metalwork, you can produce products using recycled metal material to create products. Make sand molds yourself from a wooden model, or invest in a higher-end furnace to cast a broader range of metals.
7. Low-Waste Packaging
Industries are starting to favor low-waste packaging products more and more. Restaurants, grocers, and food distributors want eco-friendly products to keep up with the demand of their consumers.
8. Organic Cosmetics & Soaps
Organic and all-natural beauty products are more popular than ever. If you use herbs and want to promote any health benefits, make sure you produce your products in an FDA-approved facility.
9. Food Kits:
Food kits with pre-measured, fresh ingredients, spices, and instructions are perfect for today’s consumers. But, like the cosmetics route, you need to make sure that you follow FDA-regulations to produce successful, safe products.
How to Start a Manufacturing Business
Are you ready to get started in manufacturing? Keep these things in mind before you launch your high-potential manufacturing company:
- Research: Before you get started, it’s essential to understand what your competition is and with whom you will do business. It’s also vital to figure out how you will produce and market your product.
- Budget: Set a budget that works for you and STICK TO IT! The best way to keep things low-cost is to know what you want to spend on each phase of your business development and find ways to stay within that. During your budgeting phase, you can also work out any partnerships or loans you may need and how you can make the most of them.
- Legal: Make sure you have yourself covered in your state for whatever laws your business may require. Have all the licenses and certifications on hand before you start buying equipment or hiring employees.
- Start Small: Play it safe when you’re getting started by renting equipment and leasing a workspace instead of buying. Your business is bound to go through a lot of changes in the first few years as you get your feet under you, so give yourself the space to adjust accordingly.
- Check References: Before you partner with any vendors on the things you need to make your product, check their references and reviews. If you read anything you can use it to negotiate a lower price, it’s best to know beforehand. Knowing is also essential for anything else you may need to buy or rent when you get started.
- Partnerships: Businesses change daily, so it’s crucial to make sure that you always have access to what you need to produce your product. Give yourself options in case prices change, or another manufacturer gets priority over you. Having options can also help provide your product a little variety so you can keep up with trends in your industry.
Start Your Manufacturing Business Right
Whichever of the manufacturing business ideas you decide to pursue, it’s crucial that you start your business the right way. The right start will help you avoid any costly issues or legal pitfalls.
- Make sure you do enough research on safety and legal practices to protect yourself from any liabilities.
- Try to create some contacts and business opportunities before you get started.
- Find out if your region needs the industry you’ve selected and if there is something you can do to set yourself apart.
- Stick within your set budget and rent whatever you can.
Take your success into your own hands, be your own boss, and reap the benefits of owning your own manufacturing business!