Did you know that manufacturing makes up around 11% of America’s gross domestic product?
That positions the manufacturing industry as a vital component of the U.S. economy. And it means that now’s the right time to carve out a space in this booming industry.
Read on to learn five terrific reasons for starting a manufacturing business!
1. Manufacturing Covers a Lot of Options
From toys to textiles, manufacturing companies cover a lot of ground. You can start a furniture-making business, for instance, to produce love seats and rocking chairs. Or you can go high-tech and involve robotics in your production line.
Keep your business healthy by investing in standardized machinery. In other words, if you use conveyor belts in your factory, you can use them to produce a variety of goods if your primary product loses momentum.
And no matter what area you pursue, you can keep your business safe. Are you concerned about liability for workplace injuries or accidents? Rest easy knowing that manufacturer’s insurance has you covered.
Learn more about how you can mitigate risk with the right policy. You even can replace lost income due to an accident to ensure your company is financially viable.
2. Manufacturing Careers Offer Stable Work
One of the biggest benefits of manufacturing careers is the breadth of career options. They range from entry-level workers to management executives. In other words, your business can appeal to a wide swath of applicants.
Someone who ascends the ladder to become an industrial production manager can earn a six-figure salary! And even those on the production floor can find meaning in contributing to a larger cause — and earn a high wage in the process.
Consider offering in-house training and professional development opportunities. This can help your best workers advance and yield a more loyal workforce.
3. You Can Scale Up or Down Easily
If you’re looking to create a unique travel accessory or biodegradable clothing, do it! You can carve out a niche in the manufacturing industry.
Best of all, it’s easy to scale up when business is booming. Just increase your personnel or take on a new lease to increase your production facility size. And if you hit a lull, roll back production.
Using management software and focusing on regional clients at first can help address logistical issues, too. When shorter lead times are the norm, you can contain your delivery radius as a new company.
4. Experience Financial Success
If you choose the right products, the manufacturing industry can be highly lucrative. Just be sure to develop a business plan before you start looking for loans and personnel. This is where you’ll outline your mission and goals.
Map out short-term and long-term projections for expenses and revenue. And commit to holding quarterly meetings with key stakeholders. When you’re managing your budget carefully and investing in digital marketing, you can capture and grow your customer base.
Plan on Starting a Manufacturing Business
Starting a manufacturing business is a big undertaking, but it’s a sector that offers flexibility and demand. You can start a company in your garage and scale up to a bigger warehouse when the cash flow is stable. And you can promote company loyalty by offering employees opportunities to advance.
Find more tips to build your next business. Check back for new and informative articles!