Thinking of setting up your very own manufacturing company?
It’s a wise move if you already have plenty of skills and experience after working in the manufacturing industry for a few years. This is a very lucrative sector to enter into as it seems to have already picked up well since the financial pressures of the previous few years.
So, ready to set up your new manufacturing company? Here are some steps you need to take to manufacture the best possible start for your new business.
Sure, it would be great if you could fund your new business completely out of your own pocket. But it is very doubtful that you will have the savings to do this. So, you will need to ensure that you have enough investment behind you. You can visit networking events that aim at bringing together new entrepreneurs with budding investors. Ideally, you should go to networking events that are focused on the manufacturing industry and sector. If you struggle to find a willing investor, you might want to consider crowdfunding.
Get the right qualifications
It’s a good idea to take some extra qualifications before you launch your company. This will show all your new clients that you are highly trained and competent in your industry. Plus, getting all those extra qualifications like a master lean manufacturing online can give you the edge over all of your competitors. Make sure that all of your qualifications, and all of those that any employees hold, are publicly displayed on your website. You need to show off what you’ve got!
Get legal stuff sorted
Before you can start trading, you need to make sure that you are legally able to. You will need to get a trading license and adhere to all other business and manufacturing regulations in order to continue with your business. If you don’t and are found out, then you could face being shut down. So, it’s a good idea to spend a couple of months before you launch to ensure that you have all of your business’s legal things ironed out and signed off.
Start recruiting early on
Ideally, you should have recruited for all of your open positions before you open the doors of your new business.
So, as recruitment can often take a while, it’s a good idea to get the ball rolling at least a couple of months in advance. This will give you a good chance to go through a couple of rounds of interviews to ensure that you find the right people for your company.
You should look for new hires who already have experience in the manufacturing industry as these will take a lot less training to get settled in.