Photo by Aurelien Romain on Unsplash
A report conducted in the summer suggested that manufacturing output in the UK accounts for just 9% of the national income. However, some have suggested that this was based on outdated and largely inaccurate methods of counting.
In fact, manufacturing continues to play a prominent role in the UK’s economic performance, both in terms of job creation and revenues generated.
Therefore, it stands to reason that this sector should appeal to aspiring entrepreneurs nationwide. But how should you go about launching your manufacturing venture?
Find a Suitable Location
When you’re first starting out, it may be tempting to identify an inexpensive property that would appear to reduce the long-term cost base of your manufacturing business.
However, this can prove to be a false economy. This is because developing a successful manufacturing firm relies on a solid support infrastructure.
Choosing the right geographical area is crucial to achieving this objective. For example, you’ll need excellent transport links to ship products directly to customers, receive raw materials from suppliers, and build a skilled workforce.
The latter point is particularly easy to overlook. Therefore, it can be best to set up in manufacturing heartlands where effective networks already exist and firms can target a skilled workforce. (We’ll have a little more on this later).
Build a Viable Support Network
Whenever you launch a brand new venture, the chances are you’ll be full of enthusiasm and ready to take on the world single-handed.
However, starting any business is a challenging adventure. It is also one that becomes even more difficult when entering into a complex and competitive market such as manufacturing.
With this in mind, you’ll need to ensure that you have access to a viable support network. For instance, you’ll want to be in touch with organizations such as the Federation of Small Businesses and Chambers of Commerce.
In the manufacturing space, outlets such as RS Components also boast a number of communities and hubs to help new firms. These include DesignSpark, which is an online sharing community with powerful and freely accessible tools.
Build a Great Manufacturing Team
Finally, it’s imperative that you build a great team with the aim of taking your manufacturing business forward.
After all, you have a great product, the ideal location, and all the support in the world. However, all of this means little unless you’re able to rely on a skilled and agile team that’s fully engaged with your brand.
The nature of the skills that reside in your team is also crucial, as employees must have industry-specific and transferable qualities that provide depth and flexibility to the workforce.
To achieve this, it’s crucial that you identify the average salaries for key roles in your geographic area. You must ensure that all employees are paid a fair wage. We’d also recommend liaising with the local universities. In this way, you can seek out strategic hiring advice and identify emerging talent for your manufacturing business.
Follow This Road Map for Starting Your Manufacturing Business
Follow the road map here for starting your manufacturing business. That is, find a suitable location, build a support network, and hire a great team. And when the inevitable roadblocks slow your progress, come back to our blog for tips on how best to get around them.