When your business first starts out, all of your manufacturing will be outsourced to an outside company. There’s no sense in building a manufacturing operation of your own when you can’t afford it and you don’t even know whether there is a market for your products. But once you start making some sales and seeing steady growth, it might be time to reconsider. If you’ve got the capital available and your sales volume is high enough to warrant it, building your own manufacturing operation instead of outsourcing has a lot of benefits.
First off, you can usually do it cheaper than outsourcing because you’re just paying the base costs for materials and labor without having to pay an extra fee to the manufacturer on top. Beyond that, you have full control over the operation which means that you can always be finding ways to make it more efficient and reduce your costs.
That level of control also allows you to create a better product. When you’re outsourcing to a manufacturing company, you’re just one of their many clients. Although they will work to create a good quality product, they’re not that invested in your company. But when you’re handling it yourself, you can build a close relationship with your manufacturing staff and work with them to find ways to improve your products and make them the best that they can be.
Those are all good reasons to consider building your own manufacturing operation, but be aware that it’s a big task to take on, especially if you don’t have that much manufacturing experience. However, it can be done if you plan properly and remember these important things.
If you’re looking to expand and build your own manufacturing operation, you’re going to need money. Some of that will come from the business but it’s unlikely that you’ll have enough money to cover it all, which means that you’ll need to approach investors. The cost of a new manufacturing facility is going to be high, so investors need to be sure that it will actually benefit the business and they’ll see good returns on their investment. That’s why you need to make sure that you create the perfect business pitch to convince them that it’s a worthwhile way to spend their money. Do a cost analysis so you can show the estimated amount of money that you’ll save by handling your own manufacturing. You should also include details of how you will use that extra money to push business growth in future. They will also want to know whether this new manufacturing operation will allow you to increase your output and whether you have enough customers to buy those products, so always include your sales projections for the next few years as well. If you walk into a pitch unprepared and you get tripped up by any difficult questions, you’re not likely to get the money that you need. So, always do your research beforehand and prepare for every eventuality.
Location
Once you’ve got the money that you need, the first step is to choose a location for your new manufacturing facility. Price is obviously a big factor and you’ll have a budget for what you can afford, but that’s not the only thing that you need to think about. You’ll need to consider how you’re going to distribute products once they’ve been manufactured. If you build a factory in the middle of nowhere and there aren’t good transport links, you’ll spend a lot more money on distribution and that will eat into the savings that you’ve made in manufacturing. However, the cost of buying the property is likely to be higher if you’re right in the centre of a city. It’s about finding a balance between the cost of the property and the ideal location.
You also need to be aware of any environmental issues in the area. You might be restricted in terms of what materials you can use and what emissions you can put out in certain areas, so always check with local authorities first.
Lastly, you have to make sure that you’re close enough to residential areas so that workers can get to your factory easily. If it’s at least an hour commute for anybody to get there, you’ll struggle to hire the best workers for your factory.
Now that you’ve found the ideal location, it’s time to start building, and that means finding the right contractors. People often underestimate just how many different people are required to set up a manufacturing facility. You’ll need general contractors to either put up the warehouse or repair an existing one so it’s fit to work in. Then you’re going to need a polished concrete contractor to maintain the floors and ensure that they’re safe for work. Once all of the main construction work is done, you’ll need to find plumbers and electricians as well. The quality of contractor that you pick is going to have a direct effect on the quality of your end product, so it’s vital that you choose well.
If you have any other contacts in the manufacturing industry, it’s worth asking them which contractors they used. Always ask to see examples of their previous work as well so you can check the quality. While construction is going on, maintain a close relationship with your contractor so you’re aware of any potential problems.
Your equipment is the most important part of your manufacturing operation. Without good quality equipment, you can’t manufacture good quality products. You also need to consider the safety features on your machines so you can reduce the chance of any accidents. The biggest problem is that manufacturing equipment can be incredibly expensive. In some cases, you can save money by purchasing second hand machines but you’ve got be sure that they’re in good condition otherwise the quality of your product will suffer and your employees won’t be safe in the workplace.
Building your own manufacturing facility is very difficult and it requires a lot of investment, but if you can get it right, it’ll save you money and facilitate a lot of business growth.
Small businesses make a massive impact on the local economy. Either by generating income and then spending it in the local area and then in other local businesses or by bringing in good trade from outside – like tourists. But when it comes to being a business owner, it will always be in your benefit to do good in the area that you do business in.
Ideally, you will begin by seeking out companies and causes that speak to you on a fundamental level. It might be a local animal shelter, it could be a healthy initiative like a walking group, or it might be a small local branch of a larger company.
You don’t have to come from a wealthy background, or even sink a lot of money into anything. Usually, time and help will achieve the funds.
General Community
When it comes to making a swift and lasting impact a lot comes down to the local government. Ensure that you are up to date with domestic policies, what will impact your business, and others that perhaps are vulnerable in your local area. Take the time to work out where the city spends its money, where it comes from, political reform organizations, upcoming changes and what you can do to support your own values and the values of others.
Animals
Each and every city has (sadly) far too many animal shelters that will always be in need of donations. Get in touch with a few and see where your business (and you) can contribute. It might be a portion of profits, it could be a Saturday morning in the kennels. Blanket collections, food, and maybe raising money for medical expenses. You might even look into helping to foster dogs when needed – and who doesn’t love an office dog?
Sadly there are millions of lonely people, and you might even be one of them. If you don’t have the cash to put into something, perhaps you have the time? Seniors, parents of young children are in the bracket that is most often associated with being alone. You could make a point of visiting people you know are on their own, or you could arrange a friendship club in the local area – church halls and community centres tend to be great for this. Bring hot drinks, cake and boardgames and let people interact. Social connects are powerful and fulfilling – so help to nurture those connections.
Give Back
If you have been fortunate enough to do well from your business, then perhaps it is time to pass on that knowledge. Get in touch with local schools, and children’s clubs and see if they have anything coming up like a careers day. Go and speak about your success and failure – perhaps even pass on some of the skills you’ve learned along the way.
Whether you are starting a business for the first time, looking for ways to bring new readers to your blog, thinking about starting an online store or business, or you are thinking about taking your established brick and mortar store online for the first time, digital marketing might be something that you’ve heard about.
Digital marketing has a great many benefits. It gives you an easy way to reach a large audience, it can be much cheaper than traditional offline marketing methods, and it can help you to get noticed as a modern and up and coming business. It can also give you much greater control over your marketing methods, and the chance to try a massive range of different things. But, first, let’s take it back to basics and look at what digital marketing is, and what it could do for you.
It’s easy to think that digital marketing is complicated and complex. Most things online and in business are. But, it doesn’t have to be. In fact, digital marketing can be much less complicated than more traditional methods as you can analyze the data, and see what is working more efficiently.
To put it very simply, digital marketing is methods of promoting and advertising your brand or business, or yourself if you work as a freelancer or sole trader, on the internet. It’s growing an online presence and using it to reach a wider audience, engage with your readers or customers, gain valuable feedback and find ways to improve.
Twenty-five percent of U.S. adults say they’re “constantly” online and 75 percent of American adults go online once a day and these numbers are rising all of the time, all over the world. So, it should come as no surprise that many of today’s most successful businesses see the internet as the best way to reach the largest audience.
What are My Options?
Digital marketing isn’t all about placing adverts on websites and social media. There’s a lot more to it than that. But, you don’t need to do it all. Once you’ve grown an audience, you can spend time (and money) on the methods that you feel will benefit you the most. Don’t waste your time trying to be everywhere, concentrate on being where your audience can find you. Grow your social media profiles, work with influencers, launch a blog to support your business, place adverts carefully, send marketing emails, make podcasts and videos, and explore the internet as much as you can.
Why Do I Need It?
The main advantages of digital marketing are cost and reach. You might eventually want a digital marketing team, but it’s also okay to do some of your online promotion yourself to save money. It’s also a way to get your audience to work for you. They’ll share your content and comment on your posts, helping you to get seen by even more people.
But, that doesn’t mean that it’s time to withdraw traditional marketing materials completely. There are still advantages to marketing offline and investing in traditional marketing methods.
When it comes to pitching for new business, it can be a tough job to stand out from the crowd. The potential client will have seen a number of pitches and presentations, so how can you really grab their attention and make sure it’s you that they choose? Not only will they have seen many and had more to see, but they also will have been in your shoes at some point and will know that you’re trying to impress. So what is going to make them either part with their money or choose you over anyone else?
Have Some Humility
It’s all well and good telling the people from the business you’re pitching for how great you are and why they should pick you, but remember that they have seen a number of egos so you will stand out by showing some humility. Highlight the obvious challenges or risks your business faces and show that you are prepared for this. Show that you have and know the strengths to overcome them.
Get Personal
A personal story, anecdote or reference will be unique and something that no one else can offer. This can humanize the experience and give the potential clients something they can relate to.
Simplicity Is Key
Don’t overwhelm people with graphs, charts, data, and jargon. Make sure your presentation is visually pleasing by using presentation software. Be selective with the data that you show and keep your charts and graphs readable.
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Get To The Point
Get your most compelling points across early as you won’t have that much time in the pitch, so you want the panel to learn the two or three most important things early on. Not only will this keep them interested but will mean that you won’t forget to include them.
Demonstrate
Including a brief demonstration of what your offering is can be really useful if it’s done right. Not some cheesy role play, but something where you can involve the potential new clients will definitely make you memorable and stand out from the crowd.
Do Your Research
Read up on who you’ll be pitching too and align your pitch with the strengths and weaknesses of those people. Make sure you keep strong eye contact throughout the pitch and use whatever prior knowledge you have to your advantage. Show them that you are interested in who they are, without; sucking up’ you can still show admiration for work they have done in the past or interest in something you know they have been a part of.
Practice, Practice, and Practice
You need to know what you’re saying, not just learn it, but know it. That way you will know the answer to any questions and just know what you’re talking about. Look for inspiration from events where entrepreneurs, experts, and venture capitalists meet. You can learn from watching other pitches and researching the tactics and strategies that are needed for you to hone your skills and perfect your pitch.
When you run a small business, one thing that you really need to focus on is brand exposure and raising brand awareness. You want your brand to fall into the spotlight. You want everyone to notice it. After all, the more people who notice your brand, the more sales you will make in the long run. But nowadays, we are operating in an increasingly saturated market. It feels like almost everybody is trying their hand at creating products and selling them to the consumer market in a bid to escape from the rat race and employed positions building someone else’s dreams on their behalf. Who can blame them? There’s no need to be intimidated or put off by this competition if your products are actually good. It’s just a matter of getting your brand to stick in consumers minds, so that they come to you time and time again. How can you achieve this? Read on to find out!
Apps
Think of how much time the average person spends on their smartphone a day. We tend to take them everywhere with us. We’ll pick them up at any opportune moment. Whether we’re keeping ourselves occupied by watching a video on the way to work while we’re sat on public transport. Whether we’re replying to messages from friends while we’re walking down the street. We’ll probably give someone a call when we’re sat with little else to do. Then there’s the hours the majority of us spend aimlessly scrolling through social media feeds. Now, whether this is all healthy and productive or not, it’s what most people do. So, if you’re looking to grab people’s attention, it’s probably a good idea to set yourself up as a permanent feature on their phone’s home screen. This way, every time they unlock their phone, you’ll be in the back of their mind or they’ll be reminded of your brand’s existence. Now, very few people are so dedicated to any given brand that they’ll set its logo as their lock screen. So, how can you get into this space? The answer is to develop a custom, branded app that customers and potential customers can download to their phone. Your logo will appear as an app icon on their home screen and they’ll see it on a daily basis. The actual purpose of the app can also benefit you and you have a lot of choice when it comes to deciding what your app will provide consumers with. They could purchase products through it, it could serve as a digital loyalty card, or it could simply be a form of catalogue or look book that lets people browse your products. The main focus for now, however, is simply getting your logo in a space that customers will look at multiple times a day!
Free Gifts and Promotional Merchandise
You’ll have definitely come across branded free gifts or promotional merchandise at some point in your life. The majority of small businesses will engage with this tactic at some point or another. Essentially, by giving customers something free with your name on it, you’re making a loss in that you’re giving something away for nothing (despite not getting it made for free yourself). However, when you hand this item over, customers are likely to use it or keep it in their homes and are going to be exposed to your brand name and logo every time they use or look at the item. So, if this sounds like something you’re into, choose your items wisely. Think of things that many of us inadvertently look at on a daily basis. Something like custom car air fresheners would be a great example. We see a car air freshener every single time we get in our vehicle. It’s there for the duration of every trip we take. We glance at it every time we look in the rear view mirror. So, if it has your brand on it, people are going to look at it multiple times a day – during their commute, when they head out to get groceries, when they do the school run, when they head out to see friends… the list goes on and on. Other items that are useful are items that will also be seen by other people. Think of tote bags. People are much more likely to use tote bags nowadays in a bid to reduce their plastic consumption. They’ll take tote bags with them to the store and they may simply use them on a day to day basis to cart their belongings about. But when they are using a tote bag, they are generally taking it outside of their house. They are carrying it along on their shoulder, outside of their outerwear like a coat. So, everyone they pass sees it. If your logo or brand name is on it, this person becomes a walking form of advertisement for your brand!
Jingles
Jingles are one of the oldest tricks in the book when it comes to getting something to stick in consumers’ minds. It is a short and extremely catchy song or tune that is played at the same time as an advertisement, encouraging listeners to associate the sound with a particular company or brand. As you can imagine, they are most commonly used in either television commercials or radio commercials. So, if you have a little larger budget, this could definitely be an area worth investing in. While many of us automatically assume that jingles are a little old fashioned, they really do work to the same extent today. If someone says or whistles to the tune of “bada ba ba ba”, others will automatically say “I’m lovin’ it” and all involved will think of McDonalds. Some companies have even managed to rework classic songs to be associated with their brand. Cornetto managed to rework traditional Neapolitan song “O Sole Mio” so that many people now sing along “Just One Cornetto” rather than “O Sole Mio”. Many people can no longer hear the Rocky training theme song “Gonna Fly Now” without singing “118, 118” and thinking of two branded characters running around in training gear promoting a directory enquiries provider. In fact, studies suggest that the average person spends around fifty hours a year with a jingle stuck in their head. They are specially designed to infiltrate your memory and stay in your mind for years to come!
These are just a few different areas where you can really take control and imprint your brand on consumer minds. Each will entail a fair amount of work. You will have to invest time, effort, and money into these ventures to bring them to light. But collaborating with web developers for apps, designers and manufactures for merchandise, and musicians for jingles will prove all more than worth it in the end! Consumers really will begin to associate your brand with more than the products you sell alone. They will associate it with their smartphones. They will associate it with a lovely smell when they get in the car or saving money and the environment with an eco-friendly tote. They will associate it with certain musical notes that they hear. When it comes down to it, you really can use all of these things to create positive associations with your brand and to help your brand to maintain a regular presence in consumers lives. This can all help towards raising brand awareness, establishing yourself as a major player in your specialist field, and even making more sales!
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