Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question,“what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.
Some of our solpreneur readers are dreaming of the day their production means they need to open an assembly line or a factory. While this dream may see far away, there are a few things you can do to set your business up for success if you dream of opening a factory.
As a business owner, you’ve already completed this step on a small scale. Now, is the time to see with any if you can change to a much larger scale. Here are a few ideas to help you research the various kinds of manufacturing businesses.
You are the expert when it comes to making your product, but make sure you are doing it safely. If you start out with this in mind, it will become second nature when it is time to add another employee to add enough employees to open a larger facility. If you use machines or other equipment, consider an in-depth examination, like PUWER, to make sure you’re using the equipment correctly.
Production and manufacturing businesses tend to have a lot more expenses. Payroll, supplies, machinery, repairs and more can be a lot for any one person to handle. Consider outsourcing this business aspect to an accountant or at minimum begin using the right accounting software tools.
If you want to make money, not just figure out where it’s going, you need to look at efficiency. Look at how much you get produced in a day. How much of that you lose in a day. Set use performance indicators and targets yourself and your employees. If you know how and when you are most efficient, you can figure out where to make changes.
No manufacturer is an island. Choose your supplier based on trust and communication. Find a supplier who is willing to admit when something is causing trouble or your order will be delayed. You need to know what your supply line is going to look like in the future. That way, you can set up alternatives and prepare.
Expansion can be intimidating. Create your growth plans based on access to resources and what you intend for your next steps. If you’re not planning for what’s next and assuming success and planning for failure, you might not be able to handle either.
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