It is the norm for investors to calculate the viability and profitability of a business before investing their monies into the business. The truth is that there are industries that will continue to be profitable as long as you know the right niche to settle for. One such industry is the manufacturing industry.
No doubt, the manufacturing sector of any country contributes to the economic growth of the country and as a matter of fact, manufacturing promotes innovation, productivity, and trade. Now let us quickly go through the 50 most profitable manufacturing business ideas you can start in 2023.
Is a Manufacturing Business Profitable?
A manufacturing business is a profitable business all across the globe. In order to maximize profitability in the manufacturing industry, you must make sure you are manufacturing products that are in high demand not just within your city but all across the globe.
It might interest you to note that Manufacturers in the United States account for 11.39 percent of the total output in the economy, employing 8.51 percent of the workforce. Total output from manufacturing was $2,334.60 billion in 2018. As a matter of fact, manufacturing’s share of real GDP has been fairly constant since the 1940s, ranging from 11.3 percent to 13.6 percent.
Is a Manufacturing Business Easy to Start?
Truth be told, starting a manufacturing business is not an easy task, there are tough steps you must take in order to set up your own manufacturing factory or company.
50 Best Small Scale Manufacturing Business ideas You Can Start in 2023
Table of Content
- Smartphones and Accessories
- Computers and Accessories
- Manufacturing of Hair Dye (Hair Coloring)
- Manufacturing of Eyelash Extensions
- Manufacturing of Hair Extension
- Manufacturing of Medical Scrubs
- Gun Manufacturing
- Medical Device Manufacturing
- Manufacturing of Buttons for Clothes
- Electric Bulb and Electrical Fittings Production
- Kitchen Utensils and Cutleries Manufacturing
- Battery Manufacturing
- Manufacturing of Biodegradable Toys
- Manufacturing of Tote Bags
- Diaper Manufacturing Industry Business
- Tires Manufacturing
- The Brand-Name Pharmaceutical Manufacturing
- Manufacturing of Cosmetic and Beauty Products
- Manufacturing of Solar Powered Flood Lights
- Manufacturing of Audio and Video Equipment
- Hand Tools Manufacturing
- Automobile Spare Parts Manufacturing
- Electrical Equipment Manufacturing
- Wire and Cable Manufacturing
- Manufacturing of Soap and Cleaning Compound
- Picture Frames Manufacturing
- Eye Glasses and Frames Manufacturing
- Mattress and Pillow Manufacturing
- Safety Helmets, C-Caution, Safety Boots, and Other Safety Gadgets Production
- Water Closet and Ceramic Wares Production
- Furniture Manufacturing
- Paint Materials Manufacturing
- Manufacturing of Skateboards
- Hand Sanitizer Manufacturing Business
- Syringe Manufacturing
- Latex Glove Manufacturing
- Aloe Vera Based Products Manufacturing
- Production of Disinfectants
- Additive Manufacturing Business
- Egg Tray Manufacturing
- Christmas Lights Manufacturing
- Mannequin Manufacturing Industry
- Mobile Home Building
- Non-Woven Bag Manufacturing Business
- Manufacturing of Drones
- Manufacturing of Global Positioning System (GPS) Trackers
- Manufacturing of Plywood
- Manufacturing of Roofing Tiles
- Glass Product Manufacturing
- Air Freshener Production
- Smartphone Tripods Manufacturing Business
Smartphones and Accessories
If you are looking for a manufacturing business to start in 2023 that is highly profitable, then you should consider opening a factory that will be involved in the manufacturing of smartphones and accessories. Smartphones have become one of the essential things humans need to stay connected to family and friends.
It might interest you to note that the smartphone industry has been steadily growing since 2008, both in market size and in the number of models and vendors. Smartphone shipments worldwide are projected to add up to around 1.43 billion units in 2023. By the end of 2020, 78.05 percent of the world’s population were smartphone users.
Computers and Accessories
Another manufacturing business that is bound to continue to thrive beyond 2022 is the manufacturing of computers and accessories. In recent times, you can hardly find any business that doesn’t require computers. This goes to show that the market for computers and accessories will continue to be on the increase. The US electronic computer manufacturing industry includes about 300 establishments, with combined annual revenue of about $9 billion.
Manufacturing of Hair Dye (Hair Coloring)
If you are conversant with the trends in the beauty and fashion industry, you will agree that hair coloring is becoming the norm. Hair coloring or dyeing is the practice of changing the hair color. The main reasons for this are cosmetic: to cover the gray or white hair, to change to a color regarded as more fashionable or desirable, or to restore the original hair color after it has been discolored by hairdressing processes or sun bleaching.
Available data shows that the Hair Dye Market is valued approximately at 29440 million USD and is anticipated to grow with a healthy growth rate of more than 8.8 percent CAGR and it is projected to reach 53470 million USD over the forecast period 2022-2026.
Manufacturing of Eyelash Extensions
Another profitable manufacturing business you can start in 2023 is the manufacturing of eyelash extensions. Eyelash extensions are made from PBT (polybutylene terephthalate) fiber, which is a thermoplastic product derived from polyester by heating and molding into lash shapes.
Synthetic fake eyelash extensions are also called acrylic lashes. Available data shows that the Lash Extension Market size was valued at USD 1.36 Billion in 2020 and is projected to reach USD 2.31 Billion by 2028, growinextensionR of 6.95 percent from 2021 to 2028.
Manufacturing of Hair Extension
Hair extensions production is yet another profitable manufacturing business that an investor should consider starting in 2023. A hair extension business is a business that is into the production of different designs and types of hair extensions for both aesthetic and medical purposes.
According to the Fortune Business Insights™ report, the United States hair extension market size was valued at USD 1.72 billion in 2020 and is anticipated to grow from USD 1.92 billion in 2021 to USD 3.44 billion by 2028, at a CAGR of 8.71 percent during the 2021-2028 period.
Manufacturing of Medical Scrubs
Another manufacturing business that will remain profitable in 2023 and going forward is the manufacturing of medical scrubs. Medical scrub is a protective garment designed to be worn by the doctor, nurse, and others in the operating room.
The garment was originally a gown. Scrubs now include the shirt and pants worn by those who scrub in for surgery. The wearing of scrubs extends outside surgery in some hospitals and clinics.
A Gun manufacturing business is yet another profitable manufacturing business that an investor should consider starting in 2023. A gun manufacturing company is involved in the designing and manufacturing of small weapons (including shotguns, rifles, revolvers, pistols, machine guns, and grenade launchers), ammunition, artillery, and accessories.
Data made available by the U.S. government shows that the market size of the Guns & Ammunition Manufacturing industry, is $18.2 billion in 2023 and the market size of the industry is expected to decline by -1.3 percent in 2023.
Medical Device Manufacturing
Another profitable manufacturing business that an investor should consider starting in 2023 is the manufacturing of medical devices. A medical device company is a business that is into the production of different designs and types of medical devices.
A medical device can be any instrument, apparatus, implement, machine, appliance, implant, reagent for in vitro use, software, material, or another similar or related article, intended by the manufacturer to be used, alone or in combination for a medical purpose.
The United States remains the largest medical device market in the world: $156 billion (40 percent of the global medical device market in 2017). By 2023, it is expected to grow to $208 billion.
As small as buttons are, one can become a millionaire by only producing buttons in different shapes, sizes, colors, and designs. There is a large market for buttons because most clothes that you can find in the market have buttons.
Part of what you need to do to grow this type of business is to network with companies who are into the manufacturing of clothes and uniforms et al; they are your major market. Just ensure that you conduct a thorough market survey and feasibility studies so that you won’t start this type of business on a trial-and-error method.
Electric Bulb and Electrical Fittings Production
Electric bulbs and electrical fittings are found in buildings. This goes to show that there is a global market for electric bulbs and fittings.
So, if you are considering starting a profitable business in the manufacturing industry in 2023; a business whose products can easily attract buyers, then you should consider going into the production of electric bulbs and fittings. Although the market for electric bulbs and fittings is competitive, if you are creative, you are likely not going to struggle to get your own market share.
Kitchen Utensils and Cutleries Manufacturing
Pots, kettles, pans, cutleries, and other kitchen utensils are essentials in our homes, canteens, restaurants, hotels et al. Food is the number one need of humans and almost in all cases, kitchen utensils are used either in the process of preparing foods or during eating.
This goes to show that there is a large market for kitchen utensils and cutleries. So, if you are considering starting a profitable business in the manufacturing industry in 2023, going into the manufacturing of kitchen utensils and cutleries won’t be a bad idea.
This industry manufactures two types of batteries, which include primary and secondary batteries. Secondary batteries are also known as rechargeable or storage batteries. Primary batteries have only one life and are not rechargeable. Industry products have a variety of uses, including in cell phones, medical equipment, households, and the automotive and transport sectors.
The industry experienced high revenue volatility over the five years to 2020 due to its large dependence on exports and the vast proliferation of imports. As a small industry, booms and busts in revenue are dramatic, with a 15.8 percent surge in revenue over 2015 to begin the current period.
Manufacturing of Biodegradable Toys
Another profitable manufacturing business that an investor should consider in 2023 is the manufacturing of biodegradable toys. Toys made from biodegradable plastics are made from plastics that can biodegrade in a certain condition and within a certain time frame.
Trust me, there is a growing market for biodegradable toys all across the world. Available data shows that in the US, around 3 billion toys are sold each year, and each toy retails for an average of $10. Direct toys sales generated around $35.6 billion domestically, and overall toy sales generated over $98.6 billion globally.
Manufacturing of Tote Bags
Manufacturing tote bags is yet another profitable manufacturing business that an investor can start in 2023. A tote bag business designs and produces a collection of tote bags for a target demographic or market. These tote bags are sold in retail locations and/or through online stores. Totes bags are the category of bags that have parallel handles that emerge from the inside of the bag.
Diaper Manufacturing Industry Business
Another profitable manufacturing business that an investor should consider in 2023 is the manufacturing of diapers. Diapers are used by babies and children and in some cases adults (elderly citizens) all over the world and there are various diaper manufacturing companies whose products are not only sold in their host countries but are exported to other countries of the world.
Diaper manufacturing companies design and produce disposable or cloth diapers, which are garments that are worn by babies and children, and the elderly to catch excrement and urine.
Tires are used by airplanes, trucks, cars, bikes, bicycles, forklifts et al. It goes to show that there is a large market for tires. It is fact that there is hardly any city in the world where you won’t find an automobile which is why the sale of tires is thriving.
If you are considering starting a profitable manufacturing business in 2023, you should look toward setting up a tire manufacturing factory.
The Brand-Name Pharmaceutical Manufacturing
Another profitable manufacturing business that an investor should consider in 2023 is the manufacturing of brand-name pharmaceutical drugs. Brand-Name Pharmaceutical Manufacturing companies develop prescription and over-the-counter products used to treat illnesses in humans and animals. Players in this industry engage in the manufacturing of brand-name drugs that have patent protection.
Manufacturing of Cosmetic and Beauty Products
Cosmetic and beauty product manufacturing is yet another profitable manufacturing business that an investor can start in 2023. A cosmetic and beauty product manufacturing company prepares, blends, compounds, and packages beauty products and cosmetics.
Products included in this industry are perfumes and colognes, makeup items, hair preparations, face creams, lotions, and other toiletries. The Cosmetic and Beauty Product Manufacturing industry in Canada has experienced growth over much of the five years to 2022 by manufacturing widely accepted and necessary personal care products, such as shampoo and lotions.
Manufacturing of Solar Powered Flood Lights
Another profitable manufacturing business that an investor should consider in 2023 is the manufacturing of solar-powered flood lights. Solar-powered flood light is a wide beam light designed to flood an area with light and is powered by a solar panel and battery.
The solar panel charges the battery during the day and discharges it at night. Interestingly, the global solar PV panels market size was estimated at USD 146.08 billion in 2021 and is expected to reach USD 157.75 billion in 2023.
Manufacturing of Audio and Video Equipment
The manufacturing of audio and video equipment is yet another profitable manufacturing business that an investor can start in 2023. Audio and video equipment manufacturers manufacture electronic audio and video equipment for home entertainment systems, vehicles, and public areas.
Globally, industry operators have offshored their manufacturing operations to low-cost countries. Domestically, they have retained their high value-added processes, which require research and development (R&D) expenditures. The audio and video equipment market size is expected to grow from $149.00 billion in 2021 to $158.81 billion in 2023 at a compound annual growth rate (CAGR) of 6.6 percent.
Hand Tools Manufacturing
If you are technically inclined, one of the profitable manufacturing businesses you should consider starting is hand tools manufacturing. There is a large market for tools such as hammer, tin cutters, pliers, screwdrivers, shaping tools, scissors, puncher, chisels, manual hand saw, string trimmer, edging shears, turfing iron, half-moon cutter, and besom et al.
Automobile Spare Parts Manufacturing
Automobiles are subjected to wear and tear hence the need for replacement of worn-out parts. If you have the financial capacity and good business skills, then you should consider starting an automobile spare parts manufacturing business in 2023.
You can choose to specialize only in the manufacturing of brake pads for different vehicle brands and models and you will enjoy huge patronage. The bottom line is to conduct a thorough market survey and feasibility studies; it will help you identify the parts in a vehicle that are usually in high demand in the market. That will guide you to choose the spare parts to specialize in.
Electrical Equipment Manufacturing
Another profitable manufacturing business that an investor should consider in 2023 is the manufacturing of electrical equipment. Electrical equipment manufacturing companies manufacture power, distribution, and specialty transformers; electric motors, generators, and motor-generator sets; switchgear and switchboard apparatus; relays; and industrial controls.
Electrical equipment manufacturers distribute their products to other manufacturing industries, wholesalers, and the construction industry.
Wire and Cable Manufacturing
Wire and cable manufacturing is yet another profitable manufacturing business that an investor should consider starting. Wire and cable manufacturing companies produce insulated nonferrous wire, cable, and fiber-optic cable products that are essential to the electronics manufacturing, utilities, telecommunications, and construction markets. This line of business is bound to thrive.
Manufacturing of Soap and Cleaning Compound
If you are looking for a profitable business to start in the manufacturing industry in 2023, then you should consider going into the production of soap and cleaning compounds. Both import penetration and crude oil prices have forced many operators to reduce selling prices to remain competitive.
The good news is that soap and cleaning compound manufacturing companies have benefited from growth in the US population, which has increased demand for industry products from households, in addition to the COVID-19 (coronavirus) pandemic, which increased demand for soap and cleaning compounds.
Picture Frames Manufacturing
Another simple yet profitable business you can start in the manufacturing industry in 2023 is picture frames production. There is a large market for picture frames in the United States and of course all over the world. The competition in the industry is moderate and there is no monopoly in the industry; every photo frame manufacturer can favorably compete in the industry as long as they produce quality photo frames with good designs.
Eye Glasses and Frames Manufacturing
Eyeglasses and frames manufacturing is another highly profitable manufacturing business that an entrepreneur can start in 2023 if he or she is considering going into the manufacturing industry. Although brand names sell in this industry, if you are determined and creative, you will be able to carve a niche for your company.
Mattress and Pillow Manufacturing
If you are considering starting a profitable business in the manufacturing industry in 2023, it is important to first conduct your market survey and feasibility studies before choosing a product to start manufacturing.
Beyond every reasonable doubt, one of the products you can start manufacturing if you are considering going into the manufacturing industry is mattresses and pillows. There is hardly any home in the United States where you will not find at least a mattress and a pillow. That goes to show that there is a very large market for pillows and matrasses.
Safety Helmets, C-Caution, Safety Boots, and Other Safety Gadgets Production
Safety helmets, C-caution, safety boots, and other safety gadgets production is another profitable manufacturing business that an entrepreneur should consider starting in 2023.
There is a large market for safety gadgets such as helmets, overalls, protective goggles, safety boots, safety vests (bib) et al. If you are considering starting this type of business, then you must be willing to work with the specifications of the regulatory bodies in the industry. It is a capital-intensive industry but a profitable venture to go into.
Water Closet and Ceramic Wares Production
Washing hand basins, and water closets are essentials in building facilities. A building is not complete if there are no toilets hence the high demand for WCs and other ceramic wares. If you are considering starting a thriving manufacturing business in 2023, you should look towards starting a water closet and ceramic wares production factory. It is indeed a thriving and highly profitable business.
Furniture is another essential property that is needed in offices, homes, schools, and virtually any building facility. Chairs, tables, cupboards, beds, cabins, shelves, wardrobes, et al are highly marketable. If you are looking towards starting a thriving manufacturing business in Canada whose products cuts across both the rich and the poor, then you should consider starting a furniture manufacturing business.
Paint Materials Manufacturing
Going into the manufacturing of paints is yet another profitable manufacturing business that can be started in 2023. Paint manufacturing companies produce various paints, timber finishes, and other surface coating products to decorate and protect surfaces against wear, weather, and corrosion.
Key products include paints, varnishes, lacquers, stains, wood fillers, paint thinners, and removers and they are in high demand. That goes to show that there is a large market for paints.
Manufacturing of Skateboards
Another profitable manufacturing business that investors should consider starting in 2023 is the manufacturing of skateboards. Skateboard is a short narrow board with two small wheels fixed to the bottom of either end, on which a person can ride in a standing or crouching position, propelling themselves by occasionally pushing one foot against the ground.
The Skateboard market size is estimated to be worth US$ 148.2 million in 2023 and is forecast to a readjusted size of US$ 166.8 million by 2028 with a CAGR of 2.0 percent during the review period.
Hand Sanitizer Manufacturing Business
If there is any product that is in high demand in pharmacies and supermarkets since the start of the coronavirus pandemic, then it must be alcohol-based liquid hand sanitizer. If you are convinced that you have a winning formula for producing different types of hand sanitizers that have been tested and proven to meet the requirement for such products, then you should consider launching your own hand sanitizer production company.
Another profitable manufacturing business you can consider starting in 2023 is opening a syringe manufacturing factory. Syringe manufacturing companies manufacture a variety of syringes and injection needles, including hypodermic syringes, medical bulb syringes, blood collection syringes, and fountain syringes. Typically, industry products include a barrel, plunger, needle, and cap. This industry excludes syringes used for nonmedical purposes.
Latex Glove Manufacturing
Another profitable manufacturing business that can be started in 2023 is the manufacturing of latex gloves. Latex gloves are disposable gloves used during medical examinations and procedures to help prevent cross-contamination between caregivers and patients.
Surgical gloves are made of different polymers including latex, nitrile rubber, polyvinyl chloride, and neoprene; they come unpowdered or powdered with cornstarch to lubricate the gloves, making them easier to put on the hands.
Aloe Vera Based Products Manufacturing
Products that are made from aloe vera are in high demand recently all across the world due to the outbreak of the coronavirus epidemic. Aloe Vera has several benefits and it is used as raw materials in quite a number of industries such as food, beverages, cosmetics, pharmaceuticals, et al.
Aloe Vera is reliable and effective for the treatment of ailments such as teeth and gum problems, constipation, diabetes-induced foot ulcers, antimicrobial properties, protection from UV radiation, and skin problems, amongst others.
Production of Disinfectants
Another profitable manufacturing business that can be started in 2023 is the production of disinfectants. Companies that are into the production of disinfectants are all smiling to the bank and of course struggling to meet up the high demand for their products due to the emergence of coronavirus. As a matter of fact, public places are being disinfected in countries most affected by coronavirus so as to curtail the spread of the virus and keep people safe.
Additive Manufacturing Business
To start with, one might want to ask, what is additive manufacturing? Additive manufacturing, which can also be referred to as 3D printing, is a transformative approach to industrial production that aids the creation of lighter, stronger parts and systems. It is indeed another unique technological advancement made possible by the transition from analog to digital processes.
Egg Tray Manufacturing
Another profitable manufacturing business that can be started in 2023 is the manufacturing of egg trays. Egg trays are mainly used for transportation and storage. They are built in such a way that they can be stacked, which facilitates bulk transportation.
Such trays are mainly used by poultry farmers or wholesalers to transport eggs in bulk for retailers. Trays are usually used to store fresh eggs from farms or at farmers’ markets.
Christmas Lights Manufacturing
Christmas lights manufacturing is yet another profitable manufacturing business that an investor can start in 2023. Christmas lights (also known as fairy lights, festive lights, or string lights) are lights often used for decoration during the Christmas celebration.
The global Christmas Lights and Christmas Decorations market size is projected to reach USD 9143.9 million by 2028, from USD 7166.4 million in 2021.
Mannequin Manufacturing Industry
Another profitable manufacturing business that can be started in 2023 is the manufacturing of mannequins. A mannequin is an often-articulated doll used by artists, tailors, dressmakers, window-dressers, and others to display or fit clothing.
The term is also used for life-sized dolls with simulated airways used in the teaching of first aid, CPR, and advanced airway management skills such as tracheal intubation.
Mobile Home Building
The mobile home building business primarily manufactures homes (i.e., mobile homes) and nonresidential mobile buildings for a wide range of clients. If you are a close watcher of the mobile home building industry, you will agree that the industry’s foundation shook as the housing bubble burst, with several factors contributing to discouraging consumers from spending on home improvements.
Experts projected that the mobile manufactured home building industry recovery will be driven by improvements in employment and per capita disposable income. In the United States and in most countries of the world, home prices are expected to continue to raise, facilitating growth in demand for mobile homes.
Non-Woven Bag Manufacturing Business
Non-woven bags are bags that are manufactured using any other material that is not woven. The bags can be produced mechanically, chemically, or thermally. Non-woven fabric is also made from fiber. The fiber is entangled together through whatever process is applied to them, as opposed to being woven together.
Non-woven bags are made with the aid of wet-laying non-woven technology and this technology is fast gaining ground in recent times. Some of the most common products that use wet laying non-woven technology include; tea bag paper, face cloths, shingling, and synthetic fiber paper.
Manufacturing of Drones
Another profitable manufacturing business that can be started in 2023 is the manufacturing of drones. A drone is a flying robot that can be remotely controlled or fly autonomously using software-controlled flight plans in its embedded systems, that work in conjunction with onboard sensors and a global positioning system (GPS).
Available data shows that the revenue in the Drones segment amounts to US$1.22bn in 2023. The market is expected to grow annually by 2.81 percent (CAGR 2022-2027).
Manufacturing of Global Positioning System (GPS) Trackers
The manufacturing of Global positioning system (GPS) trackers is yet another profitable manufacturing business that an investor should consider starting in 2023. Global positioning system (GPS) trackers are portable devices that allow fleet managers, parents, and vehicle owners to monitor and track their cars and trucks.
Real-time GPS trackers for cars can provide instantaneous speed and location data, while less expensive options record this information for later use. The global GPS tracking device market size was valued at $1.78 billion in 2020 and is projected to reach $4.93 billion by 2028, registering a CAGR of 12.3 percent.
Manufacturing of Plywood
Another profitable manufacturing business that can be started in 2023 is the manufacturing of plywood (veneer, engineered wood, or reconstituted wood products). Plywood is an engineered wood from the manufactured boards family.
It is made from thin sheets of veneer peeled from debarked wood. These thin layers also called plies, are glued together at alternating right angles to create a cross-grain pattern. Usually, exterior plywood is used for walls, roof lining, and walls.
Manufacturing of Roofing Tiles
The roofing tiles manufacturing business is yet another profitable manufacturing business that an investor can start in 2023. Roofing tiles have been around for centuries. Like any roofing product, they were created to provide a barrier between the inside of a structure and the harsh outside elements.
Roof tiles are made of local, natural, and recyclable materials such as terracotta (also known as clay), slate, and concrete. Please note that the roofing tiles market is poised to grow at a CAGR of 6.5 percent by 2027.
Glass Product Manufacturing
Another profitable manufacturing business that can be started in 2023 is the manufacturing of glass products. Glass product manufacturing companies produce a wide range of glass products by melting silica sand or cullet and fabricating purchased glass.
The industry includes four segments: flat glass manufacturing, including laminated glass; pressed or blown glass and glassware; glass container manufacturing, including bottles and jars; and product manufacturing from purchased glass, which includes lighting, mirrors, architectural glass, and electronic glassware.
Air Freshener Production
Air freshener is yet another product that can be mass-produced. If you are considering starting a low-budget yet profitable manufacturing business in 2023, then air freshener production is one of the small manufacturing businesses you can start.
There is a large market for air fresheners in the United Kingdom and air fresheners can be produced either in liquid form, gaseous form, or solid forms.
Smartphone Tripods Manufacturing Business
The smartphone tripod manufacturing business is yet another profitable manufacturing business that an investor can start in 2023. Smartphone tripods are stands with three collapsible legs that hold your smartphone camera static. The three legs brace around a center post for maximum stability, the smartphone is mounted on the top, and several joints enable easy rotation and maneuvering of your mounted device.
10 Steps to Starting a Manufacturing Business Successfully
Step 1: Choose a Workable Business Idea or Niche
No serious entrepreneur would start a manufacturing business without first settling for a workable business idea or niche in an industry. In essence, the first step you should take if you are serious about starting a manufacturing business is to come up with a workable business idea; an idea that can get the full support of the Government and of course that can attract clients.
Step 2: Conduct Your Feasibility Studies and Market Survey
Irrespective of the country or city you decide to start a manufacturing business, the one important step you are expected to take is to conduct thorough feasibility studies and market surveys.
With the result of your feasibility studies and market survey, you will be able to make an informed decision, especially as it relates to the type of manufacturing business to settle for, the location for your manufacturing factory, the demographic composition of those who would need your product, the likely competitions that you will be confronted with, how to source for raw materials or goods and loads of other factors that can either make or mar your business.
Step 3: Choose a Catchy Name for Your Business
After coming up with a workable business idea and of course, having conducted your market survey and feasibility studies, the next step to take is to choose a catchy name for your business. The truth is that when it comes to choosing a name for your business, you should be creative because whatever name you choose for your business will go a long way to create a perception of what the business represents.
Step 4: Write a Workable Business Plan
The truth is that, in order to successfully run a business, you would need to have a good and workable business plan in place. A business plan is a blueprint that is needed to successfully run a business. With a workable business plan in place, you will reduce the trial-and-error approach to doing business.
Your business plan should outline and cover strategies on how you intend to manage your business. The rule of thumb in writing a business plan is to try as much as possible to be realistic and never to over-project when putting figures on income and profits et al.
Step 5: Choose a Legal Entity for Your Business
When it comes to establishing a business, the legal entity you choose for the business will go a long way to determine how strong you want the business to be.
Even though there are several options such as sole proprietorship, partnership, limited liability company (LLC), and corporation, when it comes to the business structure for a manufacturing business, the one that most players in this line of business consider is an LLC. It is common to consider an LLC because providers want to protect themselves from lawsuits.
Step 6: Register Your Business Name
Once you are able to carry out all the steps listed above, then you should go ahead and register your business name. Of course, you would have done the necessary business name search that will ensure that you are not settling for a name that is already in the database.
Step 7: Purchase the Needed Business Insurance
The rule of business engagement in the United States is that you can’t operate a business without having some of the basic insurance policy covers that are required by the industry you want to operate from. So, it is important to create a budget for insurance and perhaps consult an insurance broker to guide you in choosing the best and most appropriate insurance policies for your business.
Step 8: Lease or Rent and Ideal Production Factory
Another important step to follow when establishing a manufacturing business is to choose an ideal location for your production factory.
When it comes to renting a production facility, the nature of the business you want to do should serve as a guide. Besides, you would need your business license and permit as part of the documents to be tendered before any landlord or realtor will sign any leasing agreement with your business.
Step 9: Hire the Required Employees
The only reason why you should ignore this step is if you want to run a one-man manufacturing business. If you want to operate a manufacturing business in the United States, it is mandatory to hire only those that are legally permitted to work in the United States, or else your business might be fined.
Step 10: Advertise and Market Your Business
One thing is certain, if you choose to start a manufacturing business in the United States, you can rest assured that there are competitors waiting to compete with you for the available market share. So, if you want your manufacturing business to do well, then you must fashion out ways to advertise and market your products.
The truth is that if your business or brand is always in the eyes of the public, they will be tempted to buy from you. You can use both print and electronic media to promote and advertise your products, but you must ensure you check up with the government of your country to know the rules and regulations governing the advertising of the type of products you manufacture.