The heady world of owning and running your own factory is amazing. In short, if you have the drive and ambition to succeed, there is no reason that you cannot make a success out of your factory start up. Undoubtedly, you have a plethora of business experience under your belt. No one is saying that you have to have a company that is akin to the size of Alstom. But, if you have long history of factory work, in a managerial and corporate capacity, you can make a big success of your venture.
The success of an emerging factory is critical. You have to be a business brain, manager, PR and sales person every time. This can be hard to get. In short, you need gravel, fixing a bucket of charisma. Not everyone can achieve. But, you know if you are the right person for the job.
As a factory boss, you are going to need a full range of tools in your arsenal .
Taste for innovation and research
Ability to multitask
Knowledge of accounts and finances
Know your markets
- Determine your cost of operation. You will need a solid business plan to present to any investors and the best place to start would be with determining your basic cost of operations. This will outline and help you determine how much money is needed to produce the product or offer the service you intend to offer or produce. It includes production costs, shipping, taxes, worker’s wages, rent for workspace, etc.
- Determine your potential market. Be realistic. How many people will realistically use your business? How much will they pay to use your services?
- Determine impediments. You will need to plan ahead for all of the problems which can get in the way of running a business.
- Evaluate your competition; if their market share or product offering is too strong and stable, then you will have a very hard time breaking into the market. No one will want to buy an equally priced or more expensive version of a perfectly good product or service which already exists.
- You will also need to explore the associated regulations and laws, especially regarding taxes. You should ask your local state authorities, as well getting information from the IRS .
Are you still up to the task?
Let’s be honest, your production and manufacturing technique will change with practice. Listen to LVH’s staff and utilise their knowledge. This will provide a valuable tool. Your business will thrive should you take on the opinions and experts of LVH .
LVH your partner to success