Do you have a great idea for a product that you think will be a hit with the general public? If so, you might be thinking about starting your own business and finding out more about the production process.
There are plenty of guides available out there, including our own if you need any help. But today, we thought we would point out some of the common problems that occur in the production business.
Have a read, and while you are setting up your business, always have them in mind. Knowing where to look might give you a chance to see where your problems are going to lie before they become an issue. Hopefully, they will help you reduce your startup costs and give you a chance for a trouble-free first year.
Intellectual Property
First of all, you need to protect yourself from other people copying your idea. Get in touch with a legal firm and make sure you have all your patents in place. Should anyone try and copy your idea, you will have a robust defense should things go to court.
Machine Failure
Machine failure can happen at any time whether you have your own factory or are hiring a firm to manufacture your product. Make sure you all of your machines are made from high-quality parts, from the biggest conveyor belt to the smallest swivel seal. Also, make sure there is an engineer onsite at all times, every last holdup in the production process is costing you money. You have to know that if things go wrong, they can be fixed quickly and without fuss.
Risk
Factories are dangerous places, and you might be responsible for any accident that occurs to a member of your staff. Make sure you have a robust health and safety policy in place and get insurance. Check that you are covered for any eventuality. Should anything serious happen, you could end up losing your business if you don’t have the right cover.
Delivery
Once you have started your production process, it’s important to get it out onto the shelves or to its new home as quickly as possible. The trouble is, delivery methods are a constant source of problems for manufacturers. If you outsource to a third party, you can expect delays and mistakes. If you have your own fleet, however, it might cost you an arm and a leg to run. And then there are traffic problems and congestion. Although you can’t account for this, it’s important to keep it mind. Have a Plan A, but also have a Plan B and C in place for when you need it. And, no doubt, you will.
Stock Levels
If you are producing too much stock, it’s going to cost you money. You’ll need to keep it somewhere, and every day it is on the shelves in a warehouse, it’s losing real time value. It’s important to keep a close eye on how much you produce and try and be as lean as possible. Don’t forget that it isn’t just about your product, either. Every piece of equipment that you use to build your product needs to be ordered in, so don’t overstock from your suppliers.
Photo by Samuel Zeller
Mia Guerra
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