Ever since the dawn of the industrial revolution, manufacturing has been one of the cornerstones of the United States’ economy. Not only is America known for the prevalence of its factories and other industrial companies, but it’s also the country with the reputation of providing the best goods and services across the globe. Because the world needs builders and makers as much as, if not more than, movers and shakers, launching an industrial company could launch you into the stratosphere of tycoons if you play your cards right.
Have you ever seen the “MyPillow” commercials? It all started with a relatively small operation in Minnesota and now generates over $280 million annually in revenue. While it didn’t happen overnight, it’s a prime example of turning the American traditions of industry and ingenuity into profits. While turning your business into a national or global success is far from easy, here are some tips that can help you along the way.
Do your research.
Industrial companies usually require a sizeable initial investment, so it’s important to do your research prior to launching your company. One of the biggest mistakes that entrepreneurs make, regardless of what industry they go into, is not taking research seriously enough.
Information is golden in the business world. You need to know everything from who your customers and competitors are, and what consumers like about your competitors. The market research gives you valuable insights such as the size of the market you plan to go into, the share of the market that’s up for grabs, and the location of your customers.
Market research also tells you who your greatest competitors are, how they’ve separated themselves from the rest of the pack, and the potential for the market you’re eyeing to grow. Research isn’t as easy or cut and dry as you may think, so it’s best to hire a market research firm to do your investigating for you. They know where to look and what to look for in determining whether or not you have a viable shot in the market in which you intend to go. Building an industrial company is far too costly to do without having first done your market research, so don’t skip this step.
It’s a must that you have a business plan.
A wise person once said, “If you fail to plan, then you plan to fail.” In no aspect of life do those words ring truer than in the business world. Starting an industrial company isn’t something you can do haphazardly unless you’re planning for your company to have a short and unsuccessful existence. Creating a business plan is all about using the insights that you gained through market research to create a strategy for at least the first few years of your company’s life.
Remember; your business plan and an investment proposal are two different things. Your business plan is part of an investment proposal, but its key function is to outline the process by which you plan to launch and run your business, as well as how you’ll recoup your initial investment.
In your plan, you’ll need to include all of your findings from your market research, your startup costs, your estimated operational costs, revenue projections, and timetable for profitability. By the time you’ve completed your business plan, you should have a much better idea of whether the business you’re planning to start is actually feasible or not. If you determine that you have a winning business plan, then you can fine-tune your plan to make it more attractive to potential investors later.
You need to make safety your number one priority.
One of the riskiest things about starting an industrial company is the fact that most industrial jobs come with a certain amount of danger to them. Industrial jobs are called hard-hat trades for a reason. To ensure the success and longevity of your industrial company, you have to make safety one of your top priorities.
One of the best ways to make sure that your workers stay safe and productive is to make sure that your machinery is always functioning at its peak performance. Sure, things will break down from time to time, but the important thing is that you maintain rigorous inspection habits so that your staff is able to catch malfunctions before small problems turn into big ones and create a more hazardous work environment.
Granite Mechanical, Inc. is a company that has built a reputation over the decades for being among the best in their field at repairing boilers, mechanical equipment, and providing other industrial solutions. They prioritize the safety and health of your employees while striving to keep your manufacturing plant running in ship shape.
Happy customers are the legacy of a well-run business.
If you want your company to be around for the long haul and generate a lot of revenue, then simply make your customers happy. One thing that all of the top brands have in the world, regardless of industry, is happy customers.
All top brands have their competitors and detractors as well, but heavy is the head that wears the crown. All you can do is make sure that the praises of your satisfied customers ring louder than the sound of the stones hurled by your competitors.
Believe it or not, consumers would rather receive premium customer service and average products than the other way around. It’s easier to notice differences in how you’re treated than differences in the quality of your products and services. Just like first impressions, a customer’s experience lasts forever in their mind.
One of the most frustrating things for a customer to go through is to call a company for support and be passed from department to department by machines. The best way to make sure that your customers and clients are always satisfied is to make your products, services, and solutions as accessible as possible.
With a contact center as a service, you’ll have the ability to provide comprehensive solutions over the phone or online. Bright Pattern’s omnichannel platform allows you to bring support chats from the internet to your phone lines seamlessly, without the customer losing contact with the agent they spoke with online.
Build strategic partnerships with other industrial companies, suppliers, retailers, and distributors.
One of the most key factors of succeeding with your industrial company is building strategic relationships with companies in adjacent industries, and even your competitors. As a builder or maker, you have to rely on raw goods, which you then turn into finished products.
That means that you’ll have to find suppliers of the raw materials you need and distributors and retailers to move your merchandise. You can also form partnerships with companies that provide crucial services based on your perpetual need for their services. For instance, if you build car parts, then you’ll need scrap metal recycling services. Building a relationship with a commerical scrap metal recycling center in Mobile, AL could save you thousands in scrap removal costs or even provide an extra stream of revenue.
When looking to forge bonds with other companies, it’s important to remember that one hand washes the other. You can’t expect to get something without offering something in return, in the business world. To improve your chances of creating symbiotic relationships, you should look to build partnerships with companies that provide services that complement your business model.