Starting a manufacturing business can prove to be a profitable one but there are certain factors that have to be taken care of:
- Business registration under sole proprietorship, in partnership, etc.
- Registration of the business under the GST
- Obtaining Udyog Aadhaar
Steps to follow to start a manufacturing business:
1. Carry out a research
Carry out a research to know about the market, the customer’s requirements, what the competition offers, etc.
2. Look for partnerships
Develop good partnerships with transporters, retailers, raw material suppliers, vendors, etc. This will help you in fulfilling the requirements of the business.
3. Complete the legal formalities
Obtain all the licences, permits, and any other requirements to start the business.
4. Consider the location of the business
Select a location where the products will be sold and hwere is a chance for growth and expansion. Also, consider a location which is feasible for access to raw materials and other amenities.
5. Concentrate on cash flow management
Monitor, analyse and optimize the cash receipts and the cash expenses. Have a systematic process to maintain steady cash flow and so that the business does not suffer when there is a cash issue.
6. Make marketing strategies
Make marketing plans for your business products to reach target customers. Use social media to reach out to potential customers.
7. Plan inventory
Have inventory in place. Plan how much would be required in the near future and store accordingly. Also, keep the machinery and equipment in check.
8. Consider the daily tasks
Manage the daily operations so that the objectives are achieved and the business operations do not suffer.
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