Looking to Manufacture? Here are 5 Resources You Need to Check Out

Manufacturers produce products. They may design their goods or take existing design plans and use those plans to generate products. Manufacturing companies play a crucial role in creating most of the goods people buy in the United States, including nutritional supplements, vehicles, and toys.

In today’s global marketplace, manufacturers can compete with other product producers from around the globe. While this means that your potential market has increased, it also means you face increased competition. Using the resources outlined here can ensure you have a competitive advantage when you launch a manufacturing company.

1. You may be able to contract a company to produce your products.

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Starting a manufacturing company is costly and time-consuming, but you can reduce the start-up costs by working with another company to produce your products. While this might not be feasible in all manufacturing sectors, you can contract an existing reputable manufacturer to produce your supplements if you’re planning to produce nutritional or dietary supplements. Sales of dietary supplements generated over $120 billion in the United States in 2016. The increasing demand for quality health products makes this an attractive option for anyone interested in producing wellness products.

Although the U.S. Food and Drug Administration (FDA) doesn’t exactly approve dietary supplements, they do inspect facilities where products are made, ensuring those facilities comply with regulations. Contract an FDA-approved facility to produce capsules, soft gels, gummies, tablets, and superfoods. Working with reputable supplement manufacturers enables you to save time launching your business and start generating revenue. Manufacturers such as Makers Nutrition will work with you to create a custom formulation designed to achieve your desired results.

Anyone taking supplements should consult their doctor to ensure the supplements are suitable for their needs and won’t conflict with any medications they’re taking. When you work with a reputable supplement manufacturer, you can create a label design for your products outlining the dietary ingredients the supplements contain.

2. Turn to professionals for expert business insights.

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Work with Enhanced Retail Solutions, which provides expert sales insights based on years of experience. This company also provides helpful articles covering essential business topics such as managing your inventory and dealing with supply chain issues. This company can help you find inventory management solutions to ensure you have the raw materials you need to produce goods without ordering too much stock. They also offer insights about point of sale (POS) data management and using POS data management to gather information about retail store transactions, which can help you anticipate orders for specific goods and identify products no longer in demand.

3. Access financing through the Small Business Administration (SBA).

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The U.S. Small Business Administration provides helpful information for existing and aspiring small business owners, including manufacturers. They also work with small business owners to help them secure financing for their companies. You may be able to access low-interest loans of up to $5 million through their 7(a) and 504 loans. You can also apply for microloans of up to $50,000 to cover start-up costs.

4. Invest in CPQ software for your sales team.

Manufacturers make money by providing products to retail outlets or consumers. You’ll need a sales team to sell your goods and generate orders for stock. Configure, price, quote (CPQ) software enables your sales team to access accurate data about raw materials and labor costs, enabling sales reps to configure accurate, customized quotes for modified products. Your sales reps will save time because they won’t have to check through product pricing lists. Using CPQ software also reduces pricing errors.

5. Find the best insurance rates with insurance comparison tools.

Almost 20 percent of all workplace injuries occur in the manufacturing sector. You can protect your company by investing in appropriate insurance to cover the costs of workplace illnesses and injuries. Workers’ compensation insurance covers the costs of medical treatment and salaries when workers are affected by a workplace injury or illness. Liability insurance covers the costs of legal fees and settlements if you’re sued for negligence. Google “insurance comparison tools” to find an insurance comparison tool suitable for your location. The tool prompts you to enter your zip code and answer questions about your business. It uses the information to compile a list of insurance providers who supply the insurance you need for your company.

Manufacturers benefit from working with other product manufacturers who can provide fulfillment services. Manufacturers also benefit from turning to professionals who can help them implement valuable resources, such as POS data management apps and CPQ software. The SBA offers business loans to help manufacturing companies launch operations, and manufacturers also benefit from using insurance comparison tools to meet their insurance needs.