When most businesses owners are starting out, they have all kinds of things to worry about, from finding the right employees to securing contracts with clients to balancing supply costs with the promise of contract payments. What you might not be thinking about seriously in the beginning is the potential for expansion. As a new business owner you’re likely so wrapped up in daily operations and keeping your business afloat that the concept of growing is laughably out of reach. But there’s nothing absurd about planning for the future and plotting the steps to get there. So here are just a few innovative ways to grow your manufacturing startup.
- Seek out investors. You’ve likely had to scrimp, save, and beg just to launch your manufacturing business. So you probably don’t have a lot left over to put towards expanding. Fortunately, there are plenty of investors seeking ways to grow their money, and your business plan may be just what they’re looking for. You might want to consider personal loans from family and friends, angel investors for mentorship as well as money, or even business partners to handle the money side while you keep your operation afloat and focus on productivity. The point is that you don’t necessarily have to provide all the funding up front. Investors could play a big role in the potential expansion of your manufacturing startup.
- Toot your own horn. When it comes to differentiating yourself from competitors and speaking to a variety of demographics, you really do need to be your own best PR person. Suppose you run a sustainable and eco-friendly business. Or what if you’ve earned fair trade certification? You might even manufacture all of your goods on American soil. All of these facets of your business could help you to grow and increase clientele, but only if people know about them.
- Take to social media. The abundance of methods for growing your business online is practically astronomical. But the latest way to meet prospective customers is by friending them through social media. There is a bit of a learning curve associated with this marketing medium, and it will likely require an ongoing measure of time and effort on your part. But the outcome could be an expanded list of potential clients and loyal patrons.
- Offer stellar customer service. This might not sound very innovative, but in this day and age you can really wow your clients by providing a high level of customer service. This could include multiple forms of contact, including in person at your brick-and-mortar location, over the phone, by email, through social media, or even via live chat methods. And you might want to adopt a 100% satisfaction guarantee, or at least create a policy that ensures your customer representatives will go the extra mile to help give every client the best possible experience with your brand. You can’t please all the people all the time, but you sure can try. And you’ll earn a great reputation in the process.
- Keep an eye on operations. Whether you’re looking to CNC solutions and industry uses as a means of streamlining operations or you want to find ways to incentivize workers for increased productivity, it’s important that you remain aware of day-to-day operations even after you’ve started earning enough money to hire professionals to manage your manufacturing startup in your stead.