Since the dawn of time people had produced and manufactured goods, first for themselves and later for trading. The production process is very complex and depends on the type of product that you want. Production process for trading is the essence of all businesses. The idea behind it is simple: you have one product that goes in (like a piece of wood)and with technology and knowhow, you transform that piece of material in to a manufactured product (in this case a chair or a table) by doing so you add value to that product and you can sell it or trade it. This is at the heart off al manufacturing business, giving value by transformation.
Manufacturing business is very important in all economies; it is the way you know your net worth, by the value that you produce. It is the healthiest way an economy can grow and the best way to keep people’s jobs. Services are also important and to try to keep up and be on top most manufacturing businesses also offer services attached to the product. If everybody had focused on services and no one produced we wouldn’t have anything. Just picture internet without computers, mobile networks without phones, electricity without any appliances and no goods what so ever. Manufacturing businesses are not as appealing as service businesses, because the money making opportunities are much higher.
Like I said before just services aren’t enough. Someone has to produce goods, to manufacture and to add value. Just think of all the products you as a consumer use daily, almost everything we touch is the result of a manufacturing company. From the bread we eat and clothes that we wear to our car or mobile phone.
Staring a manufacturing business is not easy. First of all you have to think about what skills you have, what can you create that is better than anyone else’s. If you go in to the manufacturing business without having a competitive advantage you have to think about it further. The other barrier into opening such a business is equipment, which is usually very expensive. Finding qualified labor is also hard, depending on what you want to produce, it is necessary you find workers. Competition is really harsh in this environment, if you want to stay on top you will always have to find new ways of improving your products and/ or constantly add services tied to them. The manufacturing business doesn’t pay right away sometimes it takes years to get into the profit zone. But once you get there the benefits are great. On the plus side if starters money is not a problem and you have some advantages over the competition, like low cost which lead lo cheap products or technological advantages, your success is imminent.
Tips and comments
The bottom line is that in manufacturing business you can have many benefits if you are prepared to take some risks and the best part is that manufacturing is and will always be top priority in every economy around the world.
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