You have turned your skill into a successful home-based manufacturing business. The craftsmanship you have developed and refined over the years is now the primary source of your income. For your business to thrive, you must grow it into a full-fledged factory. This can be done without losing control of the enterprise or relocating it to a large office space.
To expand the company, you need to find the space, people, and raw materials to create on a larger scale than you are currently. The goods that you manufacture can be mass-produced and the skills required to manufacture them are transferable. Modern communications and digital technology will enable you to coordinate the operation from your home. The success of your company should make it easy for you to get the financing you require to expand.
If you are seriously thinking about building your home-based manufacturing company into a full-fledged factory, here are a few things you should do:
1. Take advantage of the IMMEX program
The benefits of maquiladoras in Mexico courtesy of the IMMEX program are extraordinary. Maquiladoras are factories in Mexico that are owned and operated by a foreign company. The IMMEX program allows these manufacturers to import raw materials and components into the country tax and duty-free. To qualify for this benefit, the company must agree that all finished goods will be exported out of Mexico within a certain timeframe.
You can take full advantage of this program by establishing factories in Mexico that will manufacture your goods. You can then set up a shipment and distribution system that brings them back into the U.S. market for sale.
2. Expand your customer base
To build up your company you will need to sell more products to your existing customer base. You will also need to expand your customer base. You will need to target different sections of the marketplace and different locations and markets. One of the advantages of building factories in Mexico is that the finished goods can be shipped to rich consumer markets throughout the United States.
3. Use new sales and delivery channels
You will need to maximize your use of online marketing technology and platforms. Most major companies have made the internet the center of their marketing operations. You must do the same. Leveraging social media should be part of your online strategy. Setting up accounts on Facebook, Twitter, Instagram, and other highly trafficked sites will allow you to interact directly with prospective clients.
You should also explore new product delivery channels. You need not rely on retail stores to get your products to customers. If your online sales strategy is successful, it may be possible for you to run a direct order operation. In this arrangement, customers order directly from your company and you ship the products to them from storage facilities located throughout the country.
You should also look at acquiring another home-based manufacturing company. Such a company may possess the talent, resources, and sales and delivery channels that you need to grow your business. You may be able to take advantage of the size of the company’s client base and the strength of its existing contracts.
If you decide to establish production facilities in Mexico through the IMMEX program, you should consider purchasing existing manufacturing companies. This is not as costly as it may seem. You may find numerous manufacturing facilities that have the tools to produce the goods that you specialize in making and employees who already possess the skills that you require. Plants that are on the verge of shutting down owing to the divestment of the previous owner can be purchased cheaply. You should take advantage of such a situation when you find it.
- New Mexico Renews Measures to Protect and Educate Title Loans Borrowers
- What Every Small Business Owner Should Know About NAFTA
- How to Bring an Existing Business to the Web
- Manufacturing Startup Guide: 4 Essentials For Success
- Membership Programs: Turning Occasional Buyers Into Loyal Customers