There are all sorts of businesses that you can start up.
The trouble is; which type should you choose?
If you quit your day job and become an entrepreneur, you’ll have to think about how your new firm will make money.
One of the most lucrative niches to get involved with is plastic extrusion. In layman’s terms, this is the process of putting a hole inside a block of plastic.
There are many plastic products made this way. For instance, your mobile phone case is a piece of extruded plastic. The trunking or conduit for your electrical cables is another example.
As you can imagine, there is a variety of uses for extruded plastic in today’s modern world.
But, should you decide to set up business in this growth industry?
My answer is yes, of course! So, how do you set up such an enterprise?
Keep reading and I will tell you more!
Identify your target market
The first thing you need to decide is who will be your main customers. When you set up a business, it’s crucial you determine this from the outset.
That way, you can focus your efforts on the “right” customers.
With plastic extrusion businesses, your target audience will usually be other businesses.
The only thing you need to decide is which industries you will cater for in your firm. For example, you might want to provide your services to the construction industry.
Come up with a business plan
The next thing you need to do is work out the finer details of your new startup.
To achieve that goal, you’ll have to devise a business plan.
In a nutshell, it’s a document that details your background.
It will also talk about your firm’s unique selling point.
Your business plan is like your company’s resume. But, instead of using it to get a job, you’ll use it to attract investors.
Setting up such an enterprise isn’t something you can do from home. That’s because you’ll need to lease a factory and the machines to extrude plastic.
And let’s not forget you’ll have to hire people too!
Get training and coaching before you start
So far, you’ve done your research and begun finding people to invest in your new company.
In the meantime, you need to hone your skills before you can make anything!
If you’ve got a background in plastic extrusion, you can skip this step. But, if not, the obvious thing to do is get some basic extrusion training!
That way, you’ll know how to make stuff. And you can also guide new employees and “teach them the ropes” as it were.
Aside from that, you may also want to get business coaching if you’re new to managing a company.
Spend lots of money
The only downside to setting up a plastic extrusion business is the initial outlay.
But, the good news is your investors will foot most of the bill!
By now, you are almost ready to begin trading. Before you do, there are a few essential things you need to get:
- Insurance; and
- IT and security systems.
Of course, you will also need to hire some employees.
You can delegate that task to a recruitment agency.
Now that you know what to do, it’s time to get the ball rolling.
I hope you’ve found today’s guide useful.
Thanks for reading it!