There is no escaping the fact that electronics items are popular and the electronics industry is a great growth industry to enter. If you are thinking about starting your own electronics company, do you know where to start?
This handy guide will talk you through everything that you need to know to get started running your own business in the electronics industry.
Create a Business Plan
What would you like to achieve with your business and how will you make money? The first step that you need to take before you get your business off the ground is to create a business plan. This should include your aims and objectives for the first few months and years, your forecasts, and your costs.
It is unlikely that you will generate a profit during the first few years so you will need to be realistic with your plan.
Determine the Products You’ll Make and Carry Out Research
Decide on the products that you’ll be making and test these by carrying out market research. Your product will need to be unique but also something that people will want and need.
Part of your research should be to look at what other products are available that are similar to yours.
You’ll need different funding at different stages of the process. You can either obtain this by taking out loans, or you could seek an injection of cash by inviting investors to come on board for a share in the company.
The first thing that you’ll need funding for is the research and development phase. After this, you’ll need manufacturing and running costs to cover you until you start generating income.
Design Your Products
If you are an electronic designer, this stage will come naturally to you, however, if you not then you will need to hire product developers and designers to work on your concept. Research and development can be a time consuming and costly process.
Get Your Prototype Made Up
Once you have a working design, the next stage is to get it made up into a prototype. A manufacturing company will be able to take your designs and create a working model.
This article from MIS Electronics will let you know how to get your circuit boards ready for manufacturing.
Test Your Product
Once you have a prototype, you will need to thoroughly test it so that you can iron out any problems. You’ll also need to think about getting it tested by potential customers. At this stage, you should also get any certification and licensing required put in place.
Taking Your Product to Market
Once you have a working prototype, you can take the product to market. This will involve taking your product to retailers to see if you can drum up any orders. Once you have orders in place, you can get your final product manufactured on your behalf by a factory.