From a shirt or a pair of jeans to cushion covers and curtains, buttons are everywhere. With ample scope for growth, you can expand your button manufacturing business by increasing your client base and ensuring that your products are always in demand.
Read on to know how you can boost your sales with ideas that are bright as a button.
1. Start with an analysis
One of the most important things that you need to be aware of is how your company’s capabilities stack up when it comes to operating and managing everyday functions. Only when you’re certain of running a lean enterprise you will be able to take on your competition. You can do this by performing a SWOT (strengths, weaknesses, opportunities and threats) analysis. Identify the weak areas, be it scheduling or production capacity, and compare your unit with your competitors. This will show you the areas you need to work on.
Along with this, know the areas you excel in and leverage them to your business's advantage. For example, suppose your quality control department is effective, identifying flawed buttons that do not have the requisite four holes or are incorrect shape. In that case, you can fix the problem beforehand instead of having to deal with a returned shipment or irate customers.
2. Study the demand
Gauge the demand for your product before deciding on expansion or growth. See what the scope is - if it makes sense to pedal your products to allied or upcoming industries - and accordingly decide if you need to ramp up production, improve design and quality, or diversify into products that have a better demand in the market. For example, if you manufacture buttons using moulding, consider if using plastic sheets is more effective. Another example is diversifying into strong buttons made of zirconium oxide or ceramics for special requirements, such as in the army.
You may also consider making investments and changes to add revenue streams or cut costs. Accordingly, think of two or three routes and evaluate each opportunity. For example, you could consider opening a retail outlet near a textile market. Or you may decide to set up a distribution office in an area where you process many orders as this could cut down your distribution and transportation costs.
If you think this is too wide a subject for you to tackle alone, hire the services of a market research company and act based on their findings.
3. Consider investing in equipment
Given the large-scale production of buttons, having the right machinery at your disposal is imperative so that you can churn out higher volumes and fulfil orders at the earliest. Button pattern makers, for instance, can help speed up the design and prototype manufacturing process. Similarly, if you’re looking to diversify into the glass or metal buttons, you will have to purchase machinery to manufacture them. While you might have been able to cut plastic buttons out of acrylic sheets, mould casting or injection moulding may be a better fit for other materials. Alternatively, if you’re manufacturing multiple types in one facility, a sorting machine will help you organise them in minutes, readying them for packaging.
The cost of machinery and equipment can often be expensive. To finance this aspect, consider taking a machinery loan from Bajaj Finserv. You can avail of an unsecured business loan of up to Rs. 80 lakh within 24 hours* of approval. A simple online application process allows you to access substantial funds with ease.
Make an investment after you assess the turnover that you will be able to generate once you install the new machinery, and evaluate how soon you will be able to recover the money. Before you buy any machinery, check the cost of various models, warranty schemes, maintenance charges, as well as any buyback discount you can get when you upgrade to a better model in future.
With a little thought and careful planning, you can expand your current manufacturing set-up to slowly yet steadily grow your business. By considering other options such as diversifying into a similar category and manufacturing other fasteners like hooks, zips and press buttons, you can ensure better growth too. Instead of burdening your working capital, use your pre-approved loan offer to access funds in an instant and get started immediately.
