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Grow your button manufacturing business with these easy steps

  • Highlights

  • Do a SWOT analysis while studying the market

  • Invest in machinery and manufacturing processes to scale up and reduce inefficiencies

  • Assess the turnover and generated value of the asset

  • Implement growth plans with a Bajaj Finserv Business Loan

Today buttons are fasteners for a variety of articles, most commonly clothes, be it a button to hold your jeans in place or one to keep the cuff of your shirt looking crisp. Buttons also enhance the appeal of clothes and accessories, and with changing trends, they add convenience and visual appeal to home décor items such as cushion covers and curtains. 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 further to know what you can do in order to boost your sales for your business, and implement 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 absolutely certain of being able to run a lean enterprise will you 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 lacking production capacity, and also compare your unit with that of your competitors’. This will show you the areas you need to build your skills in.

Along with this, know the areas that you’re excelling in and leverage them to your business’ advantage. For example, if your quality control department performs more effectively, identifying flawed buttons that do not have the requisite 4 holes or look misshapen, you can ensure you do not get return shipments or have to deal with irate customers.

2. Study the demand in the market

When considering expansion or growth opportunities, also look into the demand for your product before you make any decisions. 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 simply ramp up production, improve design and quality, or diversify into products that have a better demand in the market at the moment. For example, if you are manufacturing buttons using moulding, consider if using plastic sheets is a more effective solution that is more in demand. Another example is diversifying into strong buttons made of zirconium oxide or ceramics for special requirements, such as for 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 the cost of each opportunity. For example, you could consider opening a retail outlet near a textile market. Optionally, you may decide to set up a distribution office in an area where you process a lot of orders as this may 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.

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3. Consider investing in equipment

Give the large-scale production of buttons, having the right machinery at your disposal is absolutely imperative so that you can churn out higher volumes of buttons 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 glass or metal buttons, you will have to purchase the necessary machinery to manufacture it. While you might have been able to cut plastic buttons out of acrylic sheets, for other materials, mould casting or injection moulding may be a better fit. 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 an unsecured Business Loan up to Rs.30 lakh in less than 24 hours. Simple online application ensures that you can access funds with great ease.

Make an investment after you assess the turnover that you will be able to generate once you install it, and evaluate how soon you will be able to recover the money. Before you make an investment, be sure to check the cost of various models, warranty schemes, maintenance charges as well as any buyback discount that you will be able to avail when you upgrade to a better model in the 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 in the name of growth, simply use your pre-approved loan offer to access funds in an instant, and get started immediately.

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