The robotics industry is rapidly growing in influence and profitability. Despite the highly complex and technical nature of robotics, most successful companies are started by just one or two ambitious people!
But how can you start your own robotics business? Here are a few tips.
Make a Business Plan
The first step to starting a business is to build a solid plan. A business plan should include details such as a description of your company and its USP within its sector, your target market, financial projections, and internal company structure. To make financial projections, it can be useful to develop a cash flow forecast. A cash flow forecast is a prediction for when each business expense will need to be paid and when each piece of income will come in. This is to make sure that the business stays afloat financially.
Choose the Right People
The backbone of a company is its staff. When it comes to robotics, this is especially true. Because this field is so advanced and on the cutting edge of technology, it is essential to choose only the most talented, experienced, and creative engineers.
As well as engineers, your company will probably also need to have other members of staff, such as administrators, a Finance department, a Data Protection Officer, a Sales department, Marketing department, and a Human Resources department.
Your employees are not the only people you will need to find. Any manufacturing business will need suppliers of the equipment and raw materials needed to carry out operations.
Find the Ideal Business Premises
Finding the right base of operations is vital when starting any kind of business. Unlike some businesses that can be run from basic office space or even from homes, robotics businesses need plenty of space for machinery and equipment. Checking out industrial parks for warehouse space is likely to be the best course of action. You should also choose a location that is accessible to your suppliers and/or clients via convenient transport links.
Remember to factor the costs of renting accommodation and utility bills (electricity bills are likely to be high for a robotics business!) into your cash flow forecast.
Register Your Business and Get Insurance
Once you have your business plan and are ready to get started, you will need to register your business with your local or national governing body. Doing so is a legal requirement in most jurisdictions, as it will enable your business to be correctly taxed.
In many places, certain types of insurance are also a legal requirement. Even if you are not legally required to take out small business insurance, you generally recommend that you do so anyway!
Develop a Marketing Plan
Even the most innovative and productive company can fail if it isn’t sufficiently marketed and advertised. To make a profit, you need a customer base. As a robotics firm, your business is likely to be a B2B (business to business) rather than a B2C (business to customer) company. Your marketing plan, and the platforms that you use for marketing, should reflect this.