In business, it is heard people hoping for things. Their wish list ranges from a better team to higher profits, to achieving success to creating a legacy.
Hope is not a business strategy, Says Hirav Shah, India’s Most Sought-After Business Coach, Adviser, Strategist & Astrologer.
Hirav Shah is of the view that a more strategic mindset is vital. He believes- a “can-do” positive attitude is necessary. Although when it comes to desired outcomes, hope lacks structured processes to achieve specific results.
When hope is used as a strategy (rather than an attitude), it rejects facts, skims evidence, and believes what must be true. Wishful thinking, clouds the solid facts to make decisions and take purpose-driven actions.
So what is the most important business strategy?
Creative thinking, Opines Shah.
On that note, Shah Suggests, “The Best Manufacturing Business Ideas should all be the by-products of creative thinking”.
In the early days of the pandemic, manufacturers were hit hard with forced shutdowns, production slowdowns and serious questions about whether companies could navigate the disruptions. Manufacturing indicators had shown early 2020 momentum, but Indian industrial production last year registered a month-over-month decline of 4.5%, followed by a deeper decline of 11.2% in year end.
What did increase in 2020, however, was the speed of transformation. Companies made swift moves towards Industry 4.0, or the ongoing automation of traditional manufacturing and industrial practices.
Unlike the objective of far too many companies, manufacturing is not about a quick ‘exit.’ It is centered on long-term value creation, Opines Hirav Shah, Noted Business Strategist and Adviser.
There is no time to waste – manufacturing businesses looking to stay competitive, need to serve their customers in new ways; become more agile and flexible; and attract the right skills and talent.
Here’s are six manufacturing business ideas, which can make them stand out in 2021
1.Move to Glocalization
As Covid-19 cases rise again in the Country, companies will need to focus on balancing localized and globalized business options in order to stay competitive. There will be a renewed effort to discover the technology solutions that can improve the resiliency and efficiency of critical supply chains in localized regions.Optimizing and strengthening these supply chains will present viable opportunities for the Country to advance the economy and stay competitive.
Agility will be critical in 2021 and throughout 2021. For example, cobots, or collaborative robots, require manufacturers to become better equipped to respond to changing situations, since cobots make real-time, complex decisions during the task they work on with humans. To get there, computing power and data processing must shift to the “edge,” or closer to where the data is being created, in order to reduce latency and boost processing. Moving to the edge will protect the safety and security of the workforce. At the same time, it helps manufacture goods in a more agile, efficient manner.
3.Surge in 3D Printing
According to Hirav Shah, Covid-19 gave the world “a glimpse into how 3D printing can be used temporarily to alleviate the strain on supply chains during demand surges and shortages, as it did with medical equipment.”
Inventors are combining 3D printing with traditional processes creating unique combinations of parts that perform better with lower cost that can be manufactured closer to the customer, all while being more sustainable. The supply chain disruptions of 2020 pushed many companies to radically rethink their design & manufacturing strategy. The application of advanced manufacturing technologies, including 3D printing and other digital processes, will enable the most advanced products to enter the market — design will, once again, become the differentiator for companies releasing better, more sustainable products.
4.Supportive IT Infrastructure
Organizations need to prepare their IT infrastructure to support the sped-up digital transformation leading manufacturers to automation. That requires a comprehensive IT infrastructure platform that is scalable, flexible and adaptable to the relevant requirements of the organization.In traditional IT, the interface with production is restricted to the provision of services and data, engineering and the necessary enterprise resource planning and product data management systems. New technologies such as IoT are revolutionizing machinery, which need to be able to communicate with each other cost-effectively.
In 2021, remote work will continue, social distancing requirements will remain, and supply chains will continue to face disruption. According to Hirav Shah, this means companies must find new ways to operate effectively, from the product to the plant to the end user. Artificial intelligence will be the standard for addressing these challenges, but AI will fail if companies don’t consider how humans interact with and leverage these new autonomous systems.
“In this year, enterprises will take a human-centered approach to AI initiatives, understanding user needs and values, then adapting AI designs and models accordingly, which will in turn, improve adoption,” Shah Says.
Most Profitable Manufacturing business Opportunities To Start In India (low & medium budget).
The use of this biodegradable and reusable “golden fibre” is increasing by the day. With the world moving to ban plastic, a jute bag manufacturing business is a good choice.
The jute bag making process is simple. Different types of bags are popular in the market and can be used for multiple purposes.
Starting up this business demands a small capital investment. You can even begin in a small area of around 500 sq ft.
Manufacturing paper is a low-cost business idea. Paper is used everywhere. From schools and colleges to offices and big corporates, the use of paper is certain. This translates into an unending demand for this product- despite the world going digital.
From A2, A3, and A4 sheets to small copies, there is the vast scope of expansion too in the paper-making industry. However, you need to be wise in selecting the manufacturing location to avoid high transportation costs.
3.Organic Soap Manufacturing
Organic soap manufacturing businesses will now just grow and expand. Now that the world is going organic, this segment should surely be tried.Organic soaps are a really niche market to tap, if you wish to start with a small business. It is a high demand product used by billions daily.
To start a small herbal soap business you need raw materials like glycerine, herbs, essential oils, moulds, microwave, and more. You can start the business at home or rent out a separate small space. Various government courses are available if you wish to learn the soap-making process.
4.Mineral water plant
The demand for mineral water can never go down due to its extensive use in weddings, parties, hotels, restaurants, at commercial as well as residential places, etc. Different sizes of mineral water bottles can be chosen according to the demand. Mineral water plan can be started on small size and in short term can be turned to medium sized business. Considering that Indian’s are becoming more health conscious, mineral water plan could be one of the best profitable medium scale manufacturing business ideas in India to start on Medium Scale.
5.Manufacturing of Sports related items
The following business thought is related to sports. It is about the manufacturing of sports related items, for example, a ball, bat, badminton racket, carrom and so on.
India is the largest producer of football and other inflated balls in the market. The Indian Sports Goods manufacturing industry has seen tremendous growth since last few years. Some products, namely- Cricket bat, ball, football and nets have also gained popularity all over the world. In 2021, there comes a great business idea of establishing your own sports goods manufacturing company. It may sound difficult and hard; but it’s worth the struggle. If your company gets recognized well, you may earn millions of rupees.
Honey making is a business of beekeeping or honey bee cultivation. Honey making is one of the least demanding businesses that can be begun with ease. But,now the demand can certainly sky-rocket, since honey gives immunity and that covid’s second wave is back. Honey is adjusted as a nourishment and is used by numerous individuals today, both young and old alike.
7.Stick Jelly making
Stick and jam making is a next little scale manufacturing business thought. This business can be begun from home moreover. Stick and Jelly are generally utilized for making cake and treats items. Stick and jam are utilized as a part of the home and also at the eatery. Youngsters are partial to stick and jam. Taking a gander at prevalence it is fitting to star stick and jam making.
8.Manufacturing of toys
Kids’ are attached to toys. They want to play with toys. This demonstrates there is a substantial market of youngsters toys. In this way, on the off chance that you need to begin a business you can plan to begin manufacturing of toys. This business can be begun at little scale or at a bigger scale.
Organic Farming is the Trending Manufacturing Business Opportunity. With increasing importance being paid to health, people have been shifting to organic produce for daily consumption. Ranging from fruits and vegetables to pulses, there are organic variants, which are more expensive to produce but are also sold at higher rates. If you have land or can take it on lease at a nominal price and the other natural sources like sunlight, water, soil fertility, etc. are feasible for organic products; it is a brilliant idea to start manufacturing them
10.Niche Snacks making
This is a business idea that never goes down.
Snack making has always been a high profit margin business. However, the market penetration requires marketing costs, which is almost unavoidable. So if you have the required capital, explore the snack market and create unique products. New flavors, healthy snacks, low calorie snacks, no carb snacks etc. are the nutritious version of the new snack business, which has a lot of scope in this health conscious era.
Have some common sense and plenty of determination?
Have a strategy?
Have a plan of action?
Have a little capital?
Are you not well-heeled and overly educated? Don’t Worry !!
There are plenty of manufacturing businesses you can start on a shoestring budget and without specialized skills or a fancy degree, Hirav Shah, Concludes….