Fabrication is an excellent industry to get into, yet it is also an extremely competitive market. To be able to succeed and compete efficiently, you will want to use every experience and skill you possess and every advantage you can procure.
Steps to Start a Fabrication Business
Choose a Unique Name
- Choose a name for your company that is catchy yet professional.
- Choose a business name customers will easily remember when searching for a company to fabricate their products.
- Create a unique business name, not one that sounds similar to other companies in the area. This may cause confusion and can potentially lead to lost customers as they confuse your company with another similarly named one.
- You will need to register the name of the company with your city’s records office.
Products and Services
- Decide on the type of product(s) you wish to fabricate for your intended customers.
- Consider options such as specialty fabrications, onsite fabrications for your clients at their locale, and large scale production for companies and industries.
- It is a good idea to think about future expansion if you are only going to be fabricating one product at start-up.
- Research your geographical area to locate the best possible place for your building.
- You do not need to purchase a building if you do not want to; there are usually buildings for rent that will meet your location and range needs.
- While looking for a fabrication building, take into consideration the size to be sure that it will meet the type of jobs you are trying to build.
- Be sure to look at office space potential for estimates and front end operations.
Tools and Machinery
- Acquire the types of tools and machinery you will need to meet customer demands.
- Take into consideration the types of products you plan to fabricate as well as the volume you are expecting and/or hoping to operate at efficiently.
- Types of tools and machinery you may need can include welders, torches, and shelves for supplies to name a few.
The Business Plan
- Build a business plan.
- A business plan is important in the start up process. It is a valuable guide to follow and improve upon as your business continues to grow.
- The business plan is a projected budget and feasibility report that will be needed if you will be considering loans to help pay for start up fees and equipment.
- Some of the items in the business plan will include banker/brokerage information, your liquid asset and monetary value, projected start up fees, projected earnings at different stages, maintenance and repairs expenses, employee budgeting, and front end expenditures.
- Start marketing early.
- Marketing is essential to the success of any company, and starting a marketing strategy early will only increase your company’s chances of success.
- Visit local businesses that you hope to provide services for and promote yourself and your company.
- Research competitors in your area. Study what they are doing and how you can add to that and make your products and services more attractive and affordable for your potential clients.
- Hire the right personnel.
- While it is feasible to hire students from local technical colleges, you will still want to have plenty of experienced employees who will be able to successfully oversee operations and productions.