Manufacturing added $2269.2 to the US GDP, resulting in 10.8% of the total GDP in the USA. Undoubtedly, manufacturing plays a vital role in the economy of the US and other countries in the world. Small businesses are a dominant force in the manufacturing industry, as more than 98% of US manufacturing companies are small businesses.
Before getting into manufacturing, business owners must consider some factors:
- The products in demand
- Start-up cost
- Level of knowledge
- Business location
- Availability of raw materials and workforce.
These factors affect the growth and productivity level of any firm.
The high level of competition in the manufacturing industry pushes small businesses to brainstorm ideas to penetrate the market. This article will recommend manufacturing ideas based on statistics to help small enterprises to kickstart their companies and succeed in the manufacturing industry.
Top 10 manufacturing Small Business Ideas
In a highly competitive environment, new businesses with a unique philosophy, brilliant strategies, and innovative ideas will likely be successful. There are over a hundred business ideas to ponder over, but the mind-blogging task is to figure out which of them is in hot demand in the market. Here are the top ideas for small businesses:
Tea is the second most widely consumed beverage in the world. In 2022, the tea market will generate a revenue of $14,168.4 million. The tea market will grow annually by 4.10% within the next three years. Additionally, a recent survey suggests that afternoon is becoming a significant trend in 2022. Many drinkers will be demanding tea to quench their taste.
If you’re a tea lover, you’ve got a million dollars industry in your hands. You can combine different leaves and perhaps develop the next best-selling tea brand. Despite having six significant categories, you can blend tea leaves into different variations and flavours—the numbers are unlimited.
Step into the tea market, explore different leaves, request feedback and take advantage of this easy small business idea.
Microbrewing is among one of the best business ideas. Beers are a significant part of the American tradition. The USA occupies the second position in global beer production with 211 million hectoliters volume. Craft beers are available in many pubs. Nevertheless, craft brewing or microbrewing requires comprehensive knowledge, the right equipment, and licensing from respective bodies. Understanding the process will help you mix flavours and ingredients to produce a unique brew. You can run ads on the internet to market your product.
Grape wine production
A survey shows that 75% of adults drink wine. Wine is mainly consumed because of its taste and the good feeling it gives to the body. Grape wine production is a lucrative manufacturing idea for small businesses. If you love wine so much, perhaps it’s time to turn your interest into fortunes and create your unique label.
However, grape wine production is not challenging as people think. Understanding the varieties of grapes and flavours they produce is the first step to starting wine production. Learning the finest ways to source them according to your standards and taste would be beneficial. You can spend years growing your own vineyard, or visit local vineyards or wine dealers to model, pick, and buy grapes that offer your desired taste and quality.
Wine production requires extensive knowledge and a production facility. However, the presence of custom crushers in the market makes it a lot easier. These crushers provide the equipment needed to produce and bottle your product. They also offer skills and partnerships for those interested in reducing their costs.
Cosmetic and skincare
The cosmetic and skincare industry is extremely valued worldwide. It generates $49.2 billion yearly because of the high demand for personal care and beauty products. Skincare products occupy the market’s largest segment. The public is increasingly interested in natural, earth-sourced, and chemical-free products because of their little to no side effects on the body. Producing natural skincare products is a win-win for you and your potential customers.
You need to define your mission and determine your niche to penetrate the market. Source ingredients and package products that mirror your brand. Many platforms are available to help out the process. You can test your products in your home, obeying the lab-grade sterilisation process. If you have enough cash, you can outsource to many labs specialising in beauty.
From 2020 to 2025, the value of the global apparel market is estimated to grow from $1.5 trillion to $2.25 trillion, thanks to the increase in the demand for clothing and shoes around the world. If you love fashion, you are one step away from converting your interest into money. To succeed in the fashion industry, one must not necessarily be into design or sewing. You need to develop a desire, style, mindfulness about what’s going on in the fashion scene, and high creativity before starting up your label. You can begin customising artworks on people’s clothing if you have graphic design skills.
Jewellery has become an essential part of dressing accessories, as new designs and fashion trends attract customers. In 2018, the global jewellery market was valued at $ 278.5 billion and is expected to grow in subsequent years. If you are an artisan, you will have an edge in the market. You can easily partner with trustworthy suppliers. Upgrading your tools and equipment will help improve your productivity level.
If you love and enjoy playing with kids to keep them happy, you’ve got a potential audience in your hands. According to Statista, the toy industry generated a revenue of $94.7 billion in 2020. Since 2010, the toy market has been growing by over 13%. Creating and designing toys for kids is a rewarding business. You can pick inspiration from popular kid’s cartoons, superheroes, sports, dolls, aviation—the list is unlimited. You need to choose a concept, draft your idea, and refine it until it becomes a reality as you planned.
Suppose you’ve applied CBD oil to tackle your health challenges. In that case, it’s time to consider venturing into producing products related to these magical plants. Sales of CBD products in the USA reached $4.6 billion in 2020. In the next six years, the value of the CBD market is estimated to clock $16 billion because of its health benefits. You can start producing CBD products by trying different formulations and figuring out the best delivery system. You can also source ingredients from reputable suppliers. The opportunities in the CBD market are overwhelming.
During romantic picnics and festive periods, candles are valuable accessories. In 2019, the market value of candles was $3.54 billion. The market value of candles is expected to clock $6.64 billion in eight years. The candle-making process is straightforward and requires low start-up capital. You can purchase basic supplies online. Candle production is an easy small business idea that yields good money.
Like mobile phones, phone accessories are highly rated. In 2020, the worldwide mobile accessories market value was $202.45 billion. The phone accessories market is expected to grow with a CAGR of 4.5% within the next nine years and clock $328.70 billion by 2030 because of mobile phones’ high acceptance and usage. Phone covers allow phone owners to reflect their personalities. Before launching your phone case line, you need to develop an innovative design concept that reflects recent trends and interests.
Many opportunities are available in the manufacturing industry. All you need is the right, successful business idea that suits your interest. It would help if you enquired about the start-up cost, demand rate, availability of raw material, and level of competition in the market. The key to success in the manufacturing industry is to create a unique product, model it to the best standards, and collaborate with the right producer who supports your process, quality, values, and expectations. We hope you find this article helpful in your quest to grow your business!
About the Author
Alex Lysak is a CEO at SeoBrothers team. He has over ten years of experience in online marketing. He is passionate about building a solid iGaming affiliate team. He aspires to become number one in this niche worldwide.