Business At A Glance
Home Based: Can be operated from home.
Part Time: Can be operated part-time.
Online Operation? No
The following steps can be taken to establish and market this type of new business enterprise:
- Decide if the business will focus on designing and building manufacturing prototypes in general or cater to a more specified segment of the manufacturing industry, such as mall kiosks.
- Design a complete marketing and promotional package including highlights of experience, capabilities, and specialized equipment and know-how.
- Join manufacturing and business associations.
- Acquire membership lists of the associations and initiate a direct mail and introduction telephone call campaign utilizing the newly designed promotional package.
- List your company in manufacturing directories and trade-related publications. Following these five easy steps will place you in front of your potential market for this type of business venture.
Generally, clients will want an estimate for their projects prior to awarding the contract, and this can be extremely difficult given the nature of prototype design. However, this is one of the few industries that allows for a certain percentage of gray area, in terms of a cost estimate. The objective is to always enter into the contract with a clear and concise estimate that includes a scope of work, product details, manufacturing time lines, and the potential pitfalls associated with the client’s project