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Starting an Injection Molding Business

latestmoldingJun 13, 2016, 7:43:50 PM
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Starting a business is an exciting venture and can be incredibly overwhelming if the proper planning and precision isn’t put into it. For anyone starting an injection molding company specializing in custom plastic injection molded parts, your initial business model should include the types of parts you want to create and which market you intend to penetrate with your products. As overwhelming as it may be to begin the process of started a business, it’s easy to lessen the stressors if you create a solid business plan to follow and a list of which steps you need to take, checking them off as you go. Keep receipts for all purchases related to business and enlist the help of attorneys and other legal personnel to ensure your paperwork and contract is legal and accurate.

Making custom injection molded parts using plastic gives you a wide variety of potential products to choose from. You can choose to specialize in the auto industry, the packaging industry, the hobby and art industry or any other industry requiring custom plastic parts. You also need to decide which individuals you are going to be marketing too – be it businesses, individuals, smaller companies or large organizations; this all needs to be drawn out in your business plan before business begins. It is surprising the amount of individuals who refrain from creating a business plan initially and then, later on down the road, realize organization is one of the most important aspects in business.

After you decide on which products you are going to create in which industry, along with your customer base you are going to market too, you can then begin the process of obtaining molds and equipment required to melt down the plastic. The machinery involved can be either electronic or melted manually using manpower. Manpower won’t produce quite as much product as quickly, but it is significantly cheaper in the short term when just starting off your business. You may choose to initially start off with manual labor before investing later in large, electronic equipment, which is a financially wise decision when initially starting a new business to avoid total loss if the business doesn’t prove to be successful.

After obtaining the equipment, manpower, molds and establishing the direction your company is headed, the next steps involve marketing and gaining customers by either cold calling, indirect sales and word of mouth.