In times like this when the cry for change from an economy solely dependent on oil to a better economy where local products can stand to compete with their foreign counterparts is on the increase, there is need to examine what is required to start up a manufacturing business. Since Naikob is committed in its being and entirety to making the economy better through improved local production there is no better place to discuss this other than here in this forum. A manufacturing company is one that is involved in creative transformation of regular items that have little or no value into items that meet some specific needs or wants of people for the purpose of making profit.

Before you consider starting a business at all in any form on thing should be put in mind and that is a clear vision. Helen keller was once asked "what would be worse than being born blind?" She replied and said "to have sight and no vision." Vision gives you drive it gives you a sense of purpose in what you do and it helps to keep you focused in the course of the business. Here you have to ask yourself questions like
"What am I to produce?"
"What specific need am I to meet with this product of mine ?"

"Who are my to produce for?" All of these questions are important and should be well answered and documented as they will give focus. You have to know of course what you want to produce and what your product name will be. You must be able to tell of what use your product is going to be to its consumers at least if not to every one at this stage you should be able to tell your self in clear terms. You should also know who your target market is. Knowing this will help you prepare best market strategies and also help in further planning of your business.
After getting the right vision the next step is to describe a well detailed time line of production where you explain step by step properly how the product is going to be produced. This will help you determine how much of help you will need as well as the equipment required for start-up. After getting the time line, now write out the services needed as well as the equipment required.
The next step is to describe the method and level of production. The method such that is the product to be produced manually or using machines and the level of production describes the target number of units to be produced per day. This however could be increased as the business grows bigger. Care should be taken so that the number of units is not too much so as not to case fantasies and also should not be too small so that one does not work below maximum obtainable output.

The next step is to find a location for production. In doing this one must select a location that: is most suitable for marketing at the least cost; easily accessible to costumers; has all the amenities required for production; has relatively cheap and accessible labour, bears low cost of transporting raw materials; and comes at a cheap price. As much as possible the cost of production should be reduced so as to improve profit. The security of you, your workers and your products should also be put in mind before starting a business

The next step is to check if there are extra skills that are needed for the production of such product that is not owned. You will need to get extra training to acquire some of these skills.
You will need to now consider the number of staff you will need but for start-ups, you may not need any staff but doing this helps you prepare ahead and also shows you are focused.
You will need to carry out a simple market survey on your own to know if your product is generally accepted or not.

You could just print questionnaires and send them out for people to fill asking them if they would buy a product like yours. Results from this will inform you if you should start your budget or not because there is no need producing a product if people won't buy it. It will also give you the highest possible amount you can sell your products for above which people will not buy which will help you set in setting the price of your commodities.

Make a budget showing all what you need and their proposed costs as well as including salaries for workers. This will help you know how much is required and help you plan on the source(s) of your capital. After making this budget, evaluate the business by considering how much a unit will cost after production and comparing with the highest possible price. If the highest possible price is higher than the cost per unit product then you may continue but if not you may not start the business if you don't plan on having debts
Determine how you intend to make sales. Depending what is most convenient and bears the least cost for you, you can decide to choose from a variety of methods how you wish to sell your products. Of all the methods available I'll say the best method is selling your product on naikob stores.

The most important in starting any business is the ability to see opportunities, seize the opportunities as well as being able to think and come up with creative innovations. So if you think you have that vision, you are creative and you have all it takes why not start something up today and contact us at NAIKOB to help you see that it becomes a light for all Nigerians to see. Unlike other stores, we understand that you are just starting so we give you what is best for you.

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