What Do You Need To Know Before Setting Up A Business In The Faucets Industry?
Are you contemplating about starting a business enterprise in the faucet industry in the most hassle free way? This is an evergreen industry because faucets contain mechanical parts and the wear and tear rate is very high as they are used on daily basis. The frequency of faucet replacement is very high when compared to the other equipment fitted in domestic and commercial buildings.
If you are planning to venture into this industry, you need to pay attention to few important factors so that you will be able to set up a highly successful business. There are two ways of going about this business. You could set up your own in-house manufacturing unit or you could take the OEM route. Setting up your own manufacturing unit requires huge investment capital and you need to be prepared to go through many hassles.
Taking the OEM route would help you set up your business fast and you will be able to get start selling as short as thirty days. Many faucet brands that you find in the industry today do not have their own manufacturing unit but they all get their supplies from OEMs/ODMs because this is the shortest and the most cost-effective approach to get started.
We cannot however claim that there are no challenges in this approach. The biggest challenge that you are likely to have is finding the best OEM or original equipment manufacturer. As you will be selling their products in your brand name, you will be required to be very cautious with your choice of faucet suppliers. The company you select should be able to deliver the finest quality faucets and faucet accessories for the models that you are planning to sell. All the products should come with impressive product warranty because that is the only way you will be able to survive in this industry. When you give impressive product warranty, your brand will stand out from the rest in the industry and customers would prefer to buy your brand as it gives them complete peace of mind as they could enjoy longer warranty periods with your products.
Understand the maximum production capacity of your manufacturer. You need to work closely with the OEM you choose because without their support you will not be able to succeed. It is vital that you do not rush to select your OEM before you have carefully reviewed their reputation and their industry experience. You do not want to frequently change your manufacturer, as your customers will not find consistent quality in your products if you keep changing your manufacturers.
When you source in bulk quantities, you should be able to get the best deals so that you could enjoy good margins. The MOQ or minimum order quantity should be something that you could work with especially when you are getting started in this industry. You would not want all your investment capital to be locked in stocking huge quantity inventory.