Three Ways to Lower Your Manufacturing Costs
Manufacturing costs are usually more expensive than expected. While the bigger companies scale up to increase their production output, some companies do not have the resources or capital.
In an article from Forbes, author Liz Long writes, “When you factor in the cost of labor, raw materials, packaging, shipping, and quality control, manufacturing a physical product is often more expensive than anticipated! Especially if you’re producing domestically or in small quantities, as many new makers do”.
In the article Long discusses:
- Tweaking your design
- Remove packaging
- Negotiate with suppliers
Long continues, “The best sources of advice on making a product more cost-efficient are your supply partners. Reach out to your main assembly factory and ask them to explain the most labor-intensive aspects of your design. Find out if any of your material sources could be replaced by something less expensive without compromising the item’s integrity. Put their knowledge to use!”. How can your company lower its manufacturing costs?
To read more, see the full article from Liz Long in Forbes.