Manufacturing Business Ideas
If you are looking for profitable manufacturing business ideas.
Check the best manufacturing business ideas industry-wise, state-wise and budget-wise.
SolutionBuggy is India’s largest manufacturing consulting platform for MSMEs with more than 60,000 industries and 8000 consulting experts. Being a thought leader in the manufacturing industry, we aim to fill gaps in the MSME sector through our vast network of manufacturing consultants. We have been awarded as 'The Most Innovative Platform for MSMEs' by the Ministry of MSME.
FMCG is the fourth-largest sector in India. It has been growing at a CAGR of 9-10% over the past few years. Rural FMCG market in India is expected to reach USD 220 billion by 2025.
Personal care and Household products accounts for 50% of sales
Healthcare accounts for 31-32% sales
Food and beverages accounts for 18-19% sales
India is a country with more than one billion population which serves as a huge domestic market for manufacturing businesses in the country. India, with its rapidly increasing urban population is one of the fast growing economies in world and is expected to become world’s third-largest economy by 2050. India’s young population provides cost-effective human resources for industries in the country.
Following the economic liberalization in the early 1990s industrial activates picked up rapidly in the Indian manufacturing sector. Manufacturing is one of the fast growing industries in India, contributing to around 18% of country’s GDP. The Government of India is planning to increase the contribution of manufacturing sector in the GDP to 25% and create 100 million jobs in the sector by the end of 2025. The government with a vision to make India the next global manufacturing destination has announced several initiatives to attract both domestic and foreign investments into the manufacturing sector. India has greatly improved its position in the ease of doing business index, attracting huge foreign investments into the manufacturing sector. The implementation of GST has made India a common market with a GDP of 2.5 trillion and population of 1.3 billion. With the help of initiates from the government, Indian manufacturing continuous to register better year on year growth rate without being impacted much by the global socio-economic conditions. The manufacturing sector in India has potential to become USD 1 trillion in the next five years.
Huge Domestic Market
Cost-effective and Easy
Availability of Labour
Growing Urban Population
Business Friendly Polices
India remains a favourable destination for manufacturing businesses in the world; however, Indian manufacturing industry is yet to realize its full potential with little presence of domestic players in the market. The little presence of domestic players in the Indian manufacturing sector can be narrowed down to lack of guidance to the first-generation entrepreneurs planning to enter into the sector. While many young entrepreneurs are willing to enter into manufacturing sector, they lack the required support from the industry fraternity about viable manufacturing business ideas, business plan, product ideation framework, etc.
SolutionBuggy understands the hardships of entrepreneurs in starting their own manufacturing business. We help you decide on your manufacturing business venture as per your skills and budget by providing you exposure to a wide range of innovative viable business ideas of manufacturing. Our experienced manufacturing industry consultants handhold entrepreneurs in their entire business journey right from plant set-up to marketing and sales.
Karnataka is one of the fast-growing states in India. Bangalore, the capital city of Karnataka is known as the IT-hub of the country. Apart from IT and software, the state is emerging as a favourite investment destination in the manufacturing sector as well. Karnataka is the largest producer of aerospace and defence equipment in India.
GSDP, Current price (2018-19)
GSDP growth rate, YoY (2018-19)
Per capita income, Current price (2018-19)
FDI inflow (Oct 2019-Jun 2020)
India is the third-largest military spender in the world and has the second-largest armed forces in the world with 1.3 million active personal. India is planning to spend USD 130 billion on military modernization in the next 5-7 years with emphasis on indigenous manufacturing.
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Venturing into the manufacturing sector and setting-up the manufacturing plant is not an easy task for first-generation entrepreneurs / New entrepreneurs / now a days. This is where SolutionBuggy comes into the picture, providing entrepreneurs with every support they require for starting the manufacturing business. Being a reliable consulting partner at every phase of your journey, we also help you address each and every problem in your business venture.
We provide complete services to help you realize your manufacturing business idea and turn it into a profitable business venture. Here is a quick insight into our services:
Market research before starting a manufacturing industry is paramount. A profitable approach to start a business would be primarily to understand the needs of the market, and to design a product suitable to the market. The market research would reveal the potential, demand and trends of the products which would further ease the product potential mapping. Furthermore, the Product Feasibility Report would further reveal if the product is technically as well as economically viable. Finally, SWOT analysis would paint a clear picture with the available product data which would further guide in narrowing down the product. Starting a profitable and trending business starts with product identification, wherein SolutionBuggy would render quality mentoring as well as sound consulting to achieve your goal.
Undoubtedly, an entrepreneur would have to seek advice from a specialist to set up a plant and procure machinery. Evidently, a thorough market research would be necessary to find the ideal location of the industry which serves the purpose of supply chain management and is cost effective. Furthermore, in collaboration with Engineering Procurement Construction and Commission (EPCC) drafting a detailed project report containing the plant layout design serves the funding estimations. In addition to this, an expert to lean on for the purchase and implementation of machinery is necessary. To guide an entrepreneur through all these technical difficulties, SolutionBuggy partners them up with a manufacturing industry specialist to assist in procuring efficient plant and machinery also cost-effective.
Government of India assists the manufacturing industries with financing and subsidies. Appropriate planning, benefits in financing as government schemes and subsidies have lesser rates of interests compared to private financing. Primarily, availing the schemes and subsidies from the government, further depending upon the company structure to either look for funding through debt or equity would be ideal. Companies that prefer not to get debt or equity funding can reach out to banks and finally the private financing as their interests are high. Appropriate project financing permits a company obtain desired loan in addition to availing benefits and finally at lower rates of interest. An industrial expert guides a newbie utilize various schemes and subsidies made available by the government consequently help a business gain enough funding.
A Business Plan is indispensable. It determines the future of the business, guiding through the way to success. Furthermore, to implement the defined objectives and strategies, supply chain management planning is requisite. As supply chain management involves the whole process of production i.e. converting raw materials to final products, further its movement as well; it is of utmost importance to have an expert to succour the process. Besides, the company can also enter into a Joint Venture for heightened resources and capacities to succeed quicker. However, every company must establish their brand and further market it to its customers to get an edge over competitors. Experienced Marketing and Branding strategists at SolutionBuggy can offer a helping hand to businesses to gain an edge in the competitive market.
Research and development would be the primary phase at developing a product. Since the market is quite competitive in the present times, cost and quality of the product would be of utmost importance. Moreover, product validation as well as potential must be tested in the prototype phase. A process which slips the mind during the setting up the business phase, however a process of utmost priority. The prototype testing defines the developmental needs of the product. Designing the prototype as well as testing can also aid in quality assurance as well as cost effectiveness. Further reveals the necessities of the production process. Subsequent steps would be to train the resources. Post product development phase is to skill up and train the resources to achieve the product established in the developmental phase. Efficiency of the human resources ensures the quality and effective lead time. In addition to this, effective human resource management can further create a more productive, positive as well as efficient workplace. SolutionBuggy ensures to serve the business requirements during the product development and training phases through mentoring and consultancy.
Several licenses must be acquired when it comes to a manufacturing plant. Although Company Registration is paramount, numerous clearances namely Factory licenses Udyog Aadhar, Pollution and Environmental clearances, industry specific license, Sewage Treatment Plants (STP), Effluent and Wastewater Treatment Plant are a mandate. Furthermore, ISO certification although required by law, acquiring and ISO otherwise can reap benefits. ISO certified products have an added value which can be a better reach in the market as well to satisfy customer requirements. To get through all the licensing and registration process and smooth running of the production process, consultation with an expert can define the required certifications and requirements. In fact, a consultant may act as an intermediary between the government and business to obtain the necessary clearances and certifications. SolutionBuggy consultants holding expertise in various processes and fields of the industry and can help a business start off.
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