Making money through produce is the most guaranteed and sustainable way. If you are producing in the right sector and quality, you will never hurt. You have to understand the concepts of supply and demand, which are the basic concepts of economy.
If you produce a product that you think people will need, you will continue to sell. When you sell your product in a short time and produce a new one, you will have a sustainable income.
How can you determine the right product? How do you determine the right products that people will be interested in? How to make profitable production? All of this needs to be analyzed well.
Anticipating the Need Before Producing
In the production sector, accurate foresight is important. Our age is now the age of speed. When a need arises, whoever puts the product on the market first increases its sales. If you have umbrellas ready before it rains, sales explode when it rains. It is possible to anticipate future needs such as these and produce related products.
Importance of Market Research
You must first investigate what you decide to produce in the market. Has this product been produced before? What are the similar? How much is it sold for? How many competing companies do you have? What is the total size of the sector? What is the estimated cost in stocks? What kind of problems do existing producers have? What do you plan to do to overcome these problems?
Timing of Production
The timing of production is very important. When the demands peak, you must have placed the goods on the market and entered the market shelves. In order not to have high inventory costs, it would not be right to produce in advance. Delayed productions also run the risk of rejecting customers’ demands. So you should build your supply chain well and set a production schedule and production speed that will provide a reasonable level of lead time.
Ensuring Productivity in Production
Ensuring efficiency in production results in lower production costs and a price advantage over your competitors. Productivity includes many details, from raw material purchase, control of personnel working hours, layout of the machine park, to ship chain planning. You should learn the concept of optimization well. You should pay attention to balances such as neither too early nor too late, not too much, not too small, not too big or too small.
Quality is the main reason why customers prefer you. Quality production takes you to the top. Therefore, you should make every investment that will increase your quality.