There are a number of reasons to get started in the injection molding industry. You may have been an employee of an injection molding plant for decades and now with experience under your belt are ready to strike out on your own. This is not a bad idea, since profits can be high for a successful injection molding business.

According to a study by Grand View Research, “The global injection molded plastics market size was valued at USD 283.54 billion in 2016. Increasing demand for plastics components across various end-use industries including packaging, automotive, electrical and electronics, home appliances, and medical devices is a key trend observed in this market.”

That is a huge market with plenty of profits on the table for the taking. However, starting an injection molding business that is successful is not a simple venture. There are a lot of startup knowledge and costs associated with the inception of your new injection molding business.

The following takes a closer look at how you can keep success at the forefront when launching your injection molding business. Let’s dive in!

Pinpoint An Injection Molding Niche

Being successful in the injection molding industry is all about niche. By finding a niche for your business, you will become a custom molder that can meet the needs of a specific client base. This is important, because having a very small, yet profitable niche is ideal. As the saying goes, if everyone is your customer, you have no customers at all.

Custom molders have mastered a certain molding with specific materials. This expertise is echoed among clients in that specific niche and you will be happy to find a lot of potential clients contacting you. Some considerations include, large or small molds, volume vs. dollar value, large client pool or smaller one.

Do Not Overlook Warehouse Space For Products And Molding Material

One major aspect of setting up a successful injection molding manufacturing business is warehouse space. The space you need depends on the size and variety of injection molding business you have. Typically you need to warehouse molds, gaylords full of material and products, retail inventory, and much more. On average, you will need about 15 percent of your facility dedicated to warehouse space.

There is also the need to store the resin you use for your injection molding products. This resin is often stored in silos somewhere in the facility. This is an important element to your business, because without enough resin, properly stored, you may not meet the client quotas coming in.

Upfront Injection Molding Machine Equipment To Get Started

Setting up a successful injection molding business is all about keeping startup costs as low as possible. It can be pretty expensive to get everything you need in place just to start operations. For example, you need the actual injection molding machine, material, plastic molds, and the list goes on.

There is, however, used plastic machinery options to help keep startup costs low. You can also start small, maybe small enough to fulfill a few orders, and then scale as needed. This can help keep materia cost and personnel cost low as well.

It is also important to factor in marketing costs as well. Without a marketing budget, you may not build your client list as fast as you may want. Set aside some marketing dollars for PPC ads via Google AdWords, content marketing efforts, and some traditional marketing assets.

Keep Product Quality A Priority

When it comes to injection molding business, your work is your calling card. The competition may be fierce in your chosen industry, making quality must if you want to stay in business. If you can pair quality with affordable pricing, you will surely never run short of people wanting your manufacturing services.

Be sure to schedule quality assurance tests every month to keep quality a priority. You should also be proactive in discussing quality with your customers. They are the ones at the end of the product manufacturing line, and their input could be valuable to ensuring excellence on the products you are molding.

In Conclusion . . .

Setting up a successful injection molding business may seem like a lot of work at first. However, the rewards for those initial months of costs and growing pains is definitely worth it. In fact, it is worth getting a piece of the $283 billion the industry is estimated at. That is a lot of money and the industry is certainly going to grow. Are you ready to get your injection molding business off the ground?