The economic strength of a country is measured by the development of the manufacturing industry. The manufacturing industry is basically one of the major vehicles that drive and develop the economy of a country. Besides producing all sorts of goods, equipment, machinery, chemicals…e.t.c, the industry helps a great deal in providing numerous job opportunities.
If you are considering setting up a manufacturing business, well, you are on the right path. The good news is that growth in the manufacturing business is quite plausible and you can get into this venture with little or medium investment. Once the business expands, you can then consider going large scale.
If you are still not sure what manufacturing business to venture in, here are 10 new manufacturing business ideas that you can start with medium investment.
1. Mobile Phone Accessories Manufacturing
Over the past few years, we have seen a huge surge in demand for smartphones and as such, the demand for mobile phone accessories like batteries, earphones, power banks, battery chargers, and other accessories has been on the increase. As of 2016, the mobile phone accessories market stood at $62,713.4 million(1).
Those in the mobile phone accessories manufacturing are reaping huge, and so should you.
2. Diapers and Baby Wipes Manufacturing
Most babies between the ages of 0-2.5 years use diapers and baby wipes. The demand for diapers and baby wipes is in fact rising each day and new players are getting into this competitive market. As of now, the baby care products market worldwide stands at $10.3 billion(2).
As competitive as it may be, you can get a piece of the market by producing high-quality and affordable diapers and baby wipes. And the good news is that manufacturing diapers and baby wipes doesn’t require a huge investment, so nothing should stop you from starting this thriving business.
3. Air Freshener Manufacturing
With a low to medium investment, you can easily start an air freshener manufacturing business. There is a huge market for air fresheners as people want to keep their homes smelling nice. You just have to be creative enough and come up with pleasant smelling and lingering scents.
You have the option to either produce air fresheners in the liquid, solid, and gaseous forms. To attract consumers to your product, ensure the package is appealing and the price is affordable.
4. Kids’ Toys Manufacturing
Kids’ toys manufacturing is a billion-dollar industry and one of the most lucrative businesses out there because the market is incredibly huge- that is children. In the US, the toy industry’s annual total economic impact is nearly $75.03 billion, which is precisely why it’s a great business venture.
Children will play with just any toy, constantly demanding for new fun toys from their parents. It’s one business you can never go wrong with. You just have to make the kids happy by giving them fun toys to play with. Without a doubt, you will make huge profits.
5. Kitchen Utensils and Cutlery Manufacturing
At any given time, people will always prepare and eat food, and of course, they can’t do either of these things without utensils or cutlery. Kitchen utensils and cutlery are not only essential in our homes, but also in restaurants, hotels, canteens, and other areas. What this means is that the market for kitchen utensils and cutlery is quite expansive.
You can never go wrong with this lucrative business. And because the competition is stiff out there, you just need to ensure that your goods are of the best quality and quite affordable at least.
6. Rugs and Rubber Carpets Production
A little research on rugs and rubber carpets will tell you that the market for these products is quite huge. People are always looking for carpets to keep their floors smart and protect them. The same is true for rugs. Furthermore, the world flooring and carpet demand rose to nearly 4.9% yearly to abouit 18.6 billion square meters in 2016.
The good news is that with medium investment, you can build a highly successful business.
7. Soaps and Detergent Production
Households, restaurants, hotels, carpet cleaning industry, factories-just to mention a few, are always using soaps and detergents for cleaning and to maintain good hygiene. Of course, the competition is quite stiff out there but this doesn’t mean you can’t get in and become successful.
With a medium investment, you can start a successful soap and detergent manufacturing business.
8. Drugs Manufacturing
Although drugs manufacturing and selling is highly regulated, you can still venture into this lucrative business. With medium investment and of course the right marketing and promotion strategies, you can make it big in this industry.
9. Coconut Oil and Olive Oil Manufacturing
Every day that goes by, people are looking for better ways to lead a healthier life- and using coconut and olive oils has been a top priority. These oils happen to be some of the healthiest oils as they do not only possess numerous health benefits, but they also help prevent numerous health conditions.
People are now substituting processed cooking oils for virgin coconut oil and olive oil for salad dressing. Most importantly, both oils are widely used in the hair industry. So if you can manufacture high-quality, unprocessed coconut and olive oil, you could end up becoming hugely successful.
10. Wigs, Hair Weaves, and Hair Extensions Manufacturing
Without a doubt, the market for wigs, hair weaves, and hair extensions is incredibly huge. Women are always looking out for new hairstyles and producing unique wigs, weaves, and hair extensions can prove to be a lucrative business. The demand is set to be huge due to the high number of consumers, so it’s one business you can never go wrong with.
- Optical frame manufacturing.
- Packaging box and cartons.
- Disposable plastic cup.
- Customized T-Shirt printing.