Right now is a good time to start a robotics business as the market offers you affordable components, skilled workforce and open source code. Robots can be used by different types of customers, from customers who need robots to manufacture their products, to customers who need robots to help them with household chores. As society has registered a shift towards automation, robotics companies can earn handsome revenues if they manage to bring the right products to market.
If you are an individual with a background in product development, design, electrical engineering, physics, electronics or any other related domain, then this company is the perfect choice for you.
Here is a collection of do’s and don’ts that you should follow to ensure that you start a successful business.
Do – understand the needs of the market
You’re designing products that appeal to a certain category of customers, so you need to understand their needs and requests. You will have to decide what type of robots you want to manufacture. The market currently needs different types of machines.
Part of the market is looking for large robots that can build appliances and cars. If you produce them, you will have to work with companies that focus on producing large items, such as the car brands. They need armies of robots to complete their operations and replace the human workforce in the activities that would endanger their health. For these clients you will have to produce reliable robots that are able to perform the tasks that form the basis of a company.
The other part of the market is looking for robots that can perform repetitive tasks, mind-numbing tasks that can drive a human worker to exhaustion. They must be able to perform operations such as basic assembly, basic inspection, loading and unloading of products, and so on.
All companies are looking for solutions to reduce costs, and for those that need to work three shifts to remain effective, finding them is crucial. They are looking for robots that can perform a function perfectly, at a lower cost than a human worker.
Don’t – think of smart design as an effective differentiator
You have access to knowledge and tools that allow you to experiment with the type of robots you create. This can be either a curse or a treasure for you, depending on how you decide to use it. When creating robots to meet certain needs, their hardware and software are similar to those of your competitors. Both you and your competitors are working from the same information, and it depends on your talent to succeed in designing products that stand out in the market.
You need to understand your customers’ perspective and build features into your machines that give you a real advantage. Don’t try to market robots that are everything to everyone. Design products with a clear purpose, audience, and features that buyers are looking for.
Do – involve the audience from the start
To acquire buyers, you need to engage your audience and the best way to do this is by promoting your brand on the channels they use. Don’t underestimate the rigor involved in presenting new products to the public. You bring an alternative to an existing product to market because, let’s face it, the market is so saturated that there are slim chances of someone creating something innovative.
You need to make sure that when the robots are ready for sale, there are already customers waiting to buy them because they feel they suit their needs better than those of your competitors.
Use your creativity to engage your target audiences from the early stages of setting up your business. It doesn’t matter if the robots are just sketches, if you manage to draw attention to your brand, people will wait for you to produce, test and buy the robots.
Don’t rush to manufacture the machines
You may find this advice counterintuitive, but you shouldn’t use your resources to build a machine that humans don’t need. Making robots is more expensive than making apps. Don’t make the same mistake that many other robotics companies make: don’t start building a robot without understanding how customers will use it and whether they need it.
Do not begin the production process until you have full knowledge of the customer’s needs. Do you want to launch a new model of an industrial robot arm? Do market research to find out if there are any companies interested in buying it. Make them an offer and enter into a partnership before you start building the robot arms. They are of no use if they are stored in your warehouse and you are struggling to find a buyer for them.
Do – determine the cost of starting the robotics business
Starting any type of business involves numerous costs; you need a production center, an office, computers, tools, printers, high-speed internet, raw materials and many other supplies. You will need to make a detailed list of the costs you will have to pay during the first months of the business because you will start collecting revenue the moment you put the robots up for sale. Until then, you will have to rely on your existing budget to cover all expenses. When preparing the budget, don’t forget to include the costs associated with hiring staff. If you can make the robots yourself, you can cross these costs off your list, but it means starting a smaller business than you thought.
Don’t forget the taxes that come with starting a business. According to the specifics of the company, some taxes are personalized and you will need to do research to find out which state and federal taxes you need to register for before producing the machines.