Starting my own 3rd party inspection company
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Randy
Super Moderator
What's your fallback plan?
Have you a business plan?
Have you at least 6 months operating funds on hand?
From your question you apparently haven't done your market research so my opinion it plan to fail. My questions above are based on personal experience, business is tough and it's about cash flow. Though I'm now an auditor by trade, my education is an MBA-Finance and I'll tell you it's all about money, without it nothing happens.
Asking folks here might help, but how many have 40 years in small business to fall back on? Very few I'd suppose as nearly everyone is employed by someone else in a manufacturing setting, whereas myself and very few others are individual business owner/operators.
Recommendations - Do some market research. Reach out to the SBA and see if they have data in the area. Check your local/regional Chamber of Commerce. Don't quit your day job!
Have you a business plan?
Have you at least 6 months operating funds on hand?
From your question you apparently haven't done your market research so my opinion it plan to fail. My questions above are based on personal experience, business is tough and it's about cash flow. Though I'm now an auditor by trade, my education is an MBA-Finance and I'll tell you it's all about money, without it nothing happens.
Asking folks here might help, but how many have 40 years in small business to fall back on? Very few I'd suppose as nearly everyone is employed by someone else in a manufacturing setting, whereas myself and very few others are individual business owner/operators.
Recommendations - Do some market research. Reach out to the SBA and see if they have data in the area. Check your local/regional Chamber of Commerce. Don't quit your day job!
As in sorting good product from bad?
Auditing systems so they create more good product might be a better bet.
Zero_yield
"You can observe a lot by just watching."
Agreed.
I think most companies that care at all (or are required to care by law) have systems in place to detect nonconforming product. If you could use your experience to audit those processes or consult on how to improve those processes, that might be a more realistic business model.
The closest other concept I can think of like this is laboratories or contractors who do things like calibrations, certifications, or expensive/niche tests that a site might not use enough to justify implementing locally.
Then who will do the sorting?
Ron Rompen
Trusted Information Resource
There are numerous sorting companies out there already - some good, some bad. I don't know if there is really a NEED for another one, unless you are offering something that the others aren't.
Approval by one of the Big Three would be a great selling point, but I have no suggestions on how to break into that.
Approval by one of the Big Three would be a great selling point, but I have no suggestions on how to break into that.
trelos_zoi
Registered
Not knowing your area, demand etc.. and having hired sorting companies as a QM in a past life... unless you have some serious connections I don't think it would be viable long term. One guy that comes to mind I used that was near our plant in Alabama also had a warehouse and a hotshot shipping service. So he kinda used the sorting as an add on to other support services. This worked, he of course networked quite aggressively with all local plant managers etc.. So in general I think this would be more an add on service than a primary business model and there are lots of them already out there. Just my opinion. One small business that took off that honestly suprised me was forklift training/certification a couple guys started. I'd be inclined to tell you to offer up some other service like that initially. Safety, Enviromental inspection etc.. of course you would need a little background in those areas. Perhaps ask around as to what service areas are in need in local mfg companies and see if you can spin a service company out of that.
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