Jobs in the industry has drastically affected due to pandemic. Many experienced employees has lost their job. Which has lead to less opportunities for freshers that's why they are still unemployment.
Most scarcity of jobs is in one of the oldest branch of engineering which is mechanical engineering which existed before pandemic. Many students with good CGPA and skills don't get a job. Due to this they start working in other streams for eg. IT service.
In order to fully utilize your talent you can opt for startup in mechanical industry. Government has introduced various schemes recently which focuses greatly on how to ease your effort in starting business.
But you should keep some aspects in mind before starting your business in mechanical industry. So success rate and profit margin of your efforts will be high.
There are in total 5 tips which will help you establish successful business endure, they are as follows
Be very clear why are you doing it (clarity)
Before starting your own fabrication shop you should be very clear in answering why you want to pursue this?
Most of the times people are not able to handle the workload of their over demanding job or have a toxic boss who does not compensate well. So due to these reasons many people decide to start their own business to become their own "BOSS!" But is this right thing to do? The answer is NO.
If you think you don't need to answer anyone after starting your business and can recklessly take decisions then that is not reality. When you become your own boss then you will be answering many people like clients and in some ways they all will be your boss. Not just your clients but starting form your customers to your managers and to your employees you need to listen to everyone.
So the main thing before starting any shop/startup is definitely clarity.
Don't start without industry experience.
None of us can give our best to the work if we don't know every thing about it. Similarly gaining knowledge in the mechanical field before starting your own shop is mandatory.
By being in mechanical industry you will get to learn many things apart form the textbook knowledge, which includes some aspects as follows
Working and problems of machines.
Marketing of your product and so on.
Also the mechanical industry is advancing with time at a rapid pace. Controlling machines and doing complicated operations can now be achieved using AI and machine learning.
So by being in industry and working there you will get hands on these new advancements and it will surely help you forming an idea of where is opportunity for providing a service.
Use innovative and modern technology in your business.
Most of the people try to use the traditional methods in their shop even for solving the modern problems, which is not right due to following reasons
Traditional process is time consuming.
Chances of error is high.
It causes physical and mental fatigue.
Cost of maintaining such old equipment is also high.
So to avoid such circumstances you should keep up and adapt with the new changing technologies in the world.
Some of latest advancements in mechanical engineering is as follows.
3D printing - One of the best ways to print products with complex shape and design. It is in the development phase but this technology can save both your time as well as money.
To know more about 3D printing technology read more.
CAD(computer aided design) - Making parts with maximum accuracy and minimum errors can be achieved by connecting software with the hardware which is nothing but CAD.
And many other technologies such as IoT, CADCAM, AI, Machine learning and so on.
Don't start your startup all alone.
Starting and doing all the stuff on your own may land you in big trouble. There are many things in the business which you can't handle all alone. Which includes making the sales record, number of parts manufactured, number of orders pending, knowing your numbers and so on.
This is the main reason why 95% of the small scale mechanical startups fail. Thus to avoid this happening you should always consult someone regarding this thing and start a business in partnership with someone who has equal knowledge in mechanical field.
But before this we should always keep in mind that both of the leaders of the business don't do the same thing, that is partner with someone who has complimentary skill sets.
For instance if you are expert at designing parts on software and manufacturing skills but not good at managing employees and the finance. Then your business partner should be expert in management and finance. So that product is delivered efficiently without any delay.
Observing and understanding your competitors
Before spending much time on creating a service or product always keep an eye on competitors. Producing better service than your competitors will benefit you.
Understanding the situation and advancement in the field and preparing a product better than your opponent will always make you stand above.
For eg. TVS India launched a bike named "TVS Star City plus" which they recommended to have the best average of 86kmpl and best in class features which where advanced as compare to time.
So to compete this Bajaj India launched a bike with somewhat similar features but the average of the bike being better that is 89 kmpl which beats TVS in its main aspect. Due to this Bajaj bike had 20% better sales as per 2019 compared to TVS.
So keeping in mind your competitors next move and anticipating it in such a manner such that it will be profitable to you is the main key in mechanical business.
Wish you all the best in your startup journey! You are out of very less people who is hustling to take responsibility.