How to Develop a Lucrative Side Business Through Product Creation
There’s a lot of interest these days in developing a side hustle that brings in much needed extra revenue each month. With the price of everything soaring, it’s no longer possible to just rely on your primary job to make ends meet. Rising fuel costs, out of control rents and grocery prices that seem to go up between visits take too much out of your paycheck. Plus, the pandemic showed so clearly that your main income source could simply go away suddenly.
To truly take care of yourself in life, it’s important to diversify and create a side hustle or secondary business that can build up a great cash flow. When you do this, you can get extra cash each month that you can use to pay down your debts, offset soaring inflation and just make end of the month budgeting less stressful. As your business gets established, it’s also quite possible that you’ll be able to build up your savings account and use some of the money for a much needed, wonderful vacation.
The Perfect Business Model
When it comes to side hustles, there’s no shortage of advice out there. Folks talk about passive income, video site ad revenue and driving for a ride share company as possible ways to bring in more revenue. They suggest selling on Amazon, but if you are simply selling a product that lots of people can buy wholesale and resell you don’t have any market edge at all.
A far better way to create a viable, and lucrative, on-going business is to design and produce your own unique product that you sell into the marketplace. If you look around and begin to tap into your inventor’s spirit, you’ll probably see a need that you can fill with a physical component or item that would make other people’s lives easier. When you come up with just the right offering, this product will be yours alone to sell and as the designer, creator and manufacturer you’ll get the lions share of the profits too.
Creating and Manufacturing Your Product
If you are looking to create non-ferrous metal product, you’ll want to work with a top-tier foundry to prototype and produce your item. They’ll be able to take the design for your brass, bronze or aluminum part and design and construct a pattern that will be used for the casting process.
With casting, metal shapes are created by filling the voids in a mold with hot, molten metal. Typically, sand casting is used in this process. Once completed, the items are inspected and pressure tested as part of the quality assurance process. If needed, they’ll also be able to provide machining, polishing, plating, painting and assembly services.
Leverage 3D Printing for Initial Prototyping
The development of 3D printing has revolutionized options for prototyping and iterative design. In earlier days, the process of creating a prototype was very time-consuming and expensive. 3D printing lets product creators produce their initial prototypes and refine their designs quickly.
The 3D printer works by “printing” layer after layer of a product, resulting in a physical prototype you can fully see, handle and evaluate. It basically takes your design, and creates thin cross-sections which are then used to produce the item, layer by layer. With a 3D printed item, you can make rapid, iterative changes in design and produce new prototypes on demand.