If your machine shop does precision work with computerized machinery, you may be looking for ways to increase your customer base and produce more parts or products. Before you invest in more precision CNC machining equipment for your shop, you need to make sure you’ll have enough business to make the investment pay off. Here are four tips for growing your business, to get you headed in the right direction.
1. Target Your Niche or Marketplace
Perhaps you’re trying a “blanket” approach with your marketing efforts. For example, if you’re targeting all businesses that may need precision CNC machining services, try to target only businesses that can use your products. If you’re not sure what your niche is, then take a closer look at your current customers. Look at your competition also. This can give you a good idea of the businesses you need to concentrate on.
2. Don’t Get in a Hurry to Buy New Machinery
It’s best to buy new machines when you already have the need for them. In other words, increase the demand for your services and then invest in equipment. This is important because you may have to increase the size of your facility and hire more help too. This is a major investment.
3. Consider Something New
Maybe it’s possible to add to your precision CNC machining services without buying new equipment? For example, by making changes to your current machines, you can try machining different materials like aluminum or stainless steel.
4. Partner with another Shop
Check into machine shops that do different work than your shop. This way, you can add customers without the need to hire more employees and buy expensive machinery. This gives you all the benefits of expanding your business without the need to invest your hard-earned capital.
