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Every product we use in our daily lives was once just an idea. Follow these eight steps to go from concept to manufacturing, and hopefully, a profit.
Infographic: Manufacturing & Small Business
June 13, 2024
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Did you know that 98.6% of manufacturing companies are small businesses? And 75.3% have fewer than 20 employees.
Our latest infographic details the strength of small businesses in the manufacturing industry.
Manufacturing businesses create products from raw materials or components either by machines or by hand. Goods are made in plants, factories, mills—but also in homes.
Manufacturers with fewer than 20 employees comprise these percentages of total employment for these products:
- 22.9% of apparel
- 18.4% of furniture and related products
- 16.4% of fabricated metal products
- 15.2% of wood products
- 11.5% of beverage and tobacco products
- 8.6% of machinery
- 6.3% of food
- 5.6% of electrical equipment, appliances and components
- 5.3% of plastics and rubber products
- 5.1% of computers and electronic products
- 2.8% of paper
Manufacturing generated 11.6% of U.S. economic output and 8.5% of the workforce.
Yet, 89% of manufacturers cannot fill job openings. Top reasons cited:
- Shifting skill sets due to advanced technologies
- Misperceptions of manufacturing jobs
- Retirement of baby boomers
Work with a SCORE mentor to help start or grow your small manufacturing company.
Infographic designed by Easel.ly.
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Product sourcing (the first step in supply chain management) is getting your new product produced, packaged, and market-ready.
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