Mon. Jun 27th, 2022

Start robotics company

Robotics have a huge number of applications in automating production, it offers efficiency, cost reduction and precision. Robotics is applicable to different industries like farming, automobile and manufacturing, it improves productivity, benefit small and large businesses.

HOW TO START ROBOTICS COMPANY

Is this business right for you?

Robotics company is perfect for individuals with background in physics, electronic engineering, product development, mechanical engineering.

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Education

  1. physics
  2. electronic engineering
  3. product development
  4. mechanical engineering
  5. business administration

What are the skills to start robotics company

To start robotics company you need engineering and business knowledge. Robotics manufacturing requires impute of electrical and mechanical engineers while the business aspect needs accounting knowledge, software analysis, business skills.

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Typical day at a robotics company?

A typical day in a robotics company involves data analysis, robot manufacturing, accounting, marketing, testing the product, receiving raw materials.Here are steps for entrepreneurs interested in starting a robotics company.

  1. data analysis
  2. robot manufacturing
  3. accounting
  4. marketing
  5. testing the product
  6. receiving raw materials

Steps to start robotics company

Step 1

The first step is to plan the business by writing a business plan. It is important to factor costs, target market, charges and company name.

Costs

cost consideration for startup robotics company include cost of office space, robotics manufacture, raw materials for production. Raw materials are steel, wires, chips, copper, brass.

Other costs are company formation, staff wages, manufacturing costs, marketing.

Expenses

Expenses involves hardware and software for the manufacturing process. Others are utility bills, labor, marketing, cost of raw materials.

  1. hardware
  2. software
  3. manufacturing process
  4. utility bills
  5. labor
  6. marketing
  7. cost of raw materials
  8. insurance

Hire staff

Staff requirements are electrical/ mechanical engineers, office staff, marketing. The engineers should have knowledge of robotics engineering.

With the right knowledge or expertise it is possible to build a robot solo. However complicated machinery requires team work, testing and certification.

Step 2

Form a legal entity

To start any business it is mandatory to form a legal entity. The type of registration depends on the scope or size of the enterprise. Types of formation are sole proprietorship or one man business, partnership with two or more partners, limited liability company or corporation. The major advantage of limited liability company is that the liability doesn’t extend to personal liability.

Step 3

Tax

Company tax registration is mandatory if you don’t want to go against the law. Type of business structure will determine the type of tax. State and federal laws apply therefore hire a tax specialist to help with tax laws.

Step 4

Open a company account

Next step is to open a company account for the business. This is because the company account is separate from personal account. Type of company account is current account, or checking account. You need guarantors, utility bills, TIN or bank verification number.

Step 5

Bookkeeping

Setup a business accounting software for inventory, records of costs and expenses. Hire a chartered accountant or use an accounting company.

Step 6

Permits

Any business venture is required by law to have operational permit or license. Permits include manufacturing of robots, storage of raw materials, operational permit, waste management, local business license.

Step 7

Business Insurance

Business insurance covers a wide range of liabilities from accident, fire, litigation, equipment replacement. Different Types of insurance are general liability insurance, worker’s compensation insurance.

Step 8

Branding

To stand out from the rest a company needs branding. Branding includes company name, colors, logo.

Step 9

Funding

Adequate funding is required to start or upscale the business. Funding is needed to purchase raw materials, staff wages, marketing, insurance cover, other expenses.

Secure funds through bank loans, core investors or venture capitalists. There are scientific research grants, government subventions for technology companies.

Step 10

Marketing

Firstly the product should be useful and desirable to a specific industry. A useful robot will sell itself to manufactured, however marketing is needed for new or emerging markets.

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By Femi

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