Starting a small scale industry is an exciting yet challenging venture. Understanding market demand, initial investment, and legality is key. First, decide on a niche area and conduct thorough market research. Then, plan your budget carefully, considering raw materials and labor costs. Lastly, ensure compliance with local regulations and secure the necessary permits.
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Small scale manufacturing refers to the production of goods on a smaller scale, often characterized by limited investment, smaller workforce, and targeting niche markets. It plays a crucial role in providing opportunities for innovation and entrepreneurship. With access to affordable technology and changing consumer preferences, small scale manufacturers can thrive in today's market. In this article, we delve into what small scale manufacturing entails and its significance in today's economy.
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