Robotics companyHere are some tips to follow to dodge the problems in building  a successful robotics company

Humanoid robots make for some great science fiction but the reality is that general-purpose robots are much more difficult to make than specific purpose robots (which rarely have any need to be in any way humanoid). The main competition for robots is people and people are cheap, plentiful, and incredibly capable. It makes sense that robots would only be profitable in highly niche areas that were too dangerous for people or so repetitive that the bot is cheaper than the person. Every successful robotics company has a seemingly endless number of customers, from consumers to products manufacturers and private businesses across a wide array of industries. There is a strong push for the automation of labor, product manufacturing, construction, and beyond. A profitable robotics company stands to benefit quite handsomely from this society-wide shift toward automation. Here are some tips for a successful robotics company that you can follow to build your company. 

Make a Business Plan

The first step to starting a business is to build a solid plan. A business plan should include details such as a description of your company and its USP within its sector, your target market, financial projections, and internal company structure. To make financial projections, it can be useful to develop a cash flow forecast. A cash flow forecast is a prediction of when each business expense will need to be paid and when each piece of income will come in. This is to make sure that the business stays afloat financially.

Choose the Right People

The backbone of a company is its staff. When it comes to robotics, this is especially true. Because this field is so advanced and on the cutting edge of technology, it is essential to choose only the most talented, experienced, and creative engineers. As well to engineers, your company will probably also need to have other members of staff, such as administrators, a Finance department, a Data Protection Officer, a Sales department, a Marketing department, and a Human Resources department. Your employees are not the only people you will need to find. Any manufacturing business will need suppliers of the equipment and raw materials needed to carry out operations.

Find the Ideal Business Premises

Finding the right base of operations is vital when starting any kind of business. Unlike some businesses that can be run from basic office space or even from homes, robotics businesses need plenty of space for machinery and equipment. Checking out industrial parks for warehouse space is likely to be the best course of action. You should also choose a location that is accessible to your suppliers and/or clients via convenient transport links. Remember to factor the costs of renting accommodation and utility bills (electricity bills are likely to be high for a robotics business!) into your cash flow forecast.

Register Your Business and Get Insurance

Once you have your business plan and are ready to get started, you will need to register your business with your local or national governing body. Doing so is a legal requirement in most jurisdictions, as it will enable your business to be correctly taxed. In many places, certain types of insurance are also a legal requirement. Even if you are not legally required to take out small business insurance, you generally recommend that you do so anyway!

Develop a Marketing Plan

Even the most innovative and productive company can fail if it isn’t sufficiently marketed and advertised. To make a profit, you need a customer base. As a robotics firm, your business is likely to be a B2B (business to business) rather than a B2C (business to customer) company. Your marketing plan, and the platforms that you use for marketing, should reflect this.

Engineering Attention Surplus Disorder

All robotics startups developing leading-edge technologies push the boundaries of process capabilities. The slow-motion methodology for resolving gating manufacturability issues is to focus on one possible solution at a time. This seems to make sense on the surface. Don’t spread the engineering team too thin, do one thing at a time, multi-tasking causes multi-inefficiencies, etc.

Being Adaptive and Objective

Don't be afraid to fail early and fail often. Successful automation companies focus on both the technology AND the prospect of running a business. Part of this is being realistic about what can be achieved and how much of the market actually exists for your robot. Engaging with customers about what they want early in the process helps create obtainable goals, so you don't run the risk of becoming "a solution looking for a problem." Learn early on what doesn't work and avoid it. Successful robotics companies learn to pivot when necessary.