As a small business owner, you know every dollar counts when it comes to keeping your business growing and profitable. If you happen to have a manufacturing business, investing in your own casting molds is often a smart decision. If you have products that are manufactured overseas, it is even more important you have your own casting molds. Should you not do so, you could find yourself and your business facing not only significant downtime in production, but also much higher expenses from suppliers and others when you need new casting molds. If you are ready to invest in your own molds, here are some of the best reasons to do so.
Greater Control Over Products
If you do not purchase your own casting molds for your business, you are effectively giving up much if not all the control you would otherwise have over the products produced with your molds. If you do not own your own molds and fail to have a suitable contract in place with a company that is manufacturing products with your molds, you could lose out on valuable intellectual property rights associated with your products.
Changing Product Suppliers
Should you choose not to invest in your own casting molds, it may be harder at some point for you to change product suppliers. For example, if your current supplier decides to raise prices, failing to own your casting molds could pose a problem. This is especially crucial if you do any overseas manufacturing, since you will need to be able to work with a polyurethane casting material supplier who will keep prices reasonable enough for your company’s products to remain profitable.
If your small business relies heavily on contract manufacturing, owning casting molds will pay off handsomely in the long run. When working with third-party manufacturers, already having ownership of your casting molds will prevent what is known as cloning, which is where a third-party copies your mold, creates a product, and then claims that product as its own.
Since you have worked hard to make your business successful, the last thing you need is a legal fight over patents. By investing in your own casting molds, you can avoid such a fight. Due to you already owning the casting molds, there will be little doubt your company did indeed invent a specific item.
Though the initial expense may be high to purchase your own casting molds, it will be far less than what you could ultimately spend on attorney fees when fighting in court over patents or other related matters.
Anica is a professional content and copywriter who graduated from the University of San Francisco. She loves dogs, the ocean, and anything outdoor-related. You can connect with Anica on Twitter @AnicaOaks.