Do you want to start a digital locking-safe box-making business? Find here a detailed guide about starting a digital locker manufacturing business at a low cost.
In earlier days, safe boxes with keys were popular. Nowadays, people use safe boxes with digital lockers. Actually, it offers state-of-the-art security systems. This is one of the latest trends.
This digital safe lockers are Electronic safe locking systems. Actually, it operates as per the signals received through the input keyboards. They are tamper-proof. Also, these safe boxes provide many security options for the user.
A Digital Electronic keypad entry lock offers several advantages also as it is not only more reliable and strong but also easy to use. Actually, it works on keypad number entry. And it is based on the combination of locks. The Digital lockers automatically go into locking mode if left idle for more than a preprogrammed time period.
Starting a safe box-making business is highly profitable. And the business has a huge potential for expansion. However, you need to invest moderate startup capital initially.
Why Do People Use Digital Locker?
- First of all, the safe box is one of the safest options for keeping valuables other than the bank lockers. Even, banks also provide safe boxes to the customers in exchange for a yearly fee.
- Secondly, a safe box is not easy to open without the key, password, and fingerprint. Hence, it is almost impossible for a thief or other person besides the owner himself to open the safety box and get valuable things from the safety box.
- Additionally, this type of box provides sleek, safe & convenient storage for anything.
- Another benefit of using this box is lock cannot be manipulated or bypassed.
- Finally, it provides an automatic alarm system if the safe is not closed properly. Actually, the low battery warning alarm keeps owners alert to be more careful will function.
Digital Safe Box Market Potential
With the increase of crimes in society, Safety and security have become a primary concern for all. These days, burglars are equipped with instruments and they can destroy most conventional safety locker systems.
Actually, the enhanced security features of the digital safe lockers have made it very difficult for thieves to operate a digital safe locker. Therefore, the need for safe locker systems in both domestic and commercial institutions is increasing.
Generally, homeowners, offices, shops, business establishments, banks, financial institutions, fuel stations, brokers, hotels, and hospitals use these boxes daily basis. Simply, whoever deals with cash currency every day, will need to use a safe box for safety reasons.
6 Steps for Starting Safe Box ( Digital Locker) Making Business
1. Business Plan Preparation
Actually, safe box-making is a cash-intensive business. You need a sound investment capacity. In addition to that, you must have a unit for factory operation. Hence, crafting a business plan is a must in this business.
You need to mention your target production output. According to that, you have to calculate the financial analysis. It is better to talk with professional business plan writers. Otherwise, you can also use business plan writing software for crafting a plan of your own.
In this business, the most important aspect is determining the marketing strategy. You must put effort into building a regional brand at least. Additionally, you must have a plan for building an effective sales team.
2. Arrange Finance
It is advisable that you start the business with a bank loan. Definitely, you can consider venture capital investment too. However, we don’t advise you to start this business with entire your own investment.
If you have sufficient capital for bearing the fixed costs then you can consider applying for a cash credit. Moreover, you must ensure the easy availability of the working capital whenever you need it.
3. Registration & Other Formalities
Registering the business is a must. However, you need to select the right form of business organization. And it varies from state to state. Generally, this type of business doesn’t demand so much licensing. However, you must check the local laws. In addition to that, check the commercial tax filing formalities. In India, you must have a GST number. Also, check whether you need a factory license on not.
4. Plant & Machinery
The next step is the unit establishment. And the major fixed cost involves the plant and machinery. And you must procure the machinery from reputed suppliers. Also, confirm the warranty period. Talk to the suppliers about the on-site training facility. Some of the major required machines are
- Electronic screwdriver & screw feeder
- Temp Controlled Soldering Unit
- LCR Meter (programmable)
- Drilling machine
- Analog Multimeter
- Personal Computer with UPS and Printer
- Combined Soldering Desoldering Station
- High-speed mini drill set
- Digital Multimeter(4 ¾ Digit)
- Digital Storage Oscilloscope
5. Procure Raw Materials
You need to procure quality raw materials. Basically, the quality of the finished goods highly depends on the quality of raw materials you procure. Additionally, you must build a smooth business relationship with the raw materials suppliers for good quality material and timely delivery. Check the rate of the materials from the various suppliers. Some of the most important raw materials are
- Motorized Electronic Locking unit with keypad
- Solid Steel Bolts
- Interior carpet
- Powder coated Single molded case
- Battery
- Electronic components, consumables
- Packaging consumables
6. Safe Box Making Process
First of all, test the procured raw materials and components. Ensure, that you have the materials as per the quality and specifications you need. Then, form, shape, and solder the components on the pre-designed printed circuit boards. And the test for desired performance.
The electronic and mechanical subassemblies are carried out as per design specifications. Finally, fix the tested PCBs on the back side of the front door of the enclosure. Then, fix the keypad unit and make the interconnections with the proper electrical wiring.
Furthermore, connect the batteries to the system. Check the whole unit for the required performance. Finally, pack the tested products attractively for dispatch to the dealers/customers.
In a safe box-making business, you must maintain the proper quality control and pollution control methods.
Editorial Staff at NextWhatBusiness is a team of Business Consultants having years of experience in small and medium scale businesses.