Question

I am an inventor with a product that will be of interest to pet owners with aging pets. Are there any lower-cost manufacturing firms that I might tap to make my product? –Chip

Answer

In some ways, your timing couldn't be better as the weak economy has driven down prices at manufacturers. Not only that, but to remain competitive, manufacturers’ are being more lenient with their payment terms and have vastly improved their product turnover times. These firms are also more willing to work with smaller companies.  (Typically they avoid working with smaller companies because they require fewer product runs). 

While prices may be lower at manufacturing firms across the board, it’s a good idea to check into private charities like Goodwill Industries International, suggests David Gingrich, president of All Star Advisors, a manufacturing consultancy in South Lyon, Mich. “Charitable organizations are [often] very inexpensive and the quality is high,” he says.

For other potentially low-cost organizations and firms, check out your local economic development center or state commerce department. These agencies often provide access to searchable databases of manufacturers, says Gingrich. Detroit’s Economic Growth Corporation, for instance, maintains a database with several thousand names of manufacturing contacts.