Since Eli Whitney’s invention of the cotton gin and James Watson’s steam engine, the United States had exponentially improved their transportation and communications infrastructure. However, the Industrial Revolution has come and gone and the nation’s manufacturing industry is experiencing a paradigm shift. It was first observed in the 1970s that the manufacturing industry was slowly declining, but when the country as a unit experienced an economic devastation in 2008, the manufacturing industry took a substantial toll. Since then, foreign countries, like China have gained control of the industry. This post is brought to you by Rubin Group New York manufacturing insurance programs.
According to New York City’s Department of City Planning, manufacturing employment rates have fall by nearly 80% since its climax in 1947. This economic downfall forcefully motivated New York manufacturing factories and engineering companies to create new strategies in order to stay afloat.
Addressed in the New York Times was the story of an owner who implemented new and unconventional strategies to increase his revenue. The owner of Watermark Designs in Brooklyn, Jack Abel contrived a successful tactic to compete with imports and keep his company up and running. Abel made the unexpected move; instead of decreasing the price of his products, he increased them. After making them more expensive, he would offer custom-made products while discovering a way to make them at a lower cost. Abel’s plan was a success and he eventually was offered to create fixtures for six new luxury hotels and condominiums in China’s urban cities of Shanghai, Macau, and Hong Kong.
Jack Abel initiated the start of success in the manufacturing industry by indicating that New York manufacturing is experiencing a paradigm and in order to raise the employment rate we must lose the old and conventional ways. Since mass production is no longer needed or even successful in New York, the owners of factories must be creative and imaginative.
If you’re just starting up your business, you already have a lot on your mind—and getting the business insured is no doubt high on your list. As New York Start-up Business Insurance specialists, the Rubin Group can help you avoid the pitfalls that trip up so many other new businesses and reduce your risks. Contact us today for more information about our New York manufacturing insurance programs. (877) 806-7239