Guide to Aerospace and Defense

To succeed in the ultra-competitive aerospace and defense industry, today's companies must be flexible, fast and innovative. Even aerospace companies who have been in the industry for years are rethinking their strategies, finding new ways to turn new markets, segmented supply chains and elaborate engineering processes into real business opportunities. For those who have the chops, the possibilities are endless.

Those who operate aerospace and defense companies generally have three options when it comes to available markets:

1. Business opportunities with the government;
2. Business opportunities with commercial businesses; and
3. Business opportunities abroad in aerospace and defense.
   

Action Steps
The best contacts and resources to help you get it done

Find aerospace business partners for both money and supplies

In order to build and expand your aerospace and defense company, you'll need a lot of help. The good news is there are plenty of companies out there that are looking to both invest in and partner with new aerospace and defense companies.

I recommend:  RSM EquiCo specializes in aerospace and defense, providing investment banking services to owners, shareholders and managers of privately-owned, midsized businesses. Also consider partnerships or supplier relationships with other companies, including giants like Hamilton Sundstrand, as well as smaller, niche suppliers like ASR Engineering, to help build your presence in the aerospace and defense industry.

Learn what others are doing right (and wrong) in defense industries

There are literally thousands of opportunities available, but those who succeed find a niche that best fits their background, abilities and industry contacts. Learn everything you can about aerospace industry trends, and any defense industry analysis you can find in trade magazines and professional organizations are market intelligence gold. This information will give you the foundation you need to know who your competitors are, what they're doing, and what you need to do to respond directly to your customers' needs.

I recommend: Visit MarketResearch.com for research reports that give in-depth detail on new product trends or competitive analyses of both new and existing markets. International Market Research Reports offers three reports for the price of two. Jane's military information service is considered the gold standard in military defense information, and they offer four free issues of Jane's Defence Weekly Today for new subscribers. You should also check out IBM's comprehensive, well-written white paper on the future for aerospace and defense companies who wish to remain competitive in today's market

Know the aerospace defense rules and regulations

Because of the sensitive nature of the industry, including security and safety concerns, aerospace companies are held to a higher standard than other manufacturing companies. Before you set up shop, find out what you need to do to comply with national, state and local regulations.

I recommend: Start with the US government's official guide to complying with laws and regulations that apply to the aerospace and defense industry. The Federal Aviation Administration's (FAA) Regulations and Policies page is also a good place to start.

Tips & Tactics
Helpful advice for making the most of this Guide

• Invest in R&D, then protect it. Have your contractors and suppliers agree to sign a non-disclosure agreement.
• When looking for a facility, consider the location. For example, right now Florida is heavily courting aerospace and defense companies.

The official source of Aerospace and Defense is the Aerospace and Defense page at Business.com