Solar Revolution: A Strategic Business Overview of Solar Panel Ventures

The excessive usage of non-renewable resources has led to a depletion of the same, which is why there has been an increasing awareness of utilizing and adopting renewable sources of energy. One of the biggest and widely used renewable sources is Solar energy. Taking global data into account it is said that, India is the 3rd largest solar market in the entire world. It is the same reason why the government has also promoted and encouraged businesses and ideas related to the Solar business.

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In this type of business, companies produce or manufacture products that are related to solar energy such as solar batteries, solar inverters, etc. These products do not just help to conserve the environment but they also lower your energy usage making things economically beneficial for you and your family. The major purpose behind the usage of this product is to reduce the use of consumable energy.

Investment required

Depending on the type of solar business you choose; your investment would vary. A manufacturer of solar panels or solar inverter would need greater investment, a business related to solar installer would cost you less investment. Yet if we were to take into account an average investment that would be required for Solar business then it would be between 1 to 3 lakhs.

Types

Before we dive into all the necessary legalities, setup, and the research work, we also need to know the type of Solar Panel Business that is out there for business owners. As we discussed in the investment section that depending on the type, the investment varies.

Solar EPC company
EPC here means Engineering, procurement, and Construction. A business that is into Solar EPC would procure the necessary solar materials from a manufacturer, do the engineering work, and provide the installation and after-installation services to the customers.

Manufacturers
This type is easy to understand and also to perform. Manufacturers are those who produce these solar items that are further bought and used by the Solar EPC businesses. This usually consists of the materials that are required for Solar projects.

Solar INC
This type of business in the solar industry is related to doing the groundwork or the installation work that is necessary. Usually, they are in the form of a contractor, often tied up with Solar EPC.

Solar Consulting
A business owner putting in a huge project related to the Solar industry would require some consultation for an experienced opinion. In such cases, they hire a Solar energy consultant who would handle the entire project.

Steps Required

Now that we have successfully understood the various types of segments that we can deal with in the Solar business, it is crucial to understand the steps required to start your own Solar business. From acquiring the licenses to setting up your marketing campaigns, each step is necessary to reach the end goal.

Select your Type
As we discussed earlier about the various types of businesses or segments that are available to dive into. You cannot select or deal with two segments together, not from the beginning. Hence you need to select your business type if you want to go for manufacturing, Solar EPC, or any other segment.

Research
You definitely need to follow this step and research your segment very well. When it comes to solar business things are very tricky and theoretically Solar business does have a great potential, in fact, it also has the confidence of the government to be backed. However, the reality is sometimes often disappointing if you start with the wrong foot. The second and the most crucial step is to research your segment well before launching your business right away.

Following your Business Plan
Surely by now, you would have your business plan ready to follow and go through. If not, you need to create a vivid and meticulous plan for your business, which would also contain your future planning, sources of your funds, reserves, expenses, and so on. Business plans are a roadmap to success, it would be advisable to have one.

Acquiring Licenses

Each business requires some or the other licenses. A few of the common licenses are Firm Registration, GST Registration, Trade License, and so on. For any of the above segments related to Solar Business, you would require licenses such as Udyog Aadhar, or Tan. Once you have acquired all the licenses, you are legally one step ahead for starting your business.

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Hiring
You cannot build a business on your own, you would need a few staff members of recruits. Your staff members would depend on the type of business you go for. If it is contracting, you need people experienced in this field, if it is manufacturing you would need people who have knowledge regarding the same, and so on. For Solar business hiring the right people would be tough for you, so choose your workforce wisely.

Creating your Presence
Once you have finished all the formalities and necessities required that belong to the Pre-launch checklist, it is time to ensure your presence offline and online. It is obvious you would have your own principal location for your business, but it would also be recommended to have an online location for your business. This would help you to build brand value as well.

Marketing
Marketing is the last phase of starting a business but it is also one of the crucial steps that would decide the success of your business. You should conduct enough market research to narrow your audience and develop a good customer base. Most of your funds should be focused on marketing for creating the initial brand value.

Conclusion

The Solar business is divided into various segments such as Manufacturing, Solar EPC, Solar INC, and Solar consulting. For starting a Solar business, you should begin with Selecting your type, Research, business plan, acquiring licenses, Hiring, creating your presence, and marketing your business.

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