How To Start Solar Energy Business In India
How to Start Solar Energy Business in India – The question about how to start solar energy business in India is revolving in every investor’s minds. India is running in the top solar power user in the world. Now people, as well as government, are working towards making India pollution free. Its solar capacity is 20 GW till February 2018. So if you are the one who wants to invest in this sector, can get to know how to start solar energy business in India.
After seeing the tremendous growth in the solar energy sector, investors and entrepreneurs can very well see the opportunities in it. They want to start their own business firm to cater the solar energy products need of the customers. Therefore, if you are looking for a profitable business, take a step in this direction. Most of the new entrepreneurs may not know the procedure for starting a solar energy business in India. So we are here to let you know the steps to start solar energy business in India.
Steps to Start a Solar Energy Business in India
Solar energy business profitability is like at the top position at present and this will stay there in future also. Now the environment has started giving its strong warnings to its residents. And humans are also aware of the fact that this is high time. It’s better to understand the future disasters before it is too late. Consequently, different entrepreneurs are understanding the need of the moment and are starting their solar energy business ventures. Even if you are willing to give a start to yourself in this business, you can surely do. So here are the necessary tips to start a solar business in India.
Research the Market
The first step you need to do while starting your business is to do a research work on the market conditions. This is the most crucial factor in the success of your business. Research well about the market competitors, incurring costs, raw materials for solar energy products. The most important thing is to see whether there is an existing strong market player in your interest area or not. Then choose a particular business according to your convenience and the market needs. It will be better if you choose a unique area of operation.
Make a Business Plan
the next step in starting a solar energy business is to design a business plan. make a blueprint of your business plan on which you will be working. Business plan involves the land, labor, building and overall finance needed in running a business. The process how you will be delivering your service also comes with the business plan.
License and Certification
After deciding on a suitable business plan for yourself, now comes the time to start the process on a corporate level. Firstly understand the procedure well of applying for the license and different certifications. You must be eligible enough to get these licenses and certifications. The license and certifications will include
- TIN number.
- The article of Association.
- An article of Memorandum.
- Certificate of Commencement.
Anyhow the license permitting authority to find something missing or wrong in between, will not give you the license. The article of Association and Article of Memorandum are the two major certification or documents which you will need for the commencement of business.
Registration is the preceding step after getting license and certifications done. You must register your business firm in the registrar office of your state. Then they will check the whole of the certifications thoroughly. And after finding you competent in all aspects, your company will get registered.
Financial decisions about how much to spend on every activity will be the next step. This will include finance division on
- Raw material purchase.
- Office infrastructure.
- Tax payments.
Recruit the Manpower
And then comes the key step which is to recruit a better manpower for your firm. As it will need more hardworking and competent human resources for a new startup. This will definitely help you in getting more profits. A hardworking team will lead you to achieve the success at a very earlier stage. So choose your manpower wisely.
Marketing strategies play a very important role in this perspective. Advertising and, marketing your product and services more and more, creates effective impacts on the customer minds. Promote your solar power offline as well as online. As a new firm will need to do a lot more efforts in marketing its product and services. You must go with the flow and advertise your firm on digital platforms. Because you will find more audience on the social media platform.
There are many more things you must consider while starting a solar energy business in India or any other country. The other factors which you need to take care of in the process are
- Choosing an appropriate location for operations.
- Better equipment and machinery.
- Better employment services.
- Employee care policies.
- Comfortable building and infrastructure.
- Reach to customers.
- Better quality product.
- An area with maximum solar product requirement.
- Maintenance services kit.
- Durable machinery.
So we assume that you are now very clear about the idea to start a solar energy business in India. You can start your solar energy business venture in the different states of India like Himachal Pradesh, Jammu & Kashmir, Bihar, Uttar Pradesh, Punjab, Chandigarh, Uttrakhand, Rajasthan, Haryana etc. Therefore, for huge profits and growth opportunities, you can easily start a solar energy business in India.