Renewable energy sources have become more important as worldwide power usage has risen. The national and state governments of India have developed and implemented a variety of programs, incentives, and efforts to encourage more people to use solar energy.
With patience and persistence, you may establish a solar panel business in India and potentially make a lot of money. Solar has attracted a large number of experienced businesspeople and start-ups as one of the most important renewable energy sources.
Solar energy has grown in popularity over the last several decades as cheaper solar panels and battery storage have been more widely available. If you’ve been thinking about starting a solar panel business, particularly a solar power installation firm, these are the steps you can take to make it happen.
How to Start a Solar Panel Business in India?
Prepare yourself for a laundry list of necessities. The solar panel installation market isn’t as simple as many think. The solar panel business has its own set of quirks. Here is the list.
Market Research
Perfect research assures successful work. Researching all aspects of the specific field of business, in this case, the associated companies, the source of materials, the best deals, the offers proposed by the government, the legalities, the competitors, the marketing strategies, and the targeted sectors and customers, all play an important role in giving the business a proper shape and introducing the owner to all of the risks and problems associated with the business, if any.
Ink Down the Detailed Plan
The goal of your business is to provide sustainable energy solutions to residential homeowners, commercial property owners, industrial facilities, agricultural farms, and government organizations. Write down these goals, along with plans on how to market and sell your panels. In addition, also create a budget for your business.
Decide which Type of Solar Business you Want to Start
Deciding to become a manufacturer or a seller/distributor is important when starting a solar panel business. Solar panels and associated items are manufactured goods, which need large investments in infrastructure and machinery. A thorough investigation into consumer demand, manufacturing methods, and regulatory conformity is necessary. Distributing or selling solar goods, on the other hand, requires establishing reliable supply chains and procuring from manufacturers. You can decide the best way to approach your solar panel business in India by studying industry trends, taking stock of your skills, and doing extensive research.
Legalize your Business
The next critical step, after deciding on the kind of solar business you want to launch, is to formalize your company’s entity. To do this, you must register your business with the appropriate authorities and get any licenses or certifications that may be required. A limited liability partnership (LLP), a partnership, a sole proprietorship, a public or private limited company, and a number of other business structures are available for registration under the Companies Act of 2013.
Gathering the necessary paperwork and acquiring the necessary licenses and registrations are essential steps in the registration procedure. Among them could be:
- Company/LLP registration certificate
- Company’s bank account number and PAN
- GST registration with identity proofs of directors/owners/partners
- Sales Tax and TIN numbers
- Articles of Association (AoA) & Memorandum of Association (MoA)
- Shop and Establishment Act License
- Certificate of Commencement
Manage the Finance
The health of a company’s finances determines how far it can go. A company can grow or fail depending on how accurately it estimates its expenses, revenues, results, and profit/loss creation.
Choose the Primary Location
The business’s location is the primary driver of its significant growth. Connectivity is most important for identification, accessibility, and speedier service. Furthermore, in locations with greater rainfall, solar panel businesses can not achieve their peak. The environment is essential to the success of these enterprises. As a result, for present and future power production, a site that receives enough sunlight throughout the year is required.
Check out the Technology and Equipment Needed
You can focus on the technology and equipment needed for your solar enterprise after you have established its legal framework. To keep up with the competition, solar panel manufacturers must invest in modern production technology and equipment.
Solar technology is always evolving, so keeping up with the latest developments can help you make better products. This necessitates the acquisition of advanced tools and equipment in order to streamline manufacturing and increase output.
Quality Control
Staying up to date on the newest technology and equipment is important, but it is insufficient to secure the success of your solar company. You should also focus on the quality of your solar panels in order to establish trust and a great reputation in the industry.
Regularly inspecting your solar panels to guarantee they experience and function properly is important for sustaining client happiness. Customers who trust your brand and believe your solar panels are reliable help improve your industry reputation and credibility.
Don’t Forget the Marketing
Use online advertising and other channels to get in touch with your target audience. To establish credibility online, you should use SEO, social media, and targeted online advertisements. You can present your products and meet potential customers and business partners at trade shows, expos, and other industry events.
Create a Distribution Channel
Explore different distribution methods and potential collaborations to make sure your solar panel business reaches those who are interested in purchasing it. To increase your exposure and attract more clients, team up with other businesses like wholesalers, retailers, and intermediaries. Increase your sales potential clients by connecting to established consumer bases via these already networks.
After-Sales Services
First and foremost, you should focus on offering outstanding after-sale service if you want to make sure your customers are happy and loyal. Build trust in the reliability and longevity of your solar panels by providing all-inclusive maintenance plans and guarantees. You show your dedication to customer care and satisfaction by solving any problems or complaints in a timely and efficient manner.
Spending money on customer service after the sale improves both the customer experience and the credibility and reputation of the company. Organic growth and good word-of-mouth referrals are the results of satisfied customers recommending your brand to others.
Stay Informed of New Updates
Once you have legalized, invested in the latest technology, and provided after-installation service, your work is still not done. Solar panel business in India gets newer additions all the time. Therefore, you have to stay updated with the industry trends, and also adapt to changes in government legislation.
Conclusion
Vishakha Renewables is a leading solar energy solutions business in India. They are the biggest manufacturer of solar panel components in India that you might need to start your solar panel business. The mission of Vishakha Renewables, the country’s preeminent producer of solar backsheets, is to promote sustainable development by reducing human impact on the environment.
Vishakha Renewables also has access to the knowledge and resources of its parent company, the Vishakha Group, which is a multinational conglomerate with a wide range of businesses in fields like agricultural solutions, material handling, drip irrigation systems, and flexible packaging.
