Renewable energy is already a huge industry and the upward trajectory is going to continue in the foreseeable future. An average consumer is becoming more and more aware of the environmental impact of the household, as well as financial benefits of adopting green solutions. The technology behind them is becoming ever more efficient and much less expensive. This is a great opportunity for businesses providing solar solutions. Then again, there are various challenges and obstacles that entrepreneurs have to face in order to tap into a steady income.
First things first
Solar power businesses come in all shapes and sizes and they pop up across the globe, even in less-than-sun-soaked climates. The spectrum of possibilities is wide, so to get the ball rolling, you need to establish an area of focus and make a few key choices. You can become a solar panel installer, provider of related services, and distributor of solar products. Pick the niche you excel at and master it. For starters, try not to spread yourself too thin. At the very least, you need to consider site assessment, system installation, and maintenance.
It goes without saying, you should do a market research and reach an informed decision once you figure out the needs and wants of people in the area of your operations. Check out the competition as well to gauge your chances of securing a market share. For instance, if the market is saturated in the segment of solar panels, you could be better off selling solar water and pool heaters or solar phone chargers. Once you commit to a product/service palette, gather information about the costs, installation processes, distribution, and liability.
Note that you’ll require the equipment needed to put solar electric systems in place. Some of the staples in the arsenal are rather basic, but there are also some specialized pieces you have to keep in mind. The list is generally long and encompasses various site assessment tools, battery systems, maintenance tools, basic installation instruments, multiple-installation tools, mobile aluminium scaffolding, etc. Also, bear in mind that you may need a large truck or van to transport all the equipment.
Next, it is time to register your business and handle the legal side of things. Otherwise, you will not be able to hire workers, open a bank account, and take credits. So, think of a killer business name and ensure it is not already taken. Pay the fees and get articles of incorporation or organization. Apply for a tax ID and shop around for insurance policies. If you are going to drive onto locations, then commercial auto policies and workers’ compensation insurance are obligatory.
Along the similar lines, obtain the necessary licenses and permits. Some states struggle to keep up with the pace of the booming renewable and clean energy sector and many shady, fly-by-night services have emerged. Still, playing it by the book is always highly advisable, even when you are not under legal pressure to do so. See if you need plumbing and electrical permits for installation. Depending on where you are, you might also need to acquire specific licenses.
Spreading the roots
Take additional steps to get rooted in the local business arena and secure well-paying clients. Search for various solar tax incentives. They could give you a nice edge because they make installation of panels more cost-effective for prospective clients. Additionally, try to establish solid connections with wholesales suppliers of batteries, solar panels, and miscellaneous equipment. Remember that as a registered contractor, you should be able to get favorable prices and deals.
Finally, make sure to properly market and promote your business. There are numerous options in this department, from carrying out social media campaigns to handing out flyers. Of course, it is crucial to focus on your target market and be where potential customers are. Do what works, not just what the latest trend dictates. Feel free to explore both digital and real world avenues. Join the chamber of commerce and local networking groups. Attend local business events. Always provide impeccable service to spur word-of-mouth promotion and cultivate trust.
More power to you
It is clear that helping the environment is a sound business with a bright future. After all, solar power is right at the core of the renewable energy revolution taking hold around the world. Solar installations are expected to account for two-thirds of the global power capacity between 2015 and 2020. So, if you mean business, plan ahead of time and do your homework. Set up a business entity and do the legal legwork. Identify the suitable area of solar energy, find your target market, and product promotion strategies. Get the operations up and running and make headways towards your goals.