Are you planning to earn millions? Solar business can be one of the best opportunities for entrepreneurs, start-up companies, distributors, dealers etc. Solar energy is now one of the hottest businesses and with the increase in demand for alternative energy, this trend will continue in the future also. The solar business is increasing day by day. Due to the huge capacity of the power plant project, there is a possibility to get a chance to enter a big project for any types of works in solar. Going for supply and services in solar business these days have the highest earning opportunity. How can you earn in millions?
SOLAR BUSINESS OPPORTUNITIES: EARN MILLIONS IN SOLAR BUSINESS
Why should you read this article: If you are planning to start a startup or do you have a business related to a technical background? This article will shape you to start a profitable business. This article is also helpful for vendors, small retailers or freelancers. If your current business is related to a technical background, then you should read this article. This article will help you understand the great opportunity to earn millions in solar business.
HOW SOLAR WORK, WHAT TYPES OF SOLAR POWER PLANT ARRANGEMENT AVAILABLE AND SOLAR MAIN COMPONENTS
Solar energy works directly through the sunlight. If you compare other renewable energy then it generates electricity at a very low cost. When the sunlight directly hit the ray to the solar panel, its mechanism actively starts working. There are mainly three types of solar power plant installed these days.
The Installation of the on-grid and hybrid solar power plant is on high demand these days; however, the off-grid is for the most suitable in the rural area where the grid is not available.
For the installation of the solar power plant, few components are very essential in order to install solar power plant such as Solar Panel (Solar PV Module), Solar Inverter, Charge Controller, Batteries, a mounting structure for solar panels, wires, and other accessories such as Earthing and Lightning Arrester if required.
Apart from the solar power plant, you can also involve in other solar products as well such as solar street light, solar water heater, solar lamp, solar water pump, etc.
What is solar from a commercial point of view?
Solar energy is one of the free sources that convert sunlight into electricity. Whether it is favorable for the economic point of view to generate electricity through solar energy, it is still a topic of discussion. But it supports the environment which is 100 percent true.
It is also a major challenge, how will the solar power be competitive with conventional electricity produced by fossil fuel plants, and how long will the need to maintain the subsidy given by the government before standing in the solar industry itself?
No matter whether solar will move forward or not, Solar has taken a big market. The door has been opened due to high demand for solar installation for commercial, industrial and residential. Solar is giving a number of business opportunities to all.
From the commercial point of view, Solar has made a good start. People who have been involved for a long time are now earning in billions. There is still a good scope for the new player in the solar business.
The market of solar products in the United States, Japan, China, India, Germany, Italy, and the UK are increasing rapidly. The demand for solar installations across the world is more than the previous year and it will continue to grow.
SOLAR BUSINESS OPPORTUNITIES IN THE MARKET: TARGET B2B AND B2C BOTH
Some technical skills are required to start a solar business. But it is not so difficult that you have to be technically ready. If you have a technical background then it will definitely give you some extra benefits.
Before starting a solar business, first of all, understand what you will do in the solar business. I mean to say, will you be a supplier, service provider, sales partner, freelancer or all. It is not the case that you should be one of them to enter the solar business.
To start a solar business, you must understand step by step:
There is no doubt that solar is one of the profitable business these days, although the competition is also very high but people still get a big advantage in it. As the size of the project makes a lot of profit in it. Most of the projects are not less than 10 kW. In the commercial area, it can go up to more than 1 megawatt. In residential you can get 1 kilowatt or 2 kilowatt a small project but still, you will become a profitable side of the business.
First of all, if you want to handle the entire solar project yourself but, if you have no idea about this business then it can be a little difficult. There is a need for some expertise in this area to handle the full project. But do not worry I will tell you how you can still be a part of the solar business.
HOW TO START A SOLAR BUSINESS WITHOUT FUND
Funds are required to start any business. Without funding, maintaining a business can be difficult, but those who do not have a fund does not mean that the person cannot start his own business.
The business is about to plan the right thing at the right time. Solar businesses require huge investments, but if you do not have funds to start the solar business, you can still start a solar business.
This is a way of starting a business in solar without investment. Initially, you can earn less but there will be a lot to learn. Once you become a master in solar then you can invest money in the solar business. This can be a great opportunity to grow in the solar business.
There are few ideas where you can involve in solar business…
Work as a freelancer in solar business:
There are many people working in the market as a freelancer. As a freelancer, you do not have to invest money. Just stay in the market and get the potential leads for the solar companies. Give them your solar leads and get the commission.
As a freelancer, you have to decide which terms & condition you will work with those solar companies. A freelancer can sell the product of several companies at the same time. Freelancers are not bound by any obligation. As a freelancer, you can sell your leads at any cost or on a percentage basis.
Become a Sales Partner in Solar Business:
Even if you do not have any funds to start your own solar business, you can still earn good money in solar business. Become a sales partner for solar companies.
Coordinate with the solar companies and tell them that you want to promote their company but you will not invest anything. They will either ask you to promote their business directly or they will ask you to work for their dealers or franchise companies. In any case, you will get the benefit.
You will need credentials to enter the solar business. By working on behalf of other companies, you will be able to understand the business well and using their credentials will also help you deal with customers.
Once you have completed the sale, you can refer the client directly to that solar company to the bill to the customer. The best part is that working with other solar companies will not require you to invest in supplies and services. This is not a bad option for starting a solar business these days.
Sell other services in Solar for principal companies:
In addition to selling products, you can also sell services provided by other companies – such as solar setups, solar insurance products, solar cleaning, solar financing, solar AMC, solar installation services etc.
Develop products made from solar:
In fact, renewable energy in solar future will be in the highest demand. There are several companies that invest billions of dollars in solar projects. You can also develop your own product and launch it in the market. Solar products can be anything that can give the consumer flexibility. For example, you can prepare solar toys where batteries will not be required. You will not need a large amount to develop this type of product. This can be manageable with your pocket money. First of all, you can start with a small size, then try to make bigger. Then find companies fundraising to invest in your solar project.
START A SOLAR BUSINESS WITH LITTLE FUND- A SOLAR BUSINESS ENTREPRENEURSHIP OPPORTUNITIES WITH LESS MONEY
Become a Solar Power Plant Installer:
If you can invest a bit, you can start installing solar power plants on behalf of other solar companies. There are so many things in the solar power plant project that you will learn on time to time. These days there is a huge demand for a solar installer. By becoming a service provider you earn according to your need. Get projects in your hands and see the benefits. If you are able to manage the work correctly you will be able to get good benefits. Create a good team and start this work with some required tools.
Offer Solar AMC to a new and existing customer:
If you have a little experience in the solar power plant project and you have a good team to manage the maintenance work then starting a solar AMC can also be a good option. You can charge 2% of the total cost of the project. This is one of the options available. Provide solar AMC in existing installed solar projects. You will earn well in it. Find customers and provide them AMC.
Solar Panel Cleaning Services:
There is also a huge demand for a solar panel cleaning service. Since regular solar power plant installation is underway. Solar panel needs to be cleaned on a regular basis especially on large projects. Where 100 to 1000 panels have been installed, they need such services very much. Clean solar panels produce more power than dusty panels, and many customers would like to hire someone to keep their solar panels clean rather than clean themselves, especially if the panels are located on their roof. The cleaning of the solar panel is completely different from the AMC services.
Supply and service of low-cost solar products:
If you want to invest a little in the solar business then you may start with low-cost solar products as compare to solar power plant cost. You can go to supply and service in some solar products such as solar lamps, solar mobile chargers, solar fans, and solar street lights, solar water heaters, and solar water pump. There is no need for a big investment to start these products.
Solar repairs or once services:
Many businesses and residential solar power plants are not covered by AMC. In that case, you can provide one-time services like solar repair services. In the future, there may be a huge demand for this type of service. The solar system runs for a long time but requires some maintenance from time to time, especially on older systems which may need to be upgraded with new inverters, wiring, damages from storm, repair etc.
Open a Solar training Institute or Solar School:
As we know, there will be a huge demand for solar in the future. If you have a skill to teach people and you know everything about solar power plants or know how to install a solar heater, then teach others. There is a great demand for skilled workers. You can either provide online or offline training. Looking at the growing need for skilled installers, this business can be beneficial to you. Due to the incredible demand for manpower, most of the people are interested in installing a solar power plant and want to learn how to set up a solar power plant. In that case, you can open a solar training institute to develop solar services.
START A SOLAR BUSINESS IF YOU HAVE GOOD AMOUNT OF FUND TO INVEST
Become a super-stockist, distributor or dealer of solar products:
The huge demand for solar products can open good business opportunities for your earnings. You can earn millions in solar business. Solar business franchises, super-stockists, distributors, or dealerships can definitely help you earn millions. You can become a part of solar companies who are looking for reliable channel partners to share business in the local market. From them, you can take solar panels, solar inverter, mounting structures, distributors of batteries, or dealerships.
EPC work or turnkey project of solar power plant:
After selling the product, there is a need to install according to the compatibility of the site location. You can become an EPC company and take the entire project. You will supply, design, liaising, commissioning, services, etc. If you take a big project then there is a good advantage to take the whole project in order to get a good profit. But for the EPC to work, you should have a strong team to handle EPC projects.
Work for RESCO Model:
The RESCO model is also in demand where the customer is not required to pay for his solar power plant. There are investors who want to invest in a major project of more than 100 to 200 KW. This type of project is meant for industries. You can work for such a model to engage the big project. If you consult for such models, then you will get installation O & M work from investment companies and a certain percentage of the commission will be in your pocket.
HOW TO START A SOLAR BUSINESS PROPERLY
There should be a business plan for solar business
As I mentioned above, you can earn millions in solar business. You must have a business plan to start a solar business. If you are planning to start at a large level and you want to provide the best service to the customer, then you may have to add financing options to your business plan.
Select partners and create a team wisely
Once you have a business plan, you will know where you have to go. Start making a strong team. If you start a business with partners, then make sure your partner is on the same page. Always select partners with the same area. I mean choosing a participant of a textile experience will not understand your business module well. Make sure that you and your partner know what you are doing in the solar business.
Proper Documents: Business Registration, GST, MSME etc.
Once decided to start a solar business, first of all, register your business as the sole proprietorship, partnership or private limited, depending on the type of organization that you want to make. The government should know that your business is present in the market, which will benefit you at the time of financing. Get GST Number. Registering with MSME has its own advantage.
Create a website for your solar business
Creating a website gives you more exposure to the online market. These days your online presence is very important. I have my personal experience, often I get a lead from my website. If you do not know anything about website designing then go to hosting companies such as Godaddy, they have a great plan for new start companies who do not want to invest a lot in website designing. Once you settle down well on the business, then you can create a good website later.
Create a Google business page in Google through your Gmail account
Since people rely heavily on Google to find answers to questions related to their most of the products and services. Google is becoming a major part of how Google searches for products and services in your local area. You may not even realize that Google My Business Page is an incredibly best and free business listing page. Trust me that the Google Business Page helps you get the most leads if you fill it correctly. Sign in through Gmail account and fill in the information accounts on your business sites. The list of products and services related to solar products must be included in their Google Business Listing page.
Create a page on social media sites for your solar business
Social media is a potential customer oriented platform where you can advertise your business very well. Social media like Facebook, Google +, Linkedin, Instagram, Twitter are the most famous social media platforms where you can showcase your work and spread your business. The best part is that it is completely free. There are some business plans for businesses but starting at the beginning for free will be a good idea.
Get customers from your local market
Solar business requires a strong follow-up. You should contact your local market as far as possible. The best part of the solar business is that you can target both B2B and B2C. You can contact anyone. In fact, the only way to get customers for your solar business is to go out and explain the benefits of solar and show pictures of potential customers of different systems. Before you go to your target customer, you can create a roadmap for your business. Initially, you can target electricians, electrical shops, real estate builders, hotels, etc.
Know what your competitors are doing
Knowing your competitors is always a good idea to understand the market situation. If you keep an eye on your opponent then you can easily manage to engage with the customer. Understand how your competitors are dealing with customers. What kind of services are they are offering? Are they doing something special that you are not able to do? Understand everything well and make a business strategy accordingly.
Should have strong technical skills
Your technical skills in solar can strengthen your confidence. If you will be confident then you can easily convince your customer. Good product knowledge and strong technical skills can help you to acquire more customers.
Document your credential: Make a work portfolio
In the solar business, your work credential is very important. Your customers may ask for your credential what you have done in the solar. If you can make a portfolio of your business vertical, it would easy to show your customer and the get the chances of conversion.
There is no doubt that solar business is a profitable and high-paying business these days. It is true that you can earn millions in solar business. If you play a little smart then you can easily survive in the solar business. Competition is also high, but profit is also at the same pace. Before starting this business, this business has to be well understood. Anything that I have shared in this article is for beginners or new entrepreneurs. If your investment levels are high then hire Solar Consulting companies who can guide you where to invest and what benefits you will get.
Share Your Experience With Us:
Tell us, what have you done in the solar business till now? What kind of challenges are you facing? How do you succeed in the solar business that can help others? If you have any questions then just let us in the comments box, I am happy to answer your questions.