Did you know that India holds the 4th rank in the world renewable energy installed capacity? Our green revolution is slowly transforming the Indian environment with promises of a healthy future. Being a part of the green world is a great opportunity for entrepreneurs. Getting renewable energy support is now the utmost need of humanity for sustaining.
If you wish to start a renewable energy business, it is sure to pave a successful path for you. However, this business opportunity is time and money consuming and takes a toll on people. To succeed with sustainable energy, you need to have expertise in the technicalities, earn experience and conduct meticulous analysis.
9 Steps of Starting a Renewable Energy Business in India
1. Understand and Discover the Possibility:
As an entrepreneur for renewable energy work, you need to stay unique in every activity you do. The uniqueness in your thought about utilizing energy creates business opportunities for you. Consider ways of helping people with a renewable energy source and determine your niche.
2. Decide on the Market or Customers:
As the consciousness of people grows towards a green movement, you get more business opportunities. It is essential that you decide on a niche and nurture opportunities there. To ensure you succeed, first, you need to decide on the market will cater to. No matter what niche and market you choose, decide on a segment where there is a scope of expansion with less competition.
3. Identify the Green Client:
Though people are conscious about the environment and lead a life green, they are difficult to identify. They care about obtaining the best value with minimum expenditure. The green client market is restricted as compared to traditional customers. Hence, you need a market survey to identify your customer base for renewable energy.
4. Prepare a Business Strategy:
Every business requires a business strategy. It requires thorough market research to understand the customer demands, competitors and products, and energy resources in demand. A business strategy should ideally include-
- A budget plan with estimates of capital investment
- All the variable and fixed expenses
- Sales estimate
- Milestones of the business
The business plan has to be unique. A renewable energy business offers something exclusive. Hence, an entrepreneur needs to be prepared to face challenges in the process. The plan requires planning for promotion over social media platforms, conducting conferences, lectures, and other activities that make the world aware of your green initiatives. While creating a promotional campaign, ensure you emphasize the ways your business will ameliorate.
5. Obtain Certification and licenses:
Every business requires licenses and certification. However, the Government lays special emphasis on green businesses on obtaining their licenses. To start a renewable energy business, seek the license information from The Ministry of New and Renewable Energy of India.
6. Acquire Funds:
Having a strong business plan and idea requires execution, and to execute those plans, you need a reliable fund source. It is worth remembering that renewable energy company requires funding. You might think of acquiring a loan from banks.
7. Business Registration:
Once your business is ready to operate, you should get your business registered. A hassle-free business operation requires paperwork and licenses.
8. Hire Professionals:
Working for the renewable energy business is not in everyone’s capability. The person you hire needs to have considerable knowledge and experience in this field. The recruitment process requires rigorous interviewing and investigation.
9. Business Promotion:
Business promotion is essential for every business. It is the digital age, and to have the best business promotion, you need an online presence. You can start by developing a website and sharing your business profile over social media platforms. Try campaigns that explain your green motives and how they improve human lives.
In India, solar energy is the most inexhaustible and abundant energy source. Other renewable energy sources have the potential in resolving India’s power constraints, like Biomass, hydroelectricity, wind energy, etc. Harnessing these sources of energies to create renewable energy is the best solution for entrepreneurs. A well-planned renewable energy business has a luminous future in today’s world.