Become a Renewable Energy Entrepreneur in 9 Easy Steps

Since the conventional sources of energy like coal, natural gas, etc. that we were mainly using are exhaustible and hence are becoming increasingly expensive, we anyway had to look for alternatives or substitutes. So, living an eco-friendly greener life has not become essential than optional for one reason. There are several reasons behind switching to renewable sources of energy. Of course, the top one will be saving nature and coping up with the climate change situations. But whatever may be the reasons, becoming a renewable energy entrepreneur is undoubtedly a good idea.

All the nations worldwide are working hard towards adopting renewable as the primary source of energy. This is what has made the renewable energy business a profitable one. The best part is you don't require formal training or start-up fees in most of the renewable energy business. Moreover, the government offers perks & incentives to become a renewable energy entrepreneur Solar subsidies: Government subsidies and other incentives for installing rooftop solar system in India. But then, there are a few guidelines that you must abide by to have a smooth running of your renewable energy business. This is why, in this article, we have come up with a step-wise guide to assist you in your mission to become a renewable energy entrepreneur. So, let's walk through these guidelines step by step.

Step#1: Conduct a Market Research

Conducting thorough market research helps you gather relevant information about the market you will be launching your business in and gain insights into how your business will progress in the future. Researching well about your competitors, the raw materials, incurring costs, and renewable energy products will help you create a robust business plan. Find out what products or services your competitors are offering and figure out how you can make a difference.

Step#2: Determine Your Business Type

The renewable and green energy sector offers a wide array of business opportunities that may vary in terms of objectives, goals, operational procedures, or expenses. Moreover, there could be a possibility that there is already a strong competitor in the area you are planning to launch your business. In such a situation, you should research well about the market needs and then pick a specific line of business as per your convenience. Choosing an exclusive area of operation can be a good idea.

Step#3: Create a Business Blueprint

Now when you have decided your business type, you should create the business plan on which you will work in the future. It involves everything starting from determining the land to managing labour, operational procedures, overall finances, your goals, and so on. It also includes deciding how you are going to deliver the services. In short, by creating a business plan, you will have a handbook guiding you throughout your business operations.

Step#4: Get All Important Licenses and Certificates

Licensing and certification are something you need to become an entrepreneur, and becoming a renewable energy entrepreneur are no different. You become eligible to run a renewable energy business only when you have acquired these licenses and certifications. There several licenses and certifications that you would need to run a renewable energy business, some of which are:

• TIN
• The article of Association
• An article of Memorandum
• Certificate of Commencement

You can acquire these documents from the license permitting authority by following the guidelines as directed by them.

Step#5: Get Your Renewable Energy Business Registered

The next step in becoming a renewable energy entrepreneur is getting your renewable energy business registered at your state's registrar's office. During the process, they will check all the certifications thoroughly before they register your company. So, make sure you have all the documents required for the registration of your renewable energy business.

Step#6: Plan Your Finances

You should plan well as to how much capital you will allocate to what part of your business to run it hassle-freely and smoothly. Some of the expenses involved in launching and running a renewable energy business are costs incurred in the land, building, raw materials, machinery, office infrastructure, transportation, marketing, and last but not least, workforce. You should also keep taxes in mind while planning the finances.

Step#7: Recruit Efficient Manpower

This one, of course, is another tricky task, i.e. hiring the right human resource. A competent and hardworking human resource can act as a game-changer for your start-up by bringing you more profits at an earlier stage itself.  Choose the workforce for your renewable energy business a little wisely. Look for relevant experience along with the right skillset in them.

Step#8: Market and Advertise Your Renewable Energy Business Well

Not marketing and advertising your business is like cooking delectable food but not serving it well. How would the people become aware of your business if you don't present it to them, no matter how commendable your product or service is. Market and advertise your renewable energy business on both online and offline channels. It is a digital era now and that you may run your business successfully without advertising offline but if your business is not active on digital channels, you are losing a lot of leads & sales that could have come to you easily. For your information, the number of mobile internet users in India is expected to reach 829 million by 2021 Scope of Digital Marketing in 2020 And Beyond in India. So, go digital. Get a website. You can generate awareness about your product organically through various digital channels like search engines, social media, blogs, and so on. However, if you are ready to invest some capital, you can run paid advertisements on online as well as offline channels.

However, before you start your marketing or advertising campaigns, research your target audience. Examine the local demographics to find out where most of your prospective customers are. They could be anyone, a business, an organisation, a school, a construction company, a homeowner, a landlord, or just any consumer who would get benefitted from your renewable energy products or services.

Step#9: Educate Yourself Well on the Renewable Energy Industry

We talked about everything that you require to become a renewable energy entrepreneur, but one thing that we missed is educating yourself about the renewable energy industry. Though one doesn't need a college degree or undergoing a professional course as such to launch this business, sound knowledge about it along with the passion for succeeding is a must. You should be aware of the industry statistics, whether about the efficiency of renewable energy or its flaws if any. Research well all the aspects of the renewable energy industry that include the environmental state, product evaluations, statistics, as well as the requirement of renewable sources by the consumers. Attending relevant training programs or seminars isn't a bad idea; it brings you more business opportunities.

Wrap Up

So, these were a few steps as well as guidelines you should follow to become a renewable energy entrepreneur. A few more things that you should keep in mind while starting a renewable energy business in India are choosing a suitable location for operations, getting a maintenance service kit,  choosing an area for business where the requirement for renewable sources is higher, and so on. One more thing that's imperative is making & executing employee care policies to encourage your employees to work better. Moreover, the Indian government offers perks and plans to promote the green and renewable energy business that you can take advantage of and start a business in an area where the government provides better incentives.

Also read:

1) What is Biofuel Energy? How to Start a Biofuel Plant?
2) How to Build an Eco-Friendly House?
3) How to become Environment Friendly?
4) Do You Consider Yourself to be Eco-Friendly? Let’s Check!