Solar panel is rapidly gaining huge market acceptance all over the globe simply because of how effective and useful it has become to most people. Solar panel is simply a device that helps convert sunlight into electrical energy and stores it for use. There are loads of areas where you can use solar energy and that is the reason why a lot of inventions that is being powered by solar panel (energy) keep propping up.
You can use solar energy to power automobile, solar energy to power street lights; you can use solar energy to power your house (all of your electronics and electrical appliances inclusive), you can use solar energy to virtually power devices that require electrical energy to function et al.
No doubt solar energy has become one of the most reliable sources of power supply especially in the operation of lifts in commercial buildings. The market for solar panels is increasing and it is indeed still open for new investors to come in. So if you are thinking of starting a business that is into the production of technological components, then you should consider starting your own solar panel manufacturing company.
It is important to state that starting this kind of business can be capital intensive and requires that you hire experts, but the fact still remains that it is indeed highly profitable.These 7 steps would come in handy as you start your own solar panel manufacturing company from any part of the world, and still gain global market acceptance:
Starting a Solar Panel Manufacturing Company – Sample Business Plan Template
1. Draft Your Business Plan
If you have concluded to start your own solar manufacturing company, drafting a business plan would give you a clearer picture of the kind of business that you have chosen to do. Writing a business plan is a must for this kind of business. Your business plan is able to help you estimate the cost required starting the business, the kind of employees you would need per time, profit projections, your SWOT analysis, suitable marketing techniques, and all the components needed to run a business successfully.
2. Source for Capital
Starting a solar panel manufacturing company requires huge investment (capital) and if you don’t have all the money saved up, then you should think in the line of raising funds from family members, friends, and investors. If you have a business plan that is highly sellable, it makes it easier for you to obtain loan from the bank and also attract serious investors.
3. Register Your Company and Apply for the Necessary Permits to run this kind of Company
In some countries, you would be required to obtain some license from the government before you are permitted to own a solar panel manufacturing company. Of course it is very important to register and incorporate your solar panel manufacturing company before applying for operating license from the government. In most cases, before you can be issued a permit (license) your facility will be inspected to ensure that you meet all safety standard required to run this kind of manufacturing company.
4. Carry a Comprehensive Research
As simple as it sounds, if you don’t carry out a proper research before venturing into this type of business, you might end up losing your investment. It is imperative that you conduct a research so that you are be able to know what is required in the market, how to source for materials, where to get the right kind of staffs, and loads of other information that will be useful to you.
5. Lease or Buy a Large Facility
It is always advisable to out rightly purchase a facility if you intend going into manufacturing related business as against renting or even leasing. It might cost you more, but it would surely pay off in the long run. It is important to state that you can only run this kind of manufacturing company in places that is allocated for industrial purpose. So when you are talking to real estate agents, ensure that you clearly state the purpose of the facility you are looking for and also the kind of space you would require.
6. Hire Trained and Competent Staffs
If you want to hire workers for your solar panel manufacturing company, you must ensure that you hire well trained and competent ones. When hiring, you should look for people that can pay attention to details, and those that can work long hours. The basic requirement for those working in a panel manufacturing company is either a Bachelor of Science Degree or Diploma in electrical electronics engineering or any technological related course. It is also important to make provision for trainings for all your staffs if you want them to be effective and efficient. Some of your key staffs should strive to get certifications in the field of solar energy manufacturing.
7. Market Your Solar Panel
In as much as the market for solar panel is growing all over the globe, you must adopt a workable marketing strategy to be able to make good sales and huge profits. You can go into contract agreements with those who manufacture products that use solar (panels) energy so that you can be in charge of supplying solar panels to them. You can also make more sales if you work with your customers to produce customized solar panels that can suit their purposes. There are regions where solar panels sells like wild fire and you can only discover these regions if you carry out proper research.
Solar panels come in different sizes, shapes, and capacities, just ensure that your solar panel manufacturing company take all these factors into account so that you can be able to meet the needs of various categories of customers who will need your solar panels.
There you have it, the steps needed to start your own solar panel manufacturing company. Just ensure that you read through the whole steps, and do some additional research so that you can hit the ground running with your new company.
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