The solar industry is one of the fastest-growing industries globally, so it''s no surprise that new entrepreneurs consider getting involved in this boom every day. If you''re reading this right now, you''re likely thinking about riding this solar wave yourself, but you''re not sure where or how to start.
While starting any business can be a large endeavor for anyone, this article will serve as an introduction and guide on starting a solar company, from the very beginning to how to generate leads and scale your company up from a one-man operation to a fully staffed and operational business.
Whether you''re brand new to the solar industry and just earned the required PV licenses to work in your state, or you''re a solar installer or salesperson looking to branch out and start something new, there''s something in this guide for you.
Congratulations! Choosing the solar energy industry as the path for your business is a wise and responsible choice. Not only is it a growing industry with tons of room for success, but it also contributes to a cleaner, more sustainable environment.
Before you jump right into it, though, let’s talk about one thing: goal setting. Without proper goal setting, your solar company will be like everyone else’s – with no direction and nowhere to go. You can’t just say what you want to do; you need to set deadlines and create action plans that will help you sustain the business. Can your actions meet your expectations?
Examine past projects or events that were successful in this field and see if you can follow their pattern of success in creating your own goals. Also, keep an eye on other companies in this field who are doing well with their goals. If one of them has set up five branches around the globe in six months, don’t try to match them if you’re still new to this industry, as the chances are high that you won’t be able to meet their standards yet.
Instead, aim for more realistic goals like hiring your first wave of staff within the first year; whatever works for you and helps build your confidence and reputation among clients and competitors over time.
Once you''ve set some realistic goals for yourself, it''s time to plan and get started. Here''s a quick list of every step you should consider before starting your business.
Writing a business plan is one of the first steps in starting a solar business. For many, this means creating a comprehensive, 30-plus page document covering all aspects of your proposed company, from market research to financing and marketing.
However, there’s no need to panic – it’s possible to create an effective business plan without spending weeks at it. Below are the six most important things you need to understand when writing one:
When writing your business plan, you must answer a few questions about what makes your solar installation business unique. What sets you apart from the competition? What expertise do you bring to the market? Why would people want to buy from you rather than someone else?
The truth is that most of your competitors will have roughly the same level of experience as you. So, when thinking about what makes your business unique, think about why it''s in a good position to succeed.
Perhaps you are passionate about sustainable energy and believe that our society should be powering itself with renewable energy sources like solar power. If so, make sure this passion comes through in your marketing materials and customer interactions because it might be what sets you apart from other installers who just see this as a way to make money. Make sure that potential customers know how passionate you are about what they are buying rather than being sold on price or naivety alone.
Understand what tools and equipment you''ll need to invest in to get your business up and running. This includes what kind of stock of PV panels, inverters, wires, etc. you''ll want to have on hand to start with, as well as any common or specialized tools and safety/construction equipment you''ll need to provide yourself and your team with.
Your business plan should also include some plans about staffing your company for the upcoming year. How many salespeople do you think you''ll need? Do you want to build multiple small teams of installers to cover more ground, or do you just need one or two to start with? Will you hire an in-house marketer or rely on agencies and freelancers? How much are you willing to pay people to provide the level of quality you want your business to offer, and how much do you want to spend on advertising to get your name out there?
There are many ways to go about funding your solar business. You can use your own cash (a home equity line of credit is a popular option), take out a small business loan, get an SBA loan, or even use crowdfunding or credit cards. If you’re unsure of how much money you’ll need to start up, it’s best to consult with a nonprofit organization that offers advice and guidance on the process (like SCORE).
If you don’t have enough money to start an entire business right now, consider starting off as a subcontractor for another company until you’re able to stand on your own. This will give you some time to save up and gather the funds you need, but it will also keep you in the loop of what''s going on in the solar industry and help you build and maintain your own solar skills and knowledge.
You can have all the skills and certifications in the world, but if you don''t understand what your own, local solar market looks like, you''ll probably have some trouble starting a business that fits in with what your potential clients need. Market research can take many forms. Here are a few things to learn about when discovering your local solar market.
Now that you know about the major solar markets in your area, what are some of the factors that make them more attractive to do business in than others? Each business has different needs and goals, and yours might differ from others. This is why your next step is to take a deep dive into your local market''s trends and big players.
No business should be run without some competitor research. This is essential to the success of your solar business. You need to know who you will be competing with within your market, what they do, and how they do it. This will help you create a plan to beat them.
Identify their strengths and weaknesses. While your competition should be taken very seriously, do not forget that for a new business, it is also essential that you identify your own strengths and weaknesses to fill any gaps in the market left open by other companies.
Find out how they reach customers. What channels do they use? How effective are these channels? Which channels could you potentially use as well? Do they have a blog with content that helps them to generate leads? What are they missing on their blog, and how can you put together content to draw traffic to your own website?
There are many proven ways of generating leads and potential clients, but the one that we have found to be most successful and cost-effective is online marketing. With online marketing, you can target your customers based on location, income range, age range, interests, titles, etc. These targeting options allow you to find your ideal customer easily and provide your services right when they need them.
To generate leads with this method requires a few things: A website and landing page created for conversions, a blog where you offer useful information about solar energy, and some form of lead magnet that offers people something valuable in exchange for their contact information (like an eBook or report). An email marketing campaign designed to nurture leads over time until they are ready to make a purchase should also be set up to build trust with people who provide you with their information.
You should also consider setting up a presence on social media since most people have accounts nowadays and visit these places often. Here, you can build a community, educate people, and display what services you offer, all for free. You can also run paid ads on these platforms to supplement your search engine marketing efforts and link back to your website as many times as you''d like in an effort to gather emails and phone numbers for your salespeople.
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