Do You Have the Expertise and Readiness to Venture into the Business of Solar System in Malaysia?
The idea of self-employment spins in people’s mind every time they imagine reporting to someone. But that can no longer be an issue the moment you choose to venture into the solar system in Malaysia, offering your expertise. If you’re a motivated individual with some understanding of electrical contract work and a background in construction, you can successfully get into this type of business. A typical business owner’s activities will vary depending on the line of job you’ve decided to take including:
- Mounting solar panels, back-up battery systems, and fittings to the main power grid.
- Communicating to prospective customers for the initial survey
- Computing the amount of possible solar energy a specific location would need with an array of products.
- Organizing installation crews and transportation of panel to site
- Offering maintenance and repair for existing solar panel even to the previous clientele.
These, among other responsibilities, will squarely be under your control to ensure efficiency.
Now that you’ve known what you might be getting involved in, let’s us run down some of the learning tips of getting into the solar system in Malaysia.
Place Your Business in a Strategic Setting
Before you think of setting up a solar system business, you should ask yourself whether the location you are in is the right place to place for the business or not. In other words, you should position your business strategically where it is convenient for your prospective customer and stakeholders. This means that you’ve got to do your assessment before plunging into it. Note that if you’re in a location where similar businesses already draw the type of customers you’re looking for, then you will do well. Again, it is important that your business is located where its legally accepted for the nature of the business. In case you are going for a rental, assure it is affordable and spacious enough to accommodate your products.
Develop a Solid Customer Base
A well-thought business idea can be said to have succeeded when it’s making profits. For this, there should have a constant customer flow into your stall. And, therefore, you must invest in marketing and advertising if you want your venture to flourish. Well, building a customer base requires several fundamentals things such as offering price discounts, free services, and gifts, among others.
Get your services out there by focusing on meeting your customer needs. Your strategy should align towards adopting a “customer for life” school of thought. For instance, homeowners and entrepreneurs alike will have their solar panels on their properties forever, creating a fabulous opportunity to offer continuing value for customers. Therefore, you should put it in such a way that your salespersons function as educators by creating awareness among homeowners and businesses. Pay attention to personalization, convenience, and ease of communication by becoming a valued advisor to build that solid customer base.
Recruit the Best Professional Workforce
If you desire to see steady growth within your business, hiring the right employee is one fundamental factor. Bringing technicians with experience in electronics, carpentry, and general fieldwork is the beginning of giving highly-professional services. However, it may not be as easy as it sounds because getting the right people requires sound vetting. Look for candidates that can bring that extra positive attitude to your business. And so, ensure that you verify their qualifications and work experiences.
Create a Concrete Business Plan
A business plan is the foundation of every startup, including a solar system in Malaysia/ It shouldn’t be underestimated. If you’re planning to not losing your investment, it’s imperative to conduct some thorough research about the industry. You need to analyze your finances, marketing, competition, and customers before drafting them into your business plan. The significance of doing so is that you’ll have a road map to follow through when running your business. Furthermore, if you feel that you’re short of information, you can seek advice from a renowned business consultant in Malaysia to take you through the dynamic of the industry.
Acquire Sound Financing
Solar system business in any part of the world, including Malaysia, is not that simple to manage. In actual sense, it needs fund and financing to be able to grow and remain stable. However, one of the major issues that affect aspiring entrepreneurs is the lack of initial capital. But that should not mean that you cannot plunge into the business of solar system in Malaysia. There are several ways of securing finances that you can possibly follow through. This includes crowdfunding, personal loan, venture capitalists, and angel investors. And, therefore, you must invest in your business plan as it is the gateway of securing finances if only you can convince the financier your business viability.
Validate Your Business and Secure Right Permits
To operate a business in Malaysia requires you to have all the legal requirements. And one way to go about it is registering your business and securing the right certification and permits. Before you even proceed with your business, obtain business insurance, which could be a general liability insurance policy for the business. Again if you decide to get into the installation of solar panel using your staff, you will also need to secure worker compensation insurance to safeguard them from any injuries. Registering your business legalizes any activity that you may plan to conduct with prospective customers.
The business of solar system in Malaysia has attracted several investors, both local and foreigners. Fancy your chances of reaping the benefit of the ever-expanding industry in Malaysia by partnering with renowned entrepreneurs.