HOW TO START AN ELECTRICAL BUSINESS
The first electric motor was invented just about 200 years ago. It was the first electrical appliance the world had seen. History was made and ever since then we never looked back and the only moved forward leading to the technological advancement and betterment in electrical equipment. Now the world runs on electrical appliances. If we ponder upon this thought, our house now has the almost same number of electrical appliances as the furniture items and very few people to use them. A simple refrigerator has now turned into the size of a cabinet in which you can store items that would last for a month, our television sets are getting slimmer and so are our purses as we can’t help but buy these products. The temptation to use the latest technology never stops and since we have gotten so used to these products we cannot live without them. As a result, the electrical industry is at boom and all the services related to that. If you are looking for investment, this surely looks like a great option.
Let’s have a look at how you can set up an automobile accessory business:
Decide on products and services
There is an array of products that are available in the market, you have to first decide what are the products you want to sell. The business will expand and the list can always increase but decide first what is your range and diversity of products. You will have low-budget products or high-budget. Know the brands that are famous in the electrical appliances, such as Bajaj, Philips, Crompton Greaves, etc keep the spare parts for products of these readily available with you.
Along with this, the electrical business also involves the repair work, according to your expertise, make a list of product that you are well skilled to repair.
Decide on size and type of business
The business has a lot of scopes to grow but keeping in mind that your initial investment and the capacity to arrange resources, decide the initial setup of your electrical business. Whether it is going to be a big store or a small repair kiosk, in a small local market or high-end mall. Will you be selling the electrical appliances of different brands or focus on local brands. Decide if you want to do in-store business or you are willing to provide repair at home service. These are the things you have to invest your time and brain on and take future steps accordingly.
Have the right distributor
If along with repair work, you are selling appliances at your store then make sure you have a distributor who can easily make you available with the supply whenever you demand them and have access to the latest products of the brand you decided to sell in your store. If you want to run electrical business, you should know that customers should not go empty-handed just because you did not have that product available on that day.
Even for your repair work, keep your equipment always up to date so you do not miss a single opportunity of gaining profit just because of carelessness.
Location and storage space
It is obvious that you will have to rent/ buy a place where you can store your product and display them. Keep in mind that the location of your store matters a lot. A market place with high footfall is always in big demand. You can rent a place near big electrical appliance showrooms so that whenever customers visit the other shops, they are more likely to see your shop too and remember it for the time when they need to get the repair done for their product. When you are renting a place, be aware of the competition around. Try to locate yourself when there are lesser electrical shops.
Also, keep in mind the storage capacity of your store. The products should be placed categorically such as bulbs together, tube lights together, etc so that they are highlighted to the customers. You most likely will be required to have a go-down once your business expands. So keep that in mind.
License and Permit
To start any business in India, you need to have legal permission sorted beforehand to avoid any hassles with government officials. You’ll need to get yourself registered as a business person, obtain your electric contractor license along with other approvals for the storage of electric products and land acquisition certificates. Remember to get all the documentation handy.
If you are making your new brand, make sure you get a patent by your brand name so no one can copy your products. Also, remember that you have to be qualified enough and have minimum education required to open up an electrical business and beware of the risk involved when you are using risky gadgets and tools while doing your repair work.
Opening any business demands for an initial monetary fund that helps you set up the business, buy/rent the shop, shop for products, and keep some amount aside for any emergency. Thus, arrange your finances keeping in mind the above aspects and be ready to spend first. If you put your best effort, the business will definitely thrive and grow.
Create a website for advertising your products and services. Change your shop into a brand name. Social Media is used by almost everyone around. It is almost certain that at least one person in your locality must be using any social media platform. Putting up pages on Facebook and Instagram, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your electrical business. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand out pamphlets whenever a customer arrives. Since you have an offline store and most customers will save your number for future reference, you can invest in WhatsApp Business and use its marketing tools to propagate your business. It is convenient to use and digitally provides a personal touch as the medium is one to one messaging which has become one of the best provisions of converting prospects to customers. Remember to greet them nicely and make them feel important
Electrical Business that includes selling, repair, installation, and maintenance of electric items comes with a huge responsibility. You have to have proper knowledge of the product and science of its hardware. Do not get indulged in this business if you do not qualify the minimum education required for it. Once you have proper understanding and are educated about the business don’t fear the probability of loss. Get on to the ride and enjoy the process of opening your new venture. All the best!