In India, start-up businesses are growing at an exponential rate. Youth today have understood that its better to earn profit for themselves by working harder than earn profit for someone else. There is a huge variety of start-up ideas. Some are conventional and some are absolutely out of the box. With the advancement in technology and our approach towards using renewable resources, the battery business is becoming increasingly popular. A battery which is one of the most important inventions for faster and safer development of technology is used in multiple fields such as Automobiles, Renewable Energy, Power backups, other industries and is present in everyone’s home. The mobile phones, the laptops, the remotes, the invertor, all rely on batteries and it is difficult to imagine our lives without them.
Before diving into the battery business planning let us know how batteries functions and what are their types and uses.
The battery is a group of electrochemical cells that store electric charges and generate a direct current by converting chemical energy into electrical energy. Batteries broadly can be divided into parts which are Rechargeable and Non-rechargeable. The rechargeable batteries are those which can be recharged and reused. The cost of these batteries is high but they last long so it is worth it. These are larger. Non-rechargeable are those batteries which are used only one time and are usually smaller in size used for non-wired small appliances such as a remote, clock, etc.
Now since we know the basic, let us have look at what how can we set up Battery Business in India
Create a Plan
Decide beforehand what kind of Battery Business you want to open. Is it just a retail shop or you’ll have in-house manufacturing of batteries? If you are manufacturing, you need to understand it is not an easy task and requires a good understanding of science and technology behind it. You will have to hire professionals and the scale of your business will be big. With that decide what will be your reach. If you want an offline store or an online store? If it is an offline store how big of a space you are expecting to have and will also hand out deliveries. And if it is an online store, what storage area you are going to keep your goods in, and what will be your area of service.
Make a plan for what is going to be the size of your business at first. The growth will only follow if you thrive in the market and the battery business needs investment and time. One should always be ready for bad days and thus also take care of the amount that is produced daily.
Do your research
The battery business is not an easy venture to open. You have to do a lot of research about how the market functions and what is the demand and supply chain in this business. Batteries require maintenance even when they are at your warehouse so know the science of how to manage them wisely so that none of your product is wasted. If you are manufacturing batteries be aware of the health hazards that are involved in it. Take care of all the safety measures and rules and regulations which are set up by the government
Take Permits and License
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, get your GST registration, and all sorts of licenses and permits are done. Make sure you are ready with all the paperwork and to take multiple rounds of government offices because opening any business in India calls for this.
Be vary of Competition and choose the right Location
The location of your battery business matters a lot. Try to keep your shop away from a place where there are already several stores available. Open a store in a densely populated area so even if there are competitors around, you will always have people buying from you. Buy or rent a space that is big enough where you can store your items carefully and systematically.
Opening a store in a small town where there are already many manufacturers or battery distributor makes no sense. So, look for a place where you can stand out and be highlighted. You can also opt to have your battery business set up near roads where many automobiles can locate you.
Focus on Marketing
Make use of social media as 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 and asking youth in youth in the locality to share it amongst friends, developing a strong SEO, and investing in marketing offline can bring great audience attraction to your new automobile accessory business. Putting up ads with discounts and amazing offers are always a plus. Along with online, spending on offline methods to propagate business is necessary. Go old school and hand our pamphlet 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.
Starting a battery business takes a good amount of planning. If you want your new business to succeed, understand the risks that come with entrepreneurship. It often takes a few years to get a business off the ground even with the best-laid business plan and advanced marketing. To open any business, one should be ready to work hard and show a lot of perseverance and determination. Any business will have good and bad days but it depends on the owner how they want to go about it. All the best!