As we embrace the fact that we’re standing face to face with the future, the reality slowly but surely sinks in. Our biggest fears and what we thought would happen sometime many years into the future, are unravelling in front of us every day now.
It’s pretty clear that the resources we have are finite and we cannot rely on fossil fuels forever. On the other hand, technology and AI have given us a glimpse into options we’d never even thought of in the past. So as much as our planet’s well-being is gloomy, there’s a silver lining and alternatives that we’re holding on tightly to.
As all economic factors such as governments, corporations, investors, and consumers are having a change of heart and are leaning towards more reasonable options, the doors are becoming more widely open for sustainable businesses. Green businesses are more advanced on the market and corporate businesses increasingly sport an environmentally conscious mindset.
It seems like there has never been a better time for a green business. Following a green business strategy can be a win-win situation. And as renewable power growth is surging, to more than 440 GB in 2023, the question is now how to create feasible business opportunities in the field that everybody’s interested in. Is it possible to come up with something new, and still have a fresh idea about a topic that is so much talked about?
Keep reading and we’ll provide you with a detailed step-by-step guide on how to embark upon this journey of starting a business for sustainable energy solutions, even if you’ve never done anything of the sort before. It’s a tricky path to take, but one that’s very rewarding and worthwhile if done right.
A step-by-step guide on becoming a green entrepreneur
Starting any new business is a great challenge and requires a lot of courage, decisiveness, creativity and resourcefulness. Starting a sustainable energy business is even trickier because it involves specific knowledge and expertise, not just a business-oriented mindset.
Here are the initial and essential steps you must take if you want to start your own sustainable energy business.
1. Do your research
We’re assuming that since you’re even thinking about starting a sustainable energy business, you are not a newbie in the field. Nevertheless, even if you have some previous knowledge, things are changing so fast that you have to keep your information flow running all the time. Researching the many solutions for sustainable energy is the number one thing you should do if you’re serious about opening your own green business.
Get seriously acquainted with everything that’s offered in this field, and everything that might be offered in the future. The spectre of things you can work on is so much broader than simply generating electricity. There has been some amazing work done now in battery analytics, photovoltaics, and biomass energy, kinetic energy solutions, just to name a few.
And as technology and AI rush us all ahead, telling us the future is already here, you must stay ahead of the game and always be prepared.
- Take part in the many trainings and webinars that are offered on the topic.
- Read, read, read… Subscribe to newsletters and magazines and always have the latest info.
- Let information find you. Follow pages and people who work in the field, and information will find you while you’re scrolling the latest feed.
In this way, you’ll easily slip into conversations on the topic and exchange ideas with people who have similar interests.
2. Find your ‘sustainable calling’
After you’ve gained a solid knowledge of the topic, it’s time to determine the type of energy solutions you’re willing to work on. The good thing is that sustainable solutions can be applied throughout various fields and industries so keep your mind widely open when researching ideas.
Here are some aspects to take into consideration:
- Start from your existing field of expertise.
You don’t have to invent a new solution, you can apply already existing energy solutions to fields where you’re already an expert. For example, you work with fleet management but now you want to open a business for sustainable energy solutions, try thinking about how adding electric vehicles can help your business become more sustainable and start from there.
- Think about what you’re offering.
A product or service? Being a green entrepreneur can be achieved in many ways and you don’t have to be an inventor to own a green business. If you have yet to decide on a specific product, think also about consulting, installation, and maintenance which can be offered as a service.
- Spot the opportunity and use it
Keep an open eye for any opportunities that might open in your surroundings where sustainable solutions can find their place. Sometimes the solution can find you instead of the other way around.
Grabbing an idea and developing it into a business projection, is the first serious step towards the start of a new business.
3. Create a business plan based on market research
Once you have your idea you need to do thorough market research to find out what’s already out there that might be the same or similar to what you want to do. Your research should be focused on the target market for your potential business. It should also give you information about potential customers, existing or potential competition, and what the prospects are for your business to succeed. You should invest as much time and energy as possible in learning about the industry.
The next step is to create and evolve your business plan. This is a comprehensive task and you should take time to do it. It consists of steps and ideas referring to:
- launching your business
- a detailed description of your product or service
- draft of your marketing and sales plan
- projecting revenues and milestones
Your business plan becomes a sort of constitution for your work in the future and is a solid base for requiring funding and investors.
4. Think about legal compliance
Starting any business must be in compliance with all local legislation, regulations and legal requirements. Of course, this is different for different countries but for the UK it involves several steps that must be done thoroughly if you want to keep your business in line with the law.
Not complying with legal regulations can cause anxiety and can directly have an effect on the growth of the business. Sorting out everything legally at the very beginning builds a solid base for your business to start operating and grow in the future. Establishing healthy and stable compliance practices eases the way your company will function in the future.
If you need to hire people from abroad think about hiring an Employer of Record company to help you achieve legal compliance in the process.
5. Work on your name, logo and premises
A company’s name and logo are the initial encounter with the company’s brand. Make sure your logo and name reflect what your business represents and are easily recognizable. If you’re having trouble coming up with ideas you should use free tools like brand name generators or free graphic design tools to get your creative juices going.
To register a company name in the UK there are several steps to be taken,
- Check name availability on the Company name availability checker
- Decide on an official company’s address
- Decide under which SIC code your company can be described
- Appoint a director
- Fill in the ‘statement of capital‘
- Fill in information about your shareholders
- Sign in a compliance
- Pay a 12£ fee
From here onwards you start building your brand and brand awareness. Once you’ve decided on the name, logo and address, special thought should be given to your marketing strategy and your marketing team.
Now get to work
We hope that now you feel ready to get to work and start planning the business of your dreams. The guidelines we’ve provided above were carefully selected to suit the specific needs of a starting green entrepreneur such as yourself.
We hope that we saved you valuable time and energy to go about and search these things yourself and that this list can easily slide you into the world of sustainable energy.
We wish you all the best of luck and a lot of success! Hope to hear about your successful business somewhere along the way.