Whilst fossil fuels continue to dominate the world’s energy market, there’s no doubt that renewables are slowly but surely narrowing the gap. In fact, renewables made up a staggering 33% of UK energy production in 2018, whilst total electricity consumption fell across the board.
Not only does this hint at a change in consumer behaviour and a desire to reduce the carbon footprint of households nationwide, but it also creates an incredible opportunity for aspiring entrepreneurs to make their market in the renewable space. Whether you want to harness a renewable energy source or sell sustainable power supplies, there’s no doubt that this space is rich with potential and will be for the foreseeable future.
In this post, we’ll discuss everything that you need to know to launch your renewable energy start-up, regardless of your current starting point or long-term objectives.
- What Types of Renewable Energy are Available?
Before you get started, you need to understand the renewable space in careful detail, before determining which energy sources are available and experiencing the most demand from customers.
Currently, the renewable energy market is dominated by high-profile options such as solar, wind biomass sources, with the latter referring to energy that is derived directly from plants.
These are amongst the most popular and developed renewable energy sources in the world, whilst they currently offer the best opportunity for start-ups to make their market in an incredibly competitive market.
Other up-and-coming sources include hydroelectric energy and hydrogen fuel, whilst geothermal power is also becoming increasingly commonplace on a global scale.
- What are the Benefits of Renewable Energy?
It’s also important that you recognise the opportunity associated with renewable energy, particularly if you hope to market your services to business-owners throughout the UK.
After all, renewable sources such as wind and solar require a significant up-front investment, so you’ll need to understand the potential returns and advantages that are delivered over time.
The most important thing to remember is that the return associated with renewable energy far outweighs any initial investment, with options such as solar power capable of providing excess energy that can subsequently be resold to the grid.
These energy types also enable firms to dramatically reduce their carbon footprint, whilst slashing annual energy bills and optimising long-term profitability.
- What do you Need to Get Started?
Aside from a clear vision and understanding of your target market, you’ll also need to devise a viable and detailed business plan that highlights your expertise and unique value proposition.
This is crucial in a competitive market, as whilst you need to prove that there are other businesses thriving in this space, you’ll also need to showcase how your venture will be able to stand out from the crowd.
By also including detailed financial forecasts, you’ll develop a viable plan that can provide proof of concept and engage potential investors.
From here, you should be able to source the necessary funding to launch your business, particularly in instances where you need to supplement your own savings. Remember, the renewable energy space is a costly market to enter, so you’ll require funding to optimise your chances of success.