Let lights are really moving fast when it comes to the marketplace. It is one of the best businesses running in today’s world. The requirement of the same is very high as it consumes very less electric energy to work. Anyone can start this business with a very small investment to a large investment, according to the allotted budget. Street lights are also getting replaced with these LED lights; hence various state governments are procuring it.
Information Required : From the beginning the person should know the market knowhow at a vast level. This business requires both workforce and capital. If a person wants to start up with this business within a country where the government heavily regulates the company, then that person should also consider some time in hand as it consumes a lot of time. A person can also start up this business by becoming a distributor if he is fresh to the LED industry, as by becoming a distributor he will get time and knowledge where he can understand the product well. It will also teach about the challenges and market demands. And gradually he can have a proper set up for manufacturing also.
Own Set Up : Before entering this business a person should be aware of its suppliers, manufacturers, labor, targeted customers and its competition where he can offer his best price and product to his customers. Following are some small brief points which should be at the top of the list before starting the business:
1. Market analysis – It should be thoroughly done to grab every bit of information like knowing hot selling areas, product, category, competitive pricing, brands in the market and customer’s buying behavior/ feedback.
2. Purchase of land and Infrastructure/Machinery – After the market analysis/ research is done, and then one should purchase land and all the required machinery to produce LED lights.
3. Plant Set-up – Proper place should be searched and selected so that the entire plant can be set up where full power supply, water supply and other basic requirements are easily accessible.
4. Investment in skilled and unskilled labour – looking forward to the output of the company both the labour should be hired skilled, who can handle all the technical operations and unskilled labour who can handle the packaging and finishing process. As this product is very fragile, it should be handled with care.
5. Investment in LED materials and equipments : There are some components that are required to make Led lights. They are: LED (actual component); enclosures (Aluminum/ Plastic) and power supply or other related drivers. Thus the investment is not much.
6. Distribution Channel : One should have a proper distribution channel, proper distributors who cover all the targeted regions and supply these LED lights in the marketplace.
7. Marketing Expenses : One should work on the marketing of its products through various means of social media. Therefore, these expenses should also be kept in mind while going further.
8. Sale Force : Complete sales force should be allotted a complete sale task, where productivity, sale analysis should be frequently done.
9. Government Clearances : As mentioned above in the government regulatory countries, one has to take clearance from government to start this business.
By following above mentioned steps, one can start up with this business with a very small to big amount of investment.