Blog>Trade>Growing your trade business>How to grow a solar panel business
Last updated: 19 December 2024
How to grow a solar panel business
You can increase profit if you know how to grow effectively. Here are ideas on how to grow a solar panel business the way you want, and some tips to help guide your thought processes.
The outlook is sunny for solar panel trade businesses. Green energy is on the rise with more homeowners and businesses looking to solar panels.
For many tradespeople working in this sector, the conundrum could be how to grow a solar panel installation business.
You need a solid business plan for your solar panel installation company. But that’s only one element. This article outlines what steps to take for profitable growth.
How do you want to grow your solar panel business?
A stable solar panel trade business ticking over and generating revenue can grow in various ways. It’s very much down to you what areas you want to focus on to make more profit in your solar panel business.
You’ve probably gone through the hard work of starting a solar panel business or perhaps a solar panel cleaning business.
How to start a solar panel business
We are becoming increasingly aware of the negative effects we have on the environment. As a result, the renewable energy sector stands at the forefront of innovation and change. Installing solar panels is one of the easiest ways to access sustainable energy in homes and businesses. It’s no surprise
At this stage, you might have various goals linked to your trade business. These could be personal and financial, as well as about the long-term future of your business.
When you think about growth, consider what’s most important for you across these areas:
Rapid growth as quickly as possible
Gradual growth over a set period
Staying local, going regional – or bigger
Grow by taking on staff or using contractors
Grow by going alone
Long-term plans to build up your business and sell it
Passing on the business to family or colleagues
How much time you want to spend working – your family and work/life balance might be important considerations
Create a business plan for solar panel installation
A common challenge for successful trade businesses is often the pace and direction of growth.
If you expand too quickly, you may struggle to keep up with the extra workload. However, grow too slowly and you could lose money and see competitors overtake you.
One solution is through managed growth. That means growing at a pace that suits you.
A practical starting point in a business plan for solar panel installation is creating a business growth strategy. It should help you to outline your goals and stick to them. As a result, you should see continued profit in your solar panel business.
Our handy free guide to creating a business development strategy can help you do this.
How to create a business development strategy - Free template included
What is a business development strategy? The business development process helps to identify, nurture, and acquire new customers and business opportunities to help grow your organisation and ensure its profitability. This may seem quite broad, but this is where your business development strategy
Key steps for making a profit in a solar panel business
Successful trade businesses keep an eye on lots of areas at the same time. It's a bit like spinning plates. Spin the right plates at the right time and you should be on the right path to profit in your solar panel business.
Think about these priorities for how to grow a solar panel business:
Where do you want to work?
Many trade businesses start out local. As demand for their services grows, they gradually expand into new territories.
That calls for research into new market areas. Here, you need to look at how to develop business leads in new regions.
Another consideration if you extend to new geographies is the name of your solar panel business. If your name features specific locations then it might not work so well for you.
Step up to more solar panel leads
We can help you win more work in your area
How will you pay for growth?
A business plan for solar panel installation should include financial projections. You may want to borrow money to fund growth.
Options here include:
Money saved by the business
Personal savings
Borrowing from family and friends
Loans from a bank or other lenders
It’s a case of choosing what you think will work for your business.
Small business financing options for tradespeople
Small business financing is likely to be a major consideration if you're considering running your own trade business. Reasons for start-up business loans include the need for: Small business equipment financing to purchase tools, plant or machinery Purchasing or leasing a vehicle for your trade
Take on more staff
A solar panel business can be quite labour-intensive. You often need plenty of hands to carry out installations.
The average solar panel installer salary is pretty good, so think carefully about taking on extra staff.
Here are some ways of increasing your workforce:
Hiring more people – making sure they have the right skills for the job
Bringing in subcontractors – they can support your business growth
Applying for business training grants – upskilling yourself and your team
Think about your pricing and costs
Of course, profitable growth can come by charging customers more for your services. You have to be careful here not to undercharge or overcharge.
There are lots of things to consider when looking at how to price your services.
How to price your services
Your pricing strategy will ultimately dictate how much revenue you generate and what profit you can make. We’ve put together an overview of the main types of pricing strategies to help you with the pricing strategy for your business. What is a pricing strategy? Simply put, your pricing strategy
Invest in technology
Nowadays, there are plenty of ways trade businesses use technology to improve the way they run.
Technology can help you to:
Run jobs more efficiently
Manage cash flow better
Improve customer service
Market your services
Online marketing activities that can help your business grow include:
Improve your website
This is probably a major portal for people to find out what you do. Developing your website and keeping it up to date is important. You’ll want to impress prospects and customers with the latest information and news about you.
Getting noticed on internet search engines
It’s called search engine optimisation (SEO) and boosting SEO can put your trade business higher in searches, like on Google.
Reach out on social media
Getting your name out there on social media, such as Facebook, LinkedIn and Instagram can bring in business.
Step up to more solar panel leads
We can help you win more work in your area
Be more efficient
How to grow a solar panel business is also about being better at what you do. There’s likely to be more profit in a solar panel business if you can plan your time better.
Find more customers
This is where your sales and marketing activities can reap rewards.
Sales activity
Look at ways to increase sales. You can also concentrate on finding new business leads. More leads usually equals more sales.
One well-proven sales booster is getting customers to say positive things about you. Making sure you capture customer reviews can go a long way to helping your solar panel installation business expand,
Marketing activity
Set a marketing budget to hit your targets cost-effectively. Our free marketing planning guide can help.
Want to ace your marketing? Get a free marketing plan template on us!
Over the last couple of years, demand for trades has been through the roof. Why not benefit from a marketing plan template to help you reach more customers? However, with the recent cost of living increase, homeowner demand has started coming down and work has been drying up. Marketing is absolutely
Keep your customers happy
Customer satisfaction can be a tricky challenge for a busy trade business. Maintaining strong customer relationships is a key to achieving solid business growth.
Offering discounts and loyalty schemes is usually a sure-fire way to satisfy customers. Doing so may cost you money but the long-term payback of more business could be worth it.
Happy customers are more likely to recommend you to friends, family and neighbours. This is called referral business. It’s another example of winning more work without having to spend much money doing so.
Having plenty of satisfied customers who trust your expertise strengthens your business reputation. Here again, you can grow on the back of your current success.
Step up to more solar panel leads
We can help you win more work in your area
Find more work by networking
Another possibility in how to grow a solar panel business is by networking. We’re talking about linking up with:
Other tradespeople on an informal basis
Local business groups attended by other tradespeople
Your local Chamber of Commerce
Grow your solar panel installation business with Checkatrade
As you can see, there’s lots to think about in how to grow your solar panel business. It’s always handy if you can rely on others on your journey. That’s where we can come in by supporting your growing business.
Checkatrade members receive our help with new enquiries. There are lots of other benefits of Checkatrade membership too.
They include:
Exclusive offers and discounts with suppliers like Tradepoint and Wickes
Reduced cost of workwear and branding
Guaranteed work when booked through us (T&Cs apply)
Dedicated trades apps for job management and quoting/invoicing
What do you need to become Checkatrade approved?
Becoming a Checkatrade member comes with a whole host of benefits, but the biggest has to be gaining our seal of approval. Homeowners tend to expect a commitment to quality when it comes to the Checkatrade tick, which can help you to win more business. Here are the checks you'll need to pass to join our directory.
Key takeaways
Go through the options open to you and decide how you want to grow your solar panel business
Create a workable business plan for solar panel installation expansion
Decide on the best ways to increase profit in your solar panel business, such as investing in technology, improving customer satisfaction or doing more marketing
Consider joining Checkatrade for a steady stream of local business leads plus other business benefits
Grow your solar panel business with Checkatrade
We can help you
