LED stands for
Light Emitting Diode. LED lights has a huge domestic and export potential due
to its popularity. It is one of the fast-growing market segments in India. You
can start an LED manufacturing business as a medium or large-scale basis. The
business demands a substantial capital investment and is highly profitable.
Below are the steps to be followed to start an LED manufacturing plant in
India.
· Market
Research and Business Plan: Do some market research to identify the
specific types of LED lights in demand, the key players in the industry and
their marketing strategy. Get machinery quotes and calculate the cost incurred
to set up the plant. Finally, chalk out your objectives, mission and vision
before you implement your marketing, branding and promotion strategies.
· Cost
and Investment: The business demands a substantial investment for
setting up the plant and its operation. Think about your funding assistance
from banks or financial institutions, while defining your business plan itself.
· Registration
and Compliance of the business: Even before you commence your
business, you must register your business with a Government authority, based on
your management pattern and investment ratio. If you are starting the
manufacturing plant with your own capital, then you can register it under your
proprietorship. Also, check for the various permissions and licensing factors
from the Government agency, according to the location of your business.
· Location: In
this business, location plays a major role. It is advisable to start your
business in an industrial zone as it provides some advantages for starting
medium or large-scale industries. Secure an area of space according to your
business size. Also, mark specific spaces for manufacturing operation, storage,
packaging and office operation.
· Machinery: LED
light manufacturing or assembling is a complex process. You will need to select
machines according to the specific type of LED you want to manufacture and the
raw materials that you use.
· Manufacturing
Technology: You will need to procure manufacturing technology from the
reliable sources, as it needs to be sourced based on the specific type of LED.
Some Government organizations provide manufacturing technology for a certain
amount of fees.
· Manpower: The
business demands skilled manpower for the production department, a sales team
for the domestic and international market as well. Prepare an HR manual for
your company clearly defining the job descriptions and the scope of work, to
help you recruit the employees easily.
· Operations
and Tools: It is not easy to start and operate an LED manufacturing
company. Operations include multiple aspects like production, billing,
accounting, distribution etc. Be careful and use the right tools from the
beginning for smooth operation.
· Promotion: Promote
your products both offline and online. A well-penetrated distribution network
is usually the best option for this business. Also consider B2B selling,
institutional selling and explore the export opportunities as well. Create your
company website with relevant contact information. Also, join the local
business associations related to the electrical industry. Trade fares are great
places to promote LED manufacturing companies.
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