Smart Home Installation Business Plan
Everybody wants to be smart and also they want to make their life as easy as it can be. One side technology is making people lazy and the other side, it is helping them to reduce their efforts. Upgraded technology is a boon for us and to our upcoming generation also. No doubt, demand of smart home installation is getting increased rapidly in the society just because it’s amazing useful features. In future we will see automated homes very commonly.
Everyone is obsessed with their electricity bill nowadays Imagine, If you are going for a long trip in another country and you are halfway there
And then you remembered that you haven’t switched off your Television, or Air conditioner then what will you do other than paying all the bill which will be generated
which was even more than the expenses you did in your trip.
For removing all these kind of hindrances, the smart gadgets and devices are developed and are being used by people. Starting the business of installing these kinds of smart devices in people’s houses is a well demanded thing in the near future and supplying people what they wanted is a job of a businessman.
These smart devices are connected with your phone and you can operate them from anywhere you want.
It is a home based business or home business in which the work performed by you was very less and the profit was very high.
What is the market growth in smart home installation business?
The smart home business amounts to 86.48 billion US dollars in 2020. And the growth of smart home business was expected to grow from 99.89 US dollars in 2021 to 380.52 billion dollars in 2028. It is a small business from home which can be started by anyone easily.
The percentage growth in this market was assumed to grow at a compounded annual growth rate of 21.1% from 2021 to 2028.
This business is one of the fastest emerging businesses sector in this time period and also it has a very new market. And most interesting point is, It is a small business to start from home.
So, you also have a-lots of opportunities to make a separate identity of your business in the market.
What is smart home installation or automation business?
Smart home automation business involves making your home smart by using smart devices with or instead of regular home devices. Under this business system you only have to install smart home devices in people’s houses.
After installing them they are ready to provide your customers their full services.
You can easily get smart home devices from any wholesaler or you can create your own products.
You can install these devices in the lights, fans, televisions, air conditioners, doors, and many electrical devices of your home.
After installation of all these smart devices in your home, you can control those devices from your smart phone only.
What are the benefits of smart home devices?
These kind of smart home devices installation have a lot of useful uses, some of them are:-
1) The installation of these kind of smart devices help you in easy operation of your home devices using your smart phone.
These easy installations were very helpful if you are having problem with moving from one place. This technology is very beneficial for old age people.
2) Increased home security is another characteristic of these smart devices.
You will get immediate notifications if any person enters in your house without your knowledge and permission.
3) You are more worried for your home’s safety even than your own. Smart devices provide you safety which ultimately provides you a less worried state and peace of mind. Peace of mind helps you focus on more crucial matters and people spend uncountable amount of money to achieve this state of mind.
What are the disadvantages of smart home devices?
Just like a coin has two sides, everything has it’s own advantages and disadvantages.
Some of the major disadvantages of smart home devices are:-
1) The most important thing in this system is internet connection. By chance if you don’t have any access to internet connection, then you have to operate all of your home devices manually. Even anyone can enter in your automated smart home without your knowledge.
2) One side smart home devices are good to protect your house from manual thieves.
But on other side it is also a threat against your home security.
People who knows technology well, can easily enter in your house by hacking your automated home system.
3) If any of your devices will deteriorate, then you have to contact to the firm who has installed those devices in your home. And also then you have to pay as much as they want to charge from you in behalf of repairing your smart home system.
How to start smart house technology installation business
1. Plan your startup
Planning for your smart home installation business is very crucial before starting it.
You have to decide that either you have to manufacture your own products or you have to purchase them from any other person and only want to install or sell, or anything it can be.
If you are manufacturing your own products then you can make a trademark of your company.
2. Form a separate legal entity of your business.
For making a separate legal entity of your business, you have to register your business firm.
You can register your firm as a sole proprietorship, under any partnership with any other person, a limited liability company or anything you want.
Registering your business provides you several benefits such as
- Protection from selling personal assets during bankruptcy.
- Helps in building trust among different businessmen and customers.
- And, it helps in getting loans or borrowing money easily.
3. Register your business for taxes
You have to register your business in different states for taxes.
You have to apply for an EIN (Employer Identification Number) to get the registration.
There are conditions in which you have to register your business for GST.
If your business crosses an annual turnover of 40 lakh rupees, then only you have to apply for GST registration. Otherwise you can run your business without any issue.
The maximum limit for GST also depends upon various states.
If your business was set up in Mizoram, Sikkim, Nagaland and the other 8 special category states in India Or you sell any type of services in your business then the maximum limit for GST registration will be 20 lakhs instead of 40.
4. Make a website of your company
A website is a place where people can do research at their own level.
If you are manufacturing and selling your own smart devices, then a website is very important for your business.
You can give people information regarding your smart devices, how they works, how to install them by your own.
And also people purchase your products only when they have the knowledge of what you are selling.
Building a website with high quality domain, good name and a professional favicon, also helps in attracting customers
5. Take patent of your smart devices
If you are manufacturing your own smart devices then taking patent for them will be a smart choice.
Taking patent for your product restricts anyone to copy your product. The time period of a patent is of 20 years from the date of filling, after that you have to renew your patent.
The inventor of a product must keep in mind that his invention must not fall in the category which are non patent-able.
6. You then have to file your patent in the government patent office.
From the government patent office you get the whole information and documents needed to file the patent of your product.
7. Take ISO 9001 -2015 certification
The International Organization for Standardization (ISO) is a quality management system which is a non government independent organisation.
ISO certification for your business ensures people that your product has a good quality with safety and efficiency. This certificate makes people believe in your product.
ISO has a membership of 165 National standards bodies. You don’t have to go to any government office to get the ISO certificate, You only have contact any of these 165 members to get your ISO certification.
8. Taking GMP licence is must
Good manufacturing practice (GMP) is a system which ensures that the products which are consistently producing have a quality standard.
Joint commissioner (HQ) is the person who signs and issues GMP certificate.
9. Getting trade licence
Trade licence is a certificate which enables a person to buy and sell goods and services in a specific area under government’s jurisdiction.
Why registering your business for taxes is necessary?
1. Without registering your business for taxes you cannot supply your products to another state.
2. If you are in a B2B business and you don’t have GST registration, then the other business owner will not purchase our sell products from your business.
3. Doing business also requires to take loans and banks give loans to those businesses only which have GST registration.