Great Companies: How did you get your idea or concept for the business?
Amol Anand : During the job at Airtel, I realized to become financial independent by 40 age. So I used to look around and think. Can I be financial Independent working as employee and answer was “No”. So l looked for many earning opportunity like share market, real estate, business and many more.
Later on I found business could be the option as many people who are rich belong to business community. So I started searching many kinds of business and renewable energy business clicked me as it was futuristic product. There was no enough awareness among the people.
Again, we went in detail and figured it out what business in renewable energy so we choose solar energy and the simple reason was it was a necessity based product and not luxury. It mean every one need electricity all time at affordable cost. Other reason was majority of the people in this industry was working for government and no one was focusing to home owners.
So we focused on residential home owners, I had only savings from my job.So I created a website www.loomsolar.com with the help of my brother.
We were surprised to know that this product was so impactful that it gives direct benefits to ordinary family in saving of electricity bills and offering 24x7 electricity but not even a single company was providing this solutions to residential.
Great Companies: What are the various product and services provided by Loom Solar
Amol Anand : Loom Solar is manufacturer of mono crystalline solar panel and lithium battery. Besides, Loom Solar offers complete solution to home owners from buying to installations:
These are below services we offer to our customers:
1. Buying Guide: Every Saturday during 10 to 11 am we schedule webinar for our customer to ask as many questions which helps in taking decision for buying solar energy
2. Engineer Visit: We offer roof site inspection for our customer which helps in designing of solar project as per available space and roof design.
3. Faster Delivery: Our customer can buy product from any where in India to visit our nearest partner, if partner is not available we ship it from our central warehouse.
4. EMI Facility: Solar is expensive product, so we have made easy for our customer to buy on EMI without any collateral.
5. BOS (Balance of System) and installation facility : As we are serving to residential customer so also ensure that customer should not travel for any small accessories on multiple shops. So we ensure to provide all accessories and also we install it.
6. Services and Monitoring: We Provide solar solutions based on IOT based monitoring device so customer can review the performance of their site and if any downfall, they can register complain online and we provide immediate services for them.
Great Companies: What makes Loom Solar different from hundreds of other solar panels firms?
Amol Anand : Our business model is unique. Loom Solar is bootstrapped company so we focus more on profitability than Top Line. So we work on 100% prepaid payment terms.
Besides, We offer latest technology product which is not available in market or in every stage so we work hard in creating awareness about those product and we charge premium from our customer. Gradually, we build community of those customer and grow with the help of word of mouth marketing.
Loom Solar is component manufacturer however we ensure complete solutions to our customer from buying product to installations to services. Therefore, our repeat customer share is 40%.
Great Companies: What are the struggles and challenges you face?
Amol Anand :
1. Trust : For new brand, building a trust is very difficult, even product quality and services are excellent still its difficult to reach out to all needy people. You don’t have enough money and resources to reach all people.
So it becomes gradual process and with the help of word of mouth it grows
2. Manpower: Getting a talented manpower is very difficult as we can’t offer handsome salary and kind of MNC environment so we have to rely on our average manpower and we train them to fulfill customer needs.
3. Brand Awareness: Building new product with new brand again become very difficult as customer don’t easily trust on product. We all know solar is reliable and sustainable energy but how many people are aware about this great energy. So we offer multiple channels to educate to customer about this energy.
4. Credit from Suppliers: Since our brand is new and our product is new and also we are new in the industry so no one trust in early days. So it becomes challenging to get material on credit so working capital block up-to 90 days.
5. Manual Process: Building automated system takes time and also huge cost. So we rely on manual process for long time and therefore, we face many manual errors.
Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for Loom Solar?
Amol Anand : We aspire to become India’s largest solar company by creating awareness about solar energy and launching various solutions using lithium batteries and solar panels
Great Companies: If you had one piece of advice to someone just starting out, what would it be?
Amol Anand : My Message to all young students are just do your hard work as there is no substitute of hard work, if you do it continuously with 100% effort you will get your award.
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