The employment market in the metal finishing industry is as pervasive as the demand for surface finishing. While employment opportunities are aplenty, if you wish to go solo and establish your own business, you need to do a lot more than just learn the electroplating process. Setting up your own unit, however, is not as hard as you might think.

Here are a few simple steps to setting up your own electroplating unit –

The Project 

All businesses begin with an idea. You identify a gap or skill that you can leverage for financial gain. Having completed the MFAI Certificate Course in Electroplating you have got the first step covered already – your eureka moment when you decided that you will be an entrepreneur – setting up your own electroplating business. So, let’s move on to the next steps –

Market Research 

The next step is to see if your product or service will sell. The market for electroplating is evergreen given the fact that it is an integral part of many manufacturing processes. Two sectors that use electroplating and finishing extensively are the automobile and electronics industries.

According to FutureMarketInsights, “Essentiality of electroplating as an integral requirement in various critical industry components shows no signs of abating. …” They project 50% growth in demand for electroplating in the next decade.

While there exists a high demand for the metal finishing, it is also important to understand that the demand is diverse. It may be a good idea to identify one or two industries in which you would operate – at least during the infancy of your business.

Write a Plan 

Your business plan is your roadmap to success and sustenance. The three most important reasons for writing a business plan are –

• It brings clarity, purpose, and vision
• It supports your claim – to lenders, investors, and other stakeholders – that you have a viable business
• It helps align your team – those who will be working with you – to common goals and targets

Organize the Finance 

No business can function without finance. The need for finance for a new venture stems from the following requirements of the business –

• Need to purchase or rent space
• Need for seed capital – initial costs of setting up your business such as registration and other one-time costs.
• Need to purchase equipment
• Need for working capital – for purchase of raw material etc.

You can avail various types of loans from banks and NBFCs to set up your business. Common loan types include –

• Long, medium, or short-term loans
• Equipment loans
• Venture Capital Loans
• Bridge loans

Register Your Business

This is not mandatory – yet it is an important step towards setting up your own electroplating unit. Registering your business unit has several distinct advantages –

• You can get loans at lower rates of interest if you register your business because a registered business has more credibility. Under the MSME act, interest rates can be as low as one or 1.5%.
• Depending on whether you classify as a micro, small, medium, or large enterprise, bank loans for small businesses are eligible for better tax rebates.
• You may also be eligible for Minimum Alternate Tax (MAT) carry forward for up to 15 years.
• You will be privy to government tenders for MSMEs if you are registered as one
• You will also be eligible for many rebates in seeding costs such as patenting
• Registered MSMEs get licenses and certifications faster than other businesses
• You can be assured of business from central and state enterprises if you are registered as an MSME
• As an MSME, you will also receive aid from the government for purchasing and upgrading of equipment as well as aid with marketing.

Moreover, a registered business holds more weight than a non-registered entrepreneur – and ranks higher on the totem pole when it comes to bidding for projects.

The procedure for registration is simple –

• Fill out the online form for MSME registration
• Make the payment – again online
• Upload the required documents
• Receive your certificate via email.

Get your Digital Footprint 

No business setup today is complete without a digital presence. A digital presence makes your business count right up there with your toughest competition. Not only that, once you are online, there is no limit to expansion or market outreach. Besides, doing business online is cheaper than a brick-and-mortar setup that entails huge administrative costs.

If initially, investing in digitization is beyond your budget, you can just get a basic low-cost website to begin with and expand your digital reach as you grow.

During the last decade, the Government of India has taken giant steps towards the upliftment of the MSME sector. Setting up and running a small business unit is not only easy but also costs less. MFAI helps certified electroplaters in all aspects of the business.

Call or write to us now for a consultation.