Marcus Richards
Electric vehicle (EV) ownership has enjoyed a clear and rapid rise in recent years. In fact, studies show that there are now 1.25 million EVs (either all-electric or hybrid) in the UK. It is changing every aspect of life behind the wheel, from the line marking paint designs in car parks to what drivers actively look for in a car.
Moreover, forecasts have suggested that exponential growth will continue over the next decade. With the right strategy in place, businesses can plug into the public’s conscious efforts to reduce carbon emissions. Here’s how the shift to EVs can be a catalyst for increased revenue streams.
Start a line marking paint company
The demand for line marking paint jobs is set to see a major increase up and down the UK over the next few years. Aside from renewing existing line markings, new markings will be required to notify road users about EV charging station bays.
EV charging bay markings frequently feature a green background with white lines to mark the border, along with a white image depicting an eclectic vehicle. EV charging bays may be required by businesses, petrol stations, schools, car dealerships, motorway service stations, local authorities and private users.
Road marking operatives gain an average salary of over £33,000, making it a good option for people starting businesses that do not require employees. Thanks to the increased demand for EV charging bays, a line marking paint business can expect to expand far sooner too.
Operate near EV charging points
All EV owners are tasked with keeping their vehicles charged, especially as they tend to cover no more than 200-300 miles on a single charge. As a business owner, you can take advantage of this by operating near an EV charging point. This will encourage drivers to use your services while adding juice to their battery.
One option is to have a food truck or mobile business that actively stations itself near public EV charging points. Alternatively, you could look for a commercial unit next to existing charge stations or even consider completing an installation at your current premises.
Coffee shops and restaurants can see great benefits from this route, although it is suitable for a range of businesses where visitors spend extended periods of time.
Start a home charger installation company
Of the 1.25 million EVs on the market, 760,000 are all-electric vehicles. Consequently, then, there is a huge market of homeowners that now find themselves needing to charge their vehicles. For those people, home charging stations are an ideal investment. Your business could be the one to complete the installation.
Assuming you have the relevant NVQ or equivalent qualifications, you could start a business dedicated solely to EV charger points or add it to the home-building services you already offer. Alternatively, you could install EV chargers on behalf of other companies.
Rent out space to EV charging companies
There were around 35,000 public EV charging stations in the UK by October 2022, and that figure is now close to 50,000. EV charging companies are actively trying to add more stations to satisfy the demand and maximise their profits. However, they can only hit those objectives when they have access to space for installations.
If your business has a car park, you could lease out 2-3 parking spots to an EV charging company. The agreement could focus on taking a percentage of their profits or a flat monthly fee. Either way, it’s a great way to create a revenue stream and encourage more people to visit your venue.
