Are you an electrical engineer looking for profitable electrical engineering business ideas? If you are, this article is for you. Here we have listed the best electrical engineering business ideas you start with low investment.
And interestingly, these businesses can be done as a side hustle or a full-time job.
Keep reading to learn more about this business.
Introduction To Electrical Engineering Business Ideas
Venturing into a business is not limited to any particular field; anyone with an entrepreneurial mindset can start and grow a business.
Therefore, as an electrical engineer, you can start any business of your choice relating to your profession and become successful with it, so long you go about it correctly.
The electrical engineering industry offers a wide range of very profitable business opportunities.
All you have to do is pick a focus area and become the entrepreneur of your dream.
Fortunately, this comprehensive article discusses the 14 most profitable electrical engineering business ventures in the electrical world.
Some of these businesses may require high initial startup costs.
However, you can choose a business based on your skills.
Meanwhile, specific skills are expected of an electrical engineer.
Keep reading to know these.
Skills Required Of An Electrical Engineer
Here are the skills an electrical engineer should possess;
- Critical thinking skills
- Problem-solving skills
- Maths and physics skills
- Organizational skills
- Knowledge of programming languages such as C, C++, and JAVA.
- Machinery control skills
- Knowledge of Linux internals, embedded networking, and debugging.
Electrical Engineering Business Ideas
Electrical engineering consists of different fields where you can start a business of your choice.
Specifically, you can start your business as a manufacturer, designer, wholesaler, or developer in the electrical engineering field.
We have shortlisted electrical engineering business ideas in this article.
Now let’s get to it.
1. Battery Manufacturing
Manufacturing batteries is one electrical engineering business idea you can venture into as an aspiring entrepreneur.
Also, it is a profitable and lucrative business.
Battery manufacturing is the production of modular electric power from a chemical reaction.
Furthermore, it is one of the fast-growing businesses in the world.
There are two ways to start this business.
You can start by using a small space to run a local battery manufacturing business.
However, this can cost you about $10,000 or more capital investment.
The other way is to start a standard battery manufacturing business.
The startup cost for the standard of this could be around $100,000.
Meanwhile, the required startup capital will be determined by the quality and type of battery you produce.
Furthermore, there are certain things you should do before you start this business.
Firstly, you will need to decide on the type of battery you want to manufacture.
There are different types of batteries; they include;
- Alkaline batteries
- Silver oxide batteries
- Lithium batteries
- Carbon zinc batteries
- Zinc-air batteries
Also, it would help if you researched the business, the market size, and the competition.
You will also need a solid business plan for the battery manufacturing business.
Furthermore, you should consider the legal aspect of the business.
Get licenses and permits needed for the business to run legally.
2. Battery Store
Another electrical engineering business idea is opening a battery store.
If you are looking for a retail business, you should consider this idea.
Furthermore, your knowledge as an electrical engineer can work along with it.
You can open both physical and online battery stores.
You can start this business in two ways; open a company or partner with a company as a franchise.
If you start as an independent retailer, you can sell different battery brands of your choice.
However, if you start as a franchise, you are limited to selling only the product from the company.
3. Solar Power Business
Starting a solar power business is also a business you should consider.
Also, it is lucrative and very profitable.
Furthermore, the demand for the product is increasing in almost every part of the world.
This is a result of global warming and the excessive expense of electricity supply in some countries.
At some point, everyone might have a solar panel in their household.
Therefore, as an electrical engineer, you should consider this business.
Anyway, there are two ways to start this business.
You can start the business as a constructor or manufacturer of solar power panels and other materials.
You will need a warehouse or site if you want to start with this idea.
Also, you will need to register the business and get licenses and permits.
Alternatively, you can set up a retail store for solar panels and offer installation services.
4. Tutoring – Electrical Engineering Business Ideas
Another business opportunity in the electrical engineering business ideas is tutoring.
If you are an individual with teaching skills, you should consider starting this business.
You can use academic qualifications to start a tutoring business for beginners.
You will be surprised to see that people are looking for courses in some areas of electrical engineering.
Furthermore, you can start the business by opening an official school based on the course you want to teach.
This is more like a specialized school for a particular course.
Your schools should be located in an area conducive to learning.
Furthermore, you will need to employ other tutors and get the teaching materials required for the business.
Also, you can start this business as a home-based or online tutoring business.
You will need a personal laptop, teaching aid, video camera, ring light, and internet connection.
You might need to hire additional tutors.
Also, you will need to develop a website for the tutoring business.
Overall, you can start this business on a small scale and expand it as it grows.
5. Research and Development: Consultant
Research and development are also one of the electrical engineering business ideas that yield high-profit returns.
If you are the type that likes researching products, you should consider this business idea.
Furthermore, there is great demand for people in this field.
Some companies are looking for ways to test their products.
Therefore, they tend to hire consultants who can research their products and give accurate results.
However, it will be more profitable if you act as an outside consultant to have more clients to work with.
An outside consultant means you will research the operations of the products and the electrical engineering needs.
Above all, you’ll need to be unbiased in your research report.
6. Industrial Heating, Ventilation, and Air Conditioning (HVAC)
If you want a highly profitable business, you should consider HVAC.
Furthermore, the main deal of this business is installing and maintaining electronic products.
The electronic products include industrial heating, ventilation, and air conditioning.
These electronic products are always found in malls, sports arenas, and large business industries.
Also, it can be found in corporate office buildings and healthcare centres.
However, before you can start this business, you will have to be an expert in the electrical engineering field.
You also need to be more specialized in engineering, especially when dealing with strict federal and government industries.
7. LED Light Production
Producing LED lights is another business you should consider.
LED is known as a light-emitting diode.
Furthermore, LED light is a profitable business to invest in.
Also, LED products are in high demand in domestic and foreign markets.
This is because it saves more energy than other light sources.
Apart from this, it has a longer service life than the traditional light.
As an electrical engineer, you can start this business with low capital.
Furthermore, LED products can be sold in retail markets.
You can sell on online stores like Amazon, Alibaba, etc.
This business also falls under the import-export business.
So you can go full scale and export your products to other countries.
8. Green Consultant – Electrical Engineering Business Ideas
Another lucrative business idea in the electrical engineering industry is green consulting.
Many companies require the service of a consultant on how to change their business to an eco-friendly state.
This is because it will help them attract new customers as well as retain old customers.
All over the world, individuals and businesses are embracing eco-friendly solutions.
However, you can’t just be a green consultant without being in the electrical engineering field.
As a consultant in this field, you will conduct research and suggest proactive measures on related issues.
Furthermore, you must obtain a LEED certification before becoming a green consultant.
LEED is known as Leadership in Energy and Environmental Design.
9. Manufacturing Electrical Wires
Manufacturing electrical wires is also one of the electrical engineering business ideas.
Electrical wires and cables are the conductors through which electricity flows.
If you want to start a business in a small-scale sector, you should consider this.
Furthermore, it is a profitable business with highly consumable items.
The PVC-coated electrical wires are used in both local and international segments.
You can start the business by getting a good location suitable for it.
Furthermore, you will need a warehouse to store the products.
You can sell these products as a wholesaler and retailer.
In addition, you can open an online store to get more customers.
10. Smartphone Production
Smartphone production is another profitable business you should consider.
This is one business with massive demand in almost every part of the world.
According to market statistics, smartphone shipments are growing at 3.4%.
Furthermore, smartphones have the largest market base in the whole industry.
You can start this business from scratch or partner with a company as a franchise.
However, if you start the business from scratch, you will have to spend more for the initial startup.
11. Smartwatch Production
Smartwatch production is another business you should consider.
Furthermore, the smartwatch is a product that has huge popularity around the globe.
It is also easier to start yet profitable.
As an electrical engineer, you should consider this type of business.
Also, you can manufacture a smartwatch for as low as $83.70.
This means the business only requires moderate capital for a startup.
However, you will need to be creative and possess good design skills.
This will help you to produce a quality yet attractive smartwatch.
This is also another business you should consider.
Blogging is a self-publish business that has to do with writing and picture uploading on a website.
If you are an electrical engineer and love writing, you should consider this business idea.
Furthermore, you won’t need to bother yourself with deciding the niche to write on.
You can start a blog business in this field and make a good income.
There are different ways you can monetize your blog business; they include the following;
- Affiliate marketing
- Email marketing
- Selling digital products through blog posts, and so on.
13. Electrical Store – Electrical Engineering Business Ideas
You can also sell electrical products.
If you love interacting with people, this could be your proper business.
In this business, you will get to meet different people that will patronize you.
However, you will need a good location for this type of business.
Your location should be easy for your customers to locate.
Furthermore, you can also open online stores and sell electrical products.
This will help you get wider customers.
There are various electrical products you can sell; they include;
- Motor control
- Electrical conduit and conduit filling
- Circuit breaker
- Electrical box
- Electrical wire and cable
- LED lights
14. House Electricity Service
Finally, another business that requires rendering of service is house electricity service.
Electricity plays a significant role in houses as well as in organizations.
Furthermore, starting this business is easy if you know how to wire a house.
However, getting customers or clients can be a bit difficult.
That is why you will need an aggressive marketing strategy for the business.
Also, you will need to create an online presence.
Apart from this, word of mouth can also go a long way in promoting your business.
You should have good reviews from your customers to whom you have rendered your services.
Furthermore, you can also offer your service to people with electrical problems in their houses.
However, you might need a license and permit for this type of business.
Conclusion On Electrical Engineering Business Ideas
The electrical engineering industry is an ever-growing industry with possibilities.
If you are in this field and don’t want the 9-5 job, you could consider the business ideas discussed above.
Every of the electrical engineering business ideas discussed above is profitable.
However, none of it is a get-rich-quick scheme.
Therefore, you should work hard to get the profit you deserve.
Furthermore, you will need a strong business plan and marketing strategy to operate the business.
This will give you solid ground to operate your business.
Also, you should be committed to the business and consistent.
Anything physically possible can also be financially feasible.- Robert A. Heinlein