Are you a mechanical engineer looking to earn extra income part time? If YES, here are 50 lucrative small business ideas for mechanical engineers in 2016.
The field of mechanical engineering is a huge one and as such most that have the entrepreneurial spirit in them do not wait to be employed by companies but rather start off their own business. While some might branch off into other fields so as to try out their hands in other fields, the mechanical engineering field is such that most people can comfortably start businesses and make money from it.
Most of the stuffs used in our everyday lives from cars, to heating and air conditioning systems; from light switches to other household gadgets have the touch of a mechanical engineer. As a mechanical engineer looking to start your own business, there are several businesses that do not need a huge capital before you can start off the business.
However, even though this might be case, you would still need to carry out a thorough analysis of the business you intend going into so that you do not throw away your investment which could include finances, time and other resources.
As a mechanical engineer, there are opportunities in almost any field from agriculture, to household, from fashion to entertainment. The only hitch might be getting the idea that will be lucrative enough to make you wealthy. If you are looking for avenues to make money and become wealthy, then you should know that there are vast opportunities that abound for mechanical engineers.
50 Lucrative Business Ideas for Mechanical Engineers in 2016
- Small Machine Shop
A small machine shop generally carries out general metal repair work or help in designing prototype pieces for special orders. In running this kind of business, the decision on what type of work you intend to carry out falls on you as this would help in deciding what kind of customers you would get. However, before the clients can come, they will need to be assured of the fact that you have a good set of tools and equipment that will give quality work.
2. Scrap Metal Business
If you are concerned about the environment and are looking towards making profit as well, then you could look towards starting the scrap metal business. Recycling and salvage is totally dependent on the scrap metal business, as the business helps in locating, gathering as well as delivering various metals that can be used for other purposes or for consumption purposes.
Before starting this business, you would need to draft a business plan so as to identify potential profits or losses. You would need to find a convenient location as well as acquire the necessary equipment that would be needed to make your business a successful one.
3. Training School
There are people who might not have the means or desire to go to a regular school but recognize the need to get training of some sorts for their own good. These are the people that usually require a training school. If you are an expert and feel the need to impart knowledge to others, then you can start a training school.
Before starting this school, ensure that you write out a business plan that will guide you on how you intend to run your training school. Also draft out strategies on how you intend to get students to come to your training school.
4. Nuts and Bolts Manufacturing Business
Nuts and bolts are considered as major industrial fasteners that are used for various machines, structures as well as products. This is considered a light engineering product and if you are thinking of a business to venture into, then this is one. Draft out a business plan so that you would be able to identify what you need to run the business. There are enough clients for the nut and bolt business, you would just need to figure out a way to get them to patronize your business.
5. Auto Repair Shop
As a mechanical engineer, you are more versed than the average auto repairer in carrying out repairs on autos. If you like getting your hands dirty as well as making money, then this is a business for you to consider. The key thing for this business is the right location and getting the clients to come, once this is done then you can look towards strategies that would make you earn revenue steadily from your auto repair shop.
6. Solar Panel Manufacturing Company
Solar panels which are the new rave by nature lovers and environmentalists usually transform natural sunlight into usable energy. Due to the fact that fossil fuels and other conventional sources of energy have been deemed to have a volatile future, manufacturing of solar panels is therefore deemed a lucrative business. The business is usually one that is time consuming and so you should pick a niche and concentrate on that niche.
7. Aluminum Window/Door Manufacturing Business
This is a business that comes with fabricating different types of frames and fittings for clients depending on their requirement. These aluminum items are not limited to doors and windows alone but also include staircase, veranda railings, handrail support and so many other such items. These items are usually used in places like homes, businesses, auditoriums, and theaters.
In starting this kind of business, you might need to learn about the business and study what your competition are doing.
8. Metal Signs
While several people usually make use of wooden signs and neon, there are several who like to use metal sign boards. Metal sign boards often come with permanence that other kind of signs does not offer. If you intend to start this business, you would need to carry out a research to determine what kind of customers require these kind of signs and how you could get in touch with them so that they could patronize your services.
9. Welding Business
The welding business is a tough one which is just like any other business out there. Starting this business, would require you to be on your toes and get certain things right from the inception. In starting this business, you would need to worry about how to get your customers, charge the right price as well as what equipment you would need in starting the business. To get clients for this business, you would need to pass out fliers and business cards at several machine and auto shops.
10. Product Assembly Service
This usually involves the assembling of products for companies who are usually looking up to save up on their overheads while also giving you the chance to work at your own pace and earn your own income. This is a very lucrative business, as you can work for more than one company usually from the comfort of your home.
However, even though this is a good business for you to venture into, you would need to be careful of if you intend to start this business as this is a business that has more fakes than genuine.
There are many businesses that are in need of a firm that would offer them some level of support as regards mechanical engineering services. These businesses usually require support that might range from light needs to heavy ones. Running a consultancy firm is bound to be a very lucrative business for you if you give it some thought. Ensure that you write out a business plan that would enable you run your consultancy business profitably.
12. Waste Disposal Machines
Even though the waste management business is one that would seem far-fetched to a mechanical engineer but there are tons of ideas in it that one could start off and start making money. Those in the waste management business often require better ways at carrying out their tasks effectively and so if you can come up with a disposal machine, then this might just open the way to making huge sums of money.
13. Machine Building and Design
This is a two in one business that would enable you not only to build machine prototypes but you could also help those who have unique innovations but require funds to be able to market such inventions. Starting this business requires a lot of capital and other resource investment, so it is imperative that you have carried out a thorough research before starting this business so as to know the various obstacles that would occur and how to overcome them.
14. Supply Chain Management
The supply chain management refers to various activities that include the production, design, and transport of raw materials for actual production, as well as quality control and distribution of the final goods to the consumers. Being a mechanical engineer, you can help with the design of cost effective ways the supply chain process can be easier for manufacturers.
15. Manufacturing Household Gadgets
There are different household gadgets that a mechanical engineer can manufacture to ease the workload in the household. These gadgets include coffee makers, vacuum cleaners, blenders, and several other such gadgets. You would need to carry out an intense research of what might be needed in the household or how household products can be upgraded to become better and more efficient.
16. Recruitment Firm
Many companies are usually on the lookout for qualified mechanical engineers to fill in various roles but are not always lucky in getting the exact qualities that may be required.
Running a recruitment firm that would help companies looking for mechanical engineers get one is likely to involve some heavy promotion so that the right companies can seek the services of your firm. You would need to recruit capable hands that would help in head hunting, and conducting the necessary interviews and tests.
17. Chemical Industry Machines
As a mechanical engineer, your skills could be put to good use in the chemical industry by helping design and manufacture machines that will be used in producing chemicals. Before you can start this kind of business on a large scale, you would need to start off on producing low end machines. Ensure that you carry out a thorough research and have drafted a good business plan before starting this kind of business.
18. Manufacturing of Defense Weapons
As a mechanical engineer, you can start your business in almost any field you want to especially those that require the use of machines. In the defense industry for instance, you could help in manufacturing guns, tasers and other defensive weapons that would be used by those in the defense industry.
Before starting this business, you would need to get several permits and licenses and also find out what other requirements would be needed from you from the state as well as the federal level.
19. Gun Store
You can use your skill in mechanical engineering to start a gun store. You would need to find out what permits would be required from you before starting this business. Draft out a business plan and also strategies that would enable you get customers. You might need to undergo a background check and might be required to report suspicious customers to the regulated authorities.
20. Manufacturing of Surveillance Cameras
If you are skilled in mechatronics – that is if you have both mechanical and electronic skills, then you could go into this business. The business is one that would require you to invest a huge amount of capital and time. Ensure you carry out a thorough research into the business before venturing into it.
21. Shipping Company
In the marine industry, mechanical engineers are usually responsible for developing, operating as well as maintaining the vessels that are used. This therefore means that you could start your own shipping company and help develop vessels for companies that need them.
This is a financially intensive business and so would require that you commit enough time and research in carrying out due intelligence on the business.
22. Mining Equipment Lease
Mining companies are often on the lookout for equipment that they can lease to use in mining without having to acquire them. Most of the machineries in use are often heavy and beyond the financial capabilities of most miners except on a lease basis.
You would need a huge financial investment to start this business. However, this is a business that would pay off in the long run and so you would need to be patient as regards returns.
23. Sale of Specialized Machinery Parts
There are specialized machinery that not every auto store or equipment store can stock. You can go into this business only if you have an eye in recognizing these kind of machineries. This is another business that would demand huge financial investment on your part, so ensure that you carry out a thorough research before starting this business.
24. Cycle and Two Wheeler Repair Shop
Since most auto repair shops do not repair motorcycles and other two wheelers, you can start the business by specializing on repairing cycles and two wheelers. There are a large number of people that make use of motorcycles and two wheelers; all you would need is an avenue at attracting them to your shop.
If you are going to get into the courier business, then it should be on a product that you totally understand. The courier auto business is a business that is very lucrative especially if you know your way round it. Auto workshops, auto shops and individuals always need one auto part or another; as one into the auto courier business, you would need to be the middleman who ensures that their products get to them.
26. Generator Repair Services
This is a business that should be right up your alley. Generator like any machine gets spoilt and will always need repairs or maintenance. If you love working with oil, grease and dirt, then this is a business for you. Ensure you pass out fliers to your clients as regards your services. Also, ensure that you are located in place that will be convenient for your client.
27. Electronic Generator Sales
Many small and outback businesses and homes make use of electronic generators. Apart from these set of people, there are several companies who have an electronic generator on standby to be used in case of emergencies.
As a mechanical engineer who has an idea about generators, going into generator sales is a very good business idea that will bring you lots of money if well thought out. Ensure you draft a business plan that will act as a guide for you before starting the business.
There are students who aren’t doing too well in schools and who usually seek for extra tutoring lessons outside the regular classrooms. This is a business that is very lucrative especially if your satisfied clients refer others to you. To start this kind of business is quite easy and you can carry out your paperwork at home, while meeting up with your client in a place that is convenient for them. You can tutor the students in groups or individually based on their preference.
29. Manufacture of Electrical Powering Systems
Electrical powering systems are networks of electrical components used to supply, transfer and use of electrical power. This may sound complex to a lay person but not to a mechanical engineer. However, power systems especially the smaller ones can be used in industries, hospitals, homes and in commercial buildings.
To start this kind of business, you would require and extensive research and then design of prototypes. Also, you should have a business plan that would guide you on your investment as this is a kind of business that requires a big financial investment.
30. Packing Supply Distributor
Packing supply distributors are those who sell packing items at a wholesale cost to retailers. The packing supplies are usually used by businesses to wrap, transport or package items for resale. To become a packing supply distributor, you would need to focus on a niche such as sale of only recycled corrugated boxes. Before starting this business, you would need to register the necessary permits that would be needed for you to run your business without any hitches.
31. Security Doors Installation and Sales
Almost every home and businesses where the owners are security have security doors installed or need one installed for them. The reason for the high demand is due to the high rise in crime and other nefarious activities. While security doors might not protect against serious criminals, it is likely to protect against major unserious ones. Going into this business would help boost your revenue especially if you are serious and have a business plan drafted out on the way forward for your business.
32. Outdoor Bicycle Racks
An outdoor bicycle rack is a device that is used to securely attach bicycles. The device could be free standing or securely attached to the ground. Individuals and businesses that use outdoor racks are often those that want to show how much of a healthy lifestyle they indulge in or approve.
Even though racks and its different applications are usually different, as one who is into this business, you would need to know the different kind of racks that are available as your clients could require anyone. In starting this business, ensure that you approach individuals with your business cards and also send introductory letters to businesses.
33. Fitness Equipment Manufacturing
Many fitness centers and instructors usually come up with ideas for new fitness equipment. These ideas often must fall in line with advices from a medical professional and after the approval has been achieved, an engineer can either be called upon to manufacture the equipment that they usually have in mind.
34. E-Bay Seller
E-Bay sellers are those whose sales businesses are purely online. The buyer rarely gets to see the seller but has to trust the site reviews in carrying out certain transactions with the seller. The e-bay option is usually for those who cannot afford a physical office but who would like to be able to trade in a place that draws a large crowd of people.
35. Academic Author
People that write academic books are those who have not only the intended knowledge needed to write such books but also have carried out in-depth research that would help those reading have the required knowledge they seek. Academic authors can seek to have their books sold to schools or sell in bookstores and then promote the books heavily both online and offline.
36. Private Jet Repairs and Maintenance
Jets are not like cars that can be taken to just any repairer to be worked on. Instead, they usually need to be taken to mechanical engineers who are experts in understanding the mechanics of the plane. However, this does not mean that all mechanical engineers can repair jets or maintain them and so this would mean that you would need to have the required knowledge that would be needed as regards jet repairs.
37. Driving School
There are many people that want to be taught how to drive and do not mind paying those who can to teach them. Knowing about the mechanics of a car, you can teach students how to drive whilst also educating them on the relevant parts of the car. This might not be a very popular business but once you get your dynamics right, you should be able to run a lucrative business.
Write out a business plan as this would help guide your business and ensure that you are aware of the different obstacles you might encounter as well as the different strategies you would need to deploy in order to make revenue for your business.
The blogging business is one in which the blog sphere is becoming filled with niches that are necessary and those that aren’t. Most bloggers have no idea on what to blog on and so often prefer to blog on generic topics that might or might not attract clients. If you intend to start blogging, then you should choose a niche in mechanical engineering that is bound to not only educate but also attract audience to your blog.
39. Sale of Security Vehicles
Nowadays, many people require security vehicles that can protect them while they move from one place to the other. These people often include celebrities, politicians, high placed individuals, business people and other kinds of such people. Even though most of these people can usually get their vehicles directly from the manufacturers, some do not mind getting such vehicles from the retailers.
40. Auto Parts Retail
As long as there are cars, there would always be the auto spare parts business. However, as vital as this business, there are a lot of vendors who do not sell genuine parts – which might or might not be their fault – and this has been a cause of concern for car owners.
As a mechanical engineer, you have an advantage over other kind of auto spare parts retail stores, as you are more enlightened to know which products are genuine. Your knowledge as a mechanical engineer would also be a huge boost to your business and if your clients know this, they are more likely to patronize you.
41. Heating, Ventilation and Air Conditioning (HVAC) Business
The heating, ventilation and air conditioning business is a lucrative business idea for any mechanical engineer. There are constantly new products with better technology than the ones already available and due to this, there is a high demand for those who are able to handle these kinds of products especially a mechanical engineer.
However, this kind of business can be challenging for anyone that wants to handle all three aspects especially when just starting out, which is why it is imperative that you specialize in one that would bring more profit to you and later expand gradually as you begin to hire other hands to help out.
Most people in the world are gradually going green and so the products being used by these people are usually in line with their new found values. The solar panel installation is not totally new but the demand for it is surging. As a mechanical engineer, you can help clients – individual or businesses – who are looking for n alternative source of power install solar panels in their homes or offices. You would need to ensure that you market your business vigorously so that people become aware of what you offer. You can pass out fliers and business cards out to people.
- Manufacturing of Safe Boxes
This is a very sensitive business that requires a high level of professionalism from you, because not only must you meet up with the sensitive requirements of your client, you must be prepared to manufacture safe boxes that are quite sturdy in nature, one that can serve the clients well in the number of years to come.
In starting this business, you would need to be able to know the various specifics attached to manufacturing safe boxes and also decide on what clients you would prefer to concentrate on. Even though there are manufacturers that manufacture for all kinds of clients, when starting out it might be wise for you to concentrate on the niche that is more likely to bring you more revenue.
- Manufacturing of Security Gadget
The manufacturing of security gadgets business is a huge one that requires a lot of investments and networks. Security has become a huge source of concern in modern times especially as more and more crimes are being committed and more and more people are looking for gadgets that are better at securing them than others can.
In starting this business, you must decide on what exactly your gadgets will fulfill for the average client who buys it from the store. If you intend to bridge a gap in the market, then you must ensure that your gadgets bring the features that the other gadgets do not have.
- Repair of Bullion Vans
Bullion vans are vehicles that when they require repairs cannot be sent to just any auto repair shops. This is due to the fact that sending it to just any repair shop could ensure that sensitive information is passed along to those that shouldn’t have it. Therefore to engage in this business, you would require a high level of trust from clients and also a high level of skill.
Ensure that people are aware of your business by passing out business cards and writing an introductory letter regarding your business to concerned businesses. Try to meet with the head of management, that way they can decide whether to entrust their vans to you.
- Installation of Security Switches
New homeowners who have just moved into a new home or those who might want to upgrade on their security might be desirous of having security switches in their homes so as to feel safe either in their homes or offices. These security switches could either help in controlling doors, windows or other stuffs the client feels should be controlled by a switch.
As a mechanical engineer, you can go into this sort of business and even come up with ideas that could work for your clients. Ensure that new businesses as well as existing businesses that operate on a sensitive basis as well s certain homes are aware of your services.
- Sale of Cooling Units
There are different kinds of cooling systems out there, however not every customer understands what advantage one cooling unit has over the other. Your knowledge as a mechanical engineer can help in this regard, ensuring that you stock only the best cooling units that would serve your customers for a long time.
Once people know you have a good knowledge of the products you sell, they are more likely to buy from you than another person. Ensure that you constantly upgrade your knowledge on trends and types of cooling units. Use this as leverage and include it in your fliers and business cards.
- Repair of Auto Air Conditioners
More and more cars are being manufactured daily with more and more technical aspects being thrown up to confuse the average auto car repairer especially those whose niche is in the cooling units of cars. If you constantly update your knowledge of new cars, how they operate and how their cooling units work, you are likely to have an advantage over the other repairers in your field.
Carry out a thorough research on the viability of this business and how you intend to get your clients. You would also need to decide if you want to stick with this niche or add other services to it. Check what rates your competitors are offering as well as what skills they possess. Pass out your fliers in relevant areas and car shops.
- Part-Time Lecturer
Not every one might have the skill of starting a brand new business on their own that would constantly require time and effort. Some are those who would like to be able to impart their knowledge to others while still pursuing their private endeavors, if you are one of such and do not want to be a tutor then you can become a part-time lecturer. You would need to constantly update yourself on existing knowledge especially in the practical aspect as your students will more likely prefer to be taught practically.
If you are one that intends to start this kind of business that would bring in steady revenue, then you must decide on the best way whatever you choose fits your own schedule as well as that of your clients. You can offer your services in more than one place as well.
The above list is by no means restrictive as there are many other lucrative business ideas available for mechanical engineers. The above list is only intended to act as a push to those who desperately need ideas that will enable them get started at something. However, it is wise to carry out a thorough research on any business you intend venturing into to save you from throwing away money at something that is not likely to work or bound to fail later.