Are you an electrical engineer looking to start a business to earn extra money? If YES, here are 50 best small business ideas for electrical engineers in 2020.
Electrical engineering is a field of engineering that deals with the study and application of electricity, electronics, and electromagnetism. Electrical engineers primarily work on electricity, power transmission, electronics and many other electricity related platforms which may include power generation, aerospace, metals and materials, construction, chemical, defense, oil and gas, telecoms, marine, utilities etc.
It is the duty of an electrical engineer to initiate, design and bring up electrical equipment. They are also expected to test the equipment to determine its workability and durability, and then solve any problem arising from its structure or operation.
An electrical engineer is expected to possess some skills if he will be successful at work. These skills include;
- A good knowledge of analog electronics
- At least a foundational knowledge of programming languages such as C, C++, JAVA
- Circuit optimization with cost cutting expertise
- Machinery control
- Physical and Mathematics Skills
- Troubleshooting skills
- Knowledge of Linux internals, embedded networking and debugging
There are several companies seeking electrical engineers out there, and with good compensation plans. But if you, as an electrical engineer, does not want to work with any company, you can set up your own business. So, here are 33 viable business ideas you can engage in to make profit.
50 Best Small Business ideas for Electrical Engineers in 2020
- Battery Production
Battery production doesn’t require a complex production process. You can start one in your vicinity but you need to put pollution control board dictates into consideration. There are two options you may choose from and they are Semi-automatic and fully automatic.
2. Production of Boosters and Voltage Stabilizers
The production of both Boosters and Voltage Stabilizers are quite stress free, and since the two equipment are useful both in the industrial category as well as at home, you may set up the business on a small scale.
3. Capacitor Production
Capacitors are used to store charges in an electrical circuit so as to discharge it at a later time. Production of Capacitors for sale doesn’t require much in financial terms and it is highly lucrative.
4. Building/Installation of Home Solar Power Generation Equipment
Everyone is seeking to generate as much power as they can. This makes this business feasible and highly enterprising. You can make a lot of them and sell especially if you win a contract.
5. Cathode Ray Tube Production
The Cathode Ray Tube utilizes a big but fragile evacuated glass envelope which is fairly heavy. For safety purposes, the tube comes in a thick lead glass in order to make it shatter-resistant and to prevent most X-ray emissions, most especially when the Cathode Ray Tube is made for a consumer product. You can begin the production of cathode Ray tubes with little capital.
6. Electronic Toy Production
Electronic toys are imported into various countries. Electronic remote controlled toys are very famous in countries like india. That means a readily acceptable market awaits you.
7. Electrical Control Panel
In Industrial electrification, the electrical control panel is a major constituent. Its function is to regulate the electrical equipment. Electrical panels installed in major relays are also put in place to safeguard the electrical equipment from damages that may emanate from short circuit and overloading.
8. Electrical Switches and Socket Plugs
Electrical switches and socket plugs are used in both homes and the workplace. You can begin the manufacturing business with a very modest capital.
9. Production of Cooling Solution
The cooling solution market keeps growing on a yearly basis. Installation of cooling systems for corporate bodies is highly lucrative. Corporate bodies are seeking to make their environment more conducive for business and this makes them request cooling system installation.
10. Electronic Pump Regulator
The electronic pump controller is a new upgraded product which is gaining attention now. It has the capacity to stop the pump automatically. It is used for both industrial and household purposes. It also has the ability to safeguard the pump from damage that results from dry-running. This business can also be initiated with little capital.
11. Electronic Weighing Scale
The electronic weighing scale otherwise called the digital weighing machine, is an important equipment at home and in stores. It is used to check the weight of a product. For instance, you may purchase items that you want to share with someone, this machine becomes valuable in that regard.
12. LED Light Production
LED connotes light emitting diode. LED has become increasingly famous now. There are various colours of LED lights available now which range from 2700K to 6500K, and they maybe yellow, dark, mild yellow as well as ultra white. Building a full scale LED light production business requires a large-scale factory business operation with a complex manufacturing process. Interestingly though, anyone can start an LED light assembling business on a small or medium scale.
13. Electronic Product Recycling: The rate at which electronic waste pile up is quite alarming. New fax machines, computers, TVs, printers, mobile phones and several other electronic devices get manufactured everyday thereby relegating the old ones to the waste.
It is surprising that majority of the personal computers in some countries are categorized as electronic waste. That is a huge market. But before you go into this business, ensure that you have some strategic plans in place.
14. Inverter Production
Inverter is an equipment used to convert direct current (DC) into alternative sources. The conversion is achieved by electromechanical processes. Static Inverters accomplish the power conversion via SCRs. A static inverter often utilizes transistors in place as switches.
Inverter production business is both financially demanding and viable for entrepreneurs.
15. Electronics Products & Components Supply Chain Management
With less investment in a store by using your home as your office, you can make huge money from the supply and distribution of electronic products. The market is huge and there is a lot of profit to be made.
16. Electronic Fan Regulator Production
Electronic fan regulator is made up of TRIAC, discs and potent isometric resistances to enhance step-less regulation of fan speed. This is an important household item. An electronic fan regulator simply regulates fan speed and it is one of the best lucrative ideas for an electrical engineer.
17. Optical Fibre Production
Optical fibers are the major items used to transmit light between two fiber ends. It is largely used in fiber-optic communication where transmission is done over longer distances as well as at bandwidths much higher than wire cables. Glass optical fibers may be made from silica.
There are some other materials that may be used like fluoro aluminate, fluoro-zirconate, chalcogenide glasses and crystalline materials such as sapphire. Sapphire maybe used for longer-wavelength infrared production as well as other specialized applications.
18. Generator Manufacturer
Generators are widely used across the nation on commercial, domestic as well as industrial basis. The demand for generators is very high. Generators are of different types and they also come in different capacities. You can start a generator manufacturing business on a medium scale with moderate capital investment.
19. Printed Circuit Board Production
The design and production of printed circuit boards that meet industry standard requirements come with two merits: it reduces the cost of the final product which enhances higher sales, and it is very durable so that customers will keep on coming. The production process is not too complex and it is a highly lucrative electrical and electronics business concept.
20. UPS Assemblage
UPS are used in diverse official, household, commercial as well as industrial purposes. There are several UPS in different capacities and all are in great demand. You can begin a UPS assemblage business on a small scale and you will make huge profits.
21. Repair and Maintenance Services
Electrical Engineers understand how electronic equipment and cars function. Those who need repair services need their knowledge and expertise to put their electronic device in order and for maintenance purposes. For example, an electrical engineer who is an expert in aircraft may promote his services to airplane mechanics.
Electrical engineers can make use of their knowledge and expertise to test out equipment and electronic ideas in research and development. They can even be hired to work as consultants. Areas they can work on include machinery controls, navigation systems, communication systems, green building projects, lighting and writing systems.
23. Electrical Products Creation
Electrical engineers may also initiate the production of electronics or electrical products. They can as well go into the design and sale of electrical devices or items to construction firms, manufacturing firms, engineering firms or other non electrical firms.
24. Air Compressors
Air compressors are used in a lot of establishments ranging from small gas stations to big manufacturing plants. It was also discovered that garages, basements as well as home workshops make use of air compressors for powering tools and other functions.
25. Green Consulting
These are consulting services that help businesses to be more eco friendly. You can go into Green business if you possess a combination of electrical engineering license and Leadership in Energy and Environmental Design certification (LEED).
Green consulting is targeted at helping both entrepreneurs and landlords secure a way to improve energy efficiency.
26. E-Book Writer
An electrical engineer may write eBooks or text books on diverse subjects and areas of specialization in electrical engineering. These eBooks can be offered for sale online, in schools or tutorial centers.
27. Setting Up of Industrial Training Institute
You can as well set up a training institute. You need to employ professionals to teach various fields. You also need various instruments like soldering iron, multi meters, cathode-ray oscilloscope etc. These tools and various others will help to enhance quality training in your institute.
28. Electrical Engineering Tutorial
You may choose to become a tutor or lecturer in one of the schools or coaching centers spread across the nation. There are a number of fields you can tutor students in electrical engineering like digital electronics, power, computer science, optoelectronics, signal processing, electronics, analog electronics, control systems, artificial intelligence as well as in telecommunications.
29. Freelance Electrical Designer
Electrical engineers can work online on freelance basis on some websites such as freelancer, Upwork etc. This offers flexible work schedules as well as negotiable service charges. There are several electrical design jobs available online.
30. Office Equipment Servicing
This is a home business that you can do with a service tool kit. You can offer your services to small and medium scale businesses who really don’t have a service schedule for their equipment.
31. Electronic Test Equipment Rental Services
This is a very lucrative business. You can purchase electronic test equipments as a onetime investment and rent them out to small businesses and individuals who need them.
32. Home Appliances Design and Manufacturing
This is a great way to make money if you work on general home appliance needs like electronic mosquito killer, electronic healthcare gadgets etc.
33. Design of wireless Home Security Gadgets
You can build your own Wireless Home Security gadgets with surveillance cameras. Provision and servicing of home security systems for individuals and small businesses is highly lucrative.