Ten Business Ideas For Electrical Engineers: How many times have you found yourself thinking, I wish I had an idea for a business? You’re not alone; that’s the thought running through the minds of people all over the world, but it doesn’t mean that it has to be that way.
Ten Business Ideas For Electrical Engineers
If you’re an electrical engineer looking to turn your knowledge into profit, you can easily come up with some great business ideas by just thinking of what you know and what others need help with. We’ve put together ten ideas that might help spark your imagination!
Generate solar power
One of your biggest business ideas is in solving a problem. This can be solar power, or it can be something more specific to you and your career interests. If you want to generate solar power as a source of income, begin by researching how much you’d need to invest in equipment.
Solar panels and wind turbines aren’t cheap. But once purchased, they’ll give you years’ worth of clean energy without any ongoing cost—and if their installation is eligible for tax credits, your initial costs could be even lower!
As an engineer with expertise in renewable energy technologies, starting your own solar-power company could help others save money on their monthly utility bills while boosting your bottom line. (For more business ideas from engineers, take a look at our list of top entrepreneurship schools.)
Build Energy-efficient Homes
Build more energy-efficient homes! Not only is building a house a business idea, but if you get involved in home construction early on and make it a specialty, you could turn it into a lucrative business. Your client base is homeowners who are looking to install alternative energy systems or reduce their home’s electrical use.
Businesses like Tesla, Apple, Google, and Dow Chemical have invested in making their own homes as efficient as possible – but if you don’t want to build your own mansion from scratch, check out companies that hire construction workers to help with these projects. For example, Apple has partnered with BYD America (Build Your Dreams) on its Maiden Farm site.
Repairing electronics, appliances, and machines can be an incredibly lucrative business. The key is to know how to handle common problems with these devices. For example, if you wanted to open a repair shop, you’d need to know how to fix ovens and refrigerators.
Since electrical engineers spend most of their time troubleshooting hardware problems, they are well-positioned for a business like this. Additionally, since there are fewer DIYers in today’s generation who want and/or have the time (to learn) how to fix things on their own, more people will be looking for someone to help them with appliances that break down at home or work.
To keep costs low, try running your business out of your house while also trying to find sponsorships from manufacturers in exchange for offering services using their products (like tools) under warranties or guarantees.
You should also consider advertising by word-of-mouth via friends and family members who may be able to provide free referrals about issues with home appliances. Don’t underestimate the value of customer reviews! If you do good work, those testimonials could attract a lot of new clients.
Install electrical wiring
You might not see it, but the wiring is installed in nearly every major building. This makes electrical work a potential business idea if you have training and equipment. Many electricians find work with residential home builders or with contractors working on commercial properties.
You may also be able to branch out into wiring solar panels or monitoring systems that reduce energy use when someone isn’t home. It can be tough work, but there are also additional benefits like job security and employee discounts that make running your own business worth considering. If you’re thinking about starting your own business as an electrician, read about other considerations here.
Build electric cars
Electric vehicles are quickly growing in popularity and finding success, but with a slew of startups taking on car-making from here to there, it can be hard to know where to start. Luckily, if you have the electrical engineering expertise and some funding behind you, now’s a great time to get in on the action.
Electric cars run on electricity (of course), which means they’re much simpler than your average gas-guzzler. While that may mean fewer people are qualified to build them, it also means there’s less infrastructure to set up before construction can begin—and more opportunities out there for startups and individual builders alike.
With a little innovation and passion (plus a lot of research), you could be one of many that help brings electric vehicles into common practice as soon as possible.
Sell electric car parts
The electric car revolution is just beginning, and there’s a huge potential market to be tapped. Cars are expensive (especially if you need to buy an entire dealership) and a lot of people aren’t exactly tech-savvy (what does an electric car look like, again?), so it can take a lot of education and outreach before someone feels comfortable purchasing one.
If you have experience working with cars, you might consider offering services as an electric car mechanic or consultant; as long as you know your way around electricity, parts should be relatively easy to source online. In some cases, dealerships may even subsidize certain repairs as part of their eco-incentive programs. Selling electrical car parts could also work as a side hustle on sites like eBay and Amazon.
Or try starting your own DIY YouTube channel where you teach viewers how to repair electrical components themselves. You could even write articles or tips on leading industry websites in exchange for some free product samples. It takes time, but if done right, almost anyone can make money selling electric car parts!
Use Solar Panels in YouOffice
If you work in an office building, one of your best bets for a green business is installing solar panels. Even if it’s just a small setup to supplement energy from other sources, it shows your customers that you’re making an effort to be as eco-friendly as possible.
Plus, there are some great tax breaks and other incentives available if you live in or operate a business within certain states. Solar panel installation comes with high upfront costs, but once they’re up and running they can become a lucrative money maker that’s environmentally friendly.
Writing about how solar panels work and sharing information on government incentives could help get people interested in them (and, potentially, into purchasing them).
Manufacture LED light bulbs
LED light bulbs are more expensive than traditional incandescent bulbs, but they use about 80% less energy and last three times longer, so you can save a lot of money over time. Also, LED bulbs will pay for themselves in less than a year if you’re using them in your home.
If you’re interested in getting into manufacturing these types of light bulbs to sell on Amazon or through other online outlets, consider using an electrical engineer as your manufacturer. Electrical engineers are familiar with all things electrical and have an understanding of how to improve current products without increasing their cost too much.
This translates well to a manufacturing environment because it means they’ll be able to find ways to improve production costs while maintaining quality—meaning you could end up with a better quality bulb at a cheaper price.
Start an electric transportation business
Many cities are investing heavily in electric vehicles. In some places, fleets of electric vehicles will start driving themselves around without a driver as soon as 2020. But you don’t have to wait until then to get into an industry with huge growth potential. How can you tap into that market?
Start your own business or work with other companies to provide charging stations, manage fleets of vehicles, design software and hardware related to EVs, create materials and processes specifically designed for electric cars or trucks, or even build new types of vehicle batteries.
Become An Electrical Engineer Consultant
Building on your knowledge of electrical engineering, you can help other companies and people who may not be familiar with all things electrical. Consultants make recommendations, conduct feasibility studies and provide training. In most cases, there are no set hours; instead, consultants are paid by project or per hour. Expect to make anywhere from $40 to more than $100 an hour as a consultant.
One advantage to being a consultant is you can choose when and where you work—but don’t expect to be able to quit your day job right away. Earning a full-time living as a consultant takes time, so it’s important that you have other sources of income until business picks up enough to sustain your new career path.
Also Read: 10 Business Ideas For Ladies
So there you have it, ten business ideas. But how do you know which one is right for you? The key is to choose something that aligns with your strengths, skills, and abilities. If any of these ideas appeal to you, give it a shot! You’ll learn a lot by pursuing your passions and proving yourself in an unfamiliar field.
If you need some help getting started, there are hundreds of books on getting what you want from life (business success included) or just ask around at work—you’d be surprised at how many successful people are willing to mentor others who are starting out.
Best of luck! I hope that inspires you to build your own idea into reality.
Written By Lee Lian Poh, Founder Of M8 Empire Let’s Connect On Facebook 🙂 Click Here To Download Your Copy Now To Begin Your Marketing & Web Design Success Journey Today… Special Promo Offer – First 3 Customers Only.