Engineering is one of those rare fields that could lead to path-breaking solutions towards real world problems. It not only holds immense scope for achieving monetary gains but has also helped in bringing a technological revolution to the world we live in. Although engineering has numerous branches of study, the technological advancement and upgradation have made it possible for the electronics sector to flourish in the current market situation.
Owing to an enormous scope for growth in this sector, the electronics engineers are free to find a fruitful career in various fields including automotive, aerospace, power generation, pharmaceuticals, consumer goods, defense, construction, energy, agriculture, utilities, oil and gas, etc. However, if you have a strong will to take charge and wish to start a business of your own, there are various lucrative business ideas for those who dream of becoming entrepreneurs.
Mentioned below are some lucrative business ideas for electronics engineers:
Electronic Engineering Training (Image Courtesy: motoman.com)
Electronic engineers can make a good start by providing training in various disciplines of electronics such as Industrial automation, matrix laboratory, embedded systems, etc to the scholars. Moreover, it’s not just the university and college students, but the likes of manufacturers, inspection agencies, and repair organisations can also be trained when it comes to the designing, repair, and maintenance of industrial plants.
Perhaps the simplest way of starting your own business as an electronic engineer is to impart training to the hobbyists and students who are at the beginner level. For this, you need a small space accommodating 10-15 computer system and some basic electronic kits for practical training.
2. Electronic Toys
Tekno-the Robotic Puppy (Image Courtesy: Wikipidea)
If you are good at working with electronics, particularly the hardware, then making electronic toys can help you a long way in making a fruitful career. You can start with a small toy store and then turn it into a line of production or simply work for toy distributors present in the market. Nowadays, everything is automatic and hence electronic toys have picked up a great sale among the children because they no longer want to play with soft toys or wooden toys.
First of all, decide the kind of toys you would like to make and accordingly arrange for the raw materials and inventory. Another thing to decide is whether you want to sell the toys online or through a brick-and-mortar store. If you are just manufacturing the toys, you have to take care of the warehouse space and inventory. Also, the investment depends on the complexity of the toys. If the toys are equipped with wireless technology, the cost incurred would be more than for the toys with a simple push button mechanism.
3. Sales, Servicing & Repair
Servicing & Repair of Electronic Components (Image Courtesy: movitronics.com)
There are a lot of tools, gadgets, and equipment that need timely repair and maintenance like certain circuitry inside modern vehicles (sound system) or IT equipment in offices (computers, routers, fax machines). So one can either sell a line of IT products and other gadgets or provide the repair and maintenance services, including after-sale services. This may prove to be an added advantage, especially if you are well-versed with the technical know-how of modern devices that the users may not be aware of.
Repairing business needs a relevant store in a suitable location where you can showcase the products and services to prospective customers. Look for a nice location (in the electronics market) and start with selling some basic electronic components along with the repair facility of small components and devices. Gradually when the business grows, you can have a larger space with more staff with expert knowledge to deal with the repairing of the tools and components on a large scale.
4. PCB Manufacturing
PCB Assembly Process (Image Courtesy: rythos.com)
In any electronic component, the major role is played by its circuit board. So if you can deal with PCBs like a pro, you can design and sell printed circuit boards to the construction firms, engineering firms, or manufacturing companies, you can also invest in automated equipment to manufacture PCBs on a large scale and supply them in bulk to businesses like computer manufacturing firms.
For a small scale PCB business, you can acquire a space and design PCBs with the help of online open source software. The testing is conducted to finalise the designs and then they are sent for manufacturing which requires a lot of capital investment for heavy machinery, staff, inventory, and license as well.
5. Developing Embedded Products
Internet Based Home Automation Setup Developed at EngineersGarage
If you are well versed with the electronics hardware as well as software handling, you can build devices pertaining to home automation. This is a great business idea as it is trending as well as rewarding. Being an electronic engineer you can skillfully handle hi-tech devices and easily develop, supply, or even repair such fitments.
Owing to a high surge in the home automation market, it’s one of the most profitable ventures to design home automation products. However, you have to choose a particular segment because there are too many categories of home automation products like smart locks, home appliances, home robots, cyber security, alarm systems, etc.
For the business operations, the investment caters to the amenities like electricity, cloud services, software upgradation, network maintenance, custom installation, etc. You can either operate as a sole proprietorship or through a franchise but since the competition is stiff, you need to ensure that you stay well-informed of your competitors’ services.
6. Electronic Test Equipment Rental Services
Electronic Test and Measurement Equipment (Image Courtesy: HelloWebz)
Electronic test equipment is used while testing electronic devices in order to capture the responses and create signals. These include curve tracer, network analyser, transistor tester, leakage tester, tube tester, spectrum analyzer, etc. Small firms and individuals often look for rental test equipment as they can’t afford heavy, expensive tools. So giving out such test equipment on rent may result in long-term benefits.
This kind of business requires test equipment machinery like oscilloscopes, signal generators, logic analyzers, frequency counters, electronic loads, etc. You need a space to keep all these machines and a website to promote your services. However, if you get orders in bulk, you may have to buy 2-3 sets of the same equipment and hence the investment is mainly on the procurement of machinery. The staff required is relatively less until the business grows to a considerable extent.
7. Video Tutorials or Website
Home Automation Video Tutorial by EngineersGarage
If you don’t wish to offer training about electronics engineering on a one-to-one basis, in a laboratory full of computers and hardware components, then you can do so through the medium of internet. It just requires a website or a channel on YouTube where you can publish tutorials about the projects that you work upon.
This kind of business doesn’t necessarily need a staff or space. It just needs a camera which is used to record the working of the project and you can use your own electronic kit to work on the project. These kinds of DIY projects would help a lot of students struggling with their college assignments and other assigned tasks.
Moreover, if you don’t wish to write the notes and every detail, simply explain everything orally and record the video. Then post it on your channel and you’ll be visited by lots of visitors if you are good enough in explaining the project. You can also take up any basic topic about electronics and prepare a tutorial on that because videos are way easier and interactive than loads of texts.
8. Electrical Panel Manufacturing
Electrical Panel Control (Image Courtesy: iamengineering.com)
In the industrial electrification, an electrical control panel is an important product, which regulates the operations of electrical equipment. Such panels provide protection against damage from overload or short circuit. These products are used by Government bodies and boards as well as large and medium factories. Dealing with electrical control panels is a form of business trading.
After obtaining training either through an online tutorial or through training schools, you can start your own electrical panel manufacturing business. A certificate would also facilitate you in getting the business registered.
Other requirements include an expert staff with the technical know-how, advanced design software, and great technical support. Also, you have to ensure quality control and undertake repetitive checks on the layout so that there are no errors.
9. E-Waste Recycling:
E-Waste Recycling (Image Courtesy: business.idntimes.com)
The widespread use of gadgets and devices leads to a huge amount of e-waste that is not good for the environment. Many public and private sector organisations tend to replace the old computers, fax machines, etc with the new one which creates a lot of electronic waste. Moreover, only a small amount of this waste is recycled while a large portion is directly dumped into landfills and incinerators.
Therefore, setting up business for recycling e-waste can be really profitable in terms of monetary returns as well as in protecting the environment. However, it involves capital intensive operations so you are required to plan things like budget, products to deal with, and the sources from where the waste is obtained.
If you can arrange a good amount of capital and acquire a license for seeking permission from the concerned authorities, this kind of venture can give you a valuable position in the market in long run. Another thing that you require is skilled manpower for processing, operation, pick up, and delivery. Besides, you also have to obtain a big area for a dumping yard and decide which territory you will be serving. Seeking information from others in the business may aid in understanding as to how this kind of business is handled.
10. LED Lights Assembly
LED Lights Assembly Process (Image Courtesy: nortonelectricals.co.in)
LED lights have totally overtaken the market by driving CFLs, bulbs, and tube lights almost out of business. This is because these lights are power-efficient and hence deliver a better performance by reducing electricity expenses.
There are various kinds of LED lights used at almost every store or buildings for both domestic and commercial purposes. Some of the varieties include- LED lamps, LED corn lights, LED canopy lights, LED strip lights, and LED high bay lights. Either you can manufacture your own LEDs or simply work as distributors since heavy capital investment is required for establishing a plant.
Although these are just a few areas where electronic engineers can invest money to set up a business, there are many more options that one can explore by studying the market and analysing the existing businesses.
For this kind of business, you need software knowledge to design LEDs and some hardware is also required for the assembly procedure. It’s important to note that you need to be acquainted with LED designs, thermals, PCB substrates, optics, etc. Since you are starting at a small scale, you need to approach the clients and promote your work through a website.
Observing the current market trends where so many entrepreneurs are making their marks, it won’t be wrong to say that now is the best time for technology-based businesses to flourish. Owing to the globalization and easy access to resources, numerous opportunities are available for the aspiring entrepreneurs.
Please be informed that we do not claim the rendered details to be purely exhaustive. Although we have made the best possible efforts to provide you a reliable set of information on the subject matter, the readers’ discretion is advised.
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