Whether you’re a career electrical engineer trying to get out of the rat race or a new engineer with an inclination for entrepreneurship, there are tons of ways that you can turn your valuable knowledge and skills into a business. As an electrical engineer, you have a wide variety of options you can explore. You can decide to work on large or small scale projects, or you can have a completely ends off role. You could use your expertise to help businesses with talent gaps, transfer it through teaching, or even work with government departments here or abroad. So, let’s look at a few business ideas electrical engineers can consider.
Hardware manufacturing is one of the most natural fits for an electrical engineer. For instance, you could design and manufacture printed circuit boards for a third party. Companies are always looking for ways to enhance their circuit board designs.
You’ll need good electronic circuit designer software and the right equipment if you want to be competitive. You should invest in CAD schematic software that will allow you to produce great designs from a single environment, which will make it easier to create functional design fast and prevent errors.
Research and Development
You could also sell research and development services. Many companies like to bring outside people to test some of their products and get feedback. You could be asked to test writing systems, machinery controls, navigation systems, or even green building projects. You could also develop your own ideas and sell them.
Speaking of green building, electrical engineers can also help businesses who are trying to be more eco-friendly in their operations. If you get a LEED certification, you could start working as a green consultant. As a green consultant with experience in electrical engineering, you’ll be the best person to help businesses reduce their energy consumption and plug energy leaks.
Start an Industrial Training Institute
Setting up a training institute is another great business choice if you want to give back and train professionals for various industries. You’ll need to have access to a facility and buy a few tools such as cathode-ray oscilloscopes, soldering iron, multimeters, etc. You’ll also oversee hiring professionals to train students as well.
Another thing you could do is become a generator manufacturer. Demand for generators is very high, especially in developing markets. In fact, there is a constant demand for generators at the domestic, industrial, and commercial level. Another thing that’s great about this business is that you don’t necessarily need to start building massive generators. You could start by building small to medium capacity generators on a moderate budget. Once you start building brand recognition and sales volume, you can then extend your product range.
Electrical engineers have a very unique skill set that is in very high demand. If you’ve got the drive and determination needed, found the right niche, and learned the ins and outs of running a business, you should be able to turn your knowledge into a successful business in no time.