31 Electrical Engineering Business Ideas [2023]
Do you have an entrepreneurial spirit and a passion for electrical engineering?
With the high demand for innovative electrical engineering solutions, starting your electrical engineering business in 2023 can be a lucrative venture.
We put together 31 of the best electrical business ideas you can start today.
We’ll show real-world examples of other electrical engineers businesses for these electrical engineering business ideas to help you see what it takes.
Here's the full list:
1. Start a pcb circuit business
The PCB circuit industry involves the design and manufacture of printed circuit boards that serve as the core components of electronic devices.
Entrepreneurs in this field create intricate circuit layouts to ensure a seamless flow of electrical signals within electronic gadgets.
The PCB circuit business caters to a wide range of industries including consumer electronics, automotive, and telecommunications, and offers a dynamic and promising venture for individuals passionate about innovation and the ever-evolving field of electronics.
With the advancement of technology, this industry continues to grow and remain relevant.
How much you can make: $250,000 — $500,000/month
How long does it take to build: 365 days (?)
2. Start an electronics repair business
The electronics industry itself is worth more than $2 trillion. And electronics repair is a lucrative business that can be started with little to no money.
One of the most important things an electronics repairman must do is to make sure they have the right tools and equipment for the job. This will include everything from soldering irons, wire cutters, screwdrivers and more. A good way to save money on these tools is by buying them used or refurbished.
It's also important for an electronics repairman to have a solid understanding of how electronics work, including the basics of circuit boards and electricity, so they can troubleshoot problems and fix them as efficiently as possible.
How much you can make: $4,000/month
Time commitment per week: Min. 5 hours/week
3. Start a fire safety business
The fire safety industry specializes in providing essential safety measures to both residential and commercial property owners.
This industry offers comprehensive solutions to protect homes, businesses, and public spaces from the devastating impact of fires.
From installing state-of-the-art fire detection systems to conducting safety audits and implementing preventive measures, the fire safety industry plays a crucial role in safeguarding lives and property.
As a prospective business owner, choosing to invest in this sector will enable you to address a critical societal need while also offering the gratification of contributing to community well-being.
How much you can make: $304,000/month
4. Build a home security system
Home security systems are an effective way to deter criminal activities and safeguard valuable possessions.
Homeowners opt for high-quality security systems to monitor their homes remotely, while also enjoying the added benefit of lower insurance premiums, up to 20%.
Starting a home security systems business can be a profitable venture, especially as more homeowners prioritize safeguarding their investments.
To start, you can partner with a home security systems manufacturer as a distributor or technical expert. Alternatively, you can create your own line of security systems from scratch.
To become a successful business owner in the home security industry, it’s important to have a basic understanding of technology and electrical systems.
This knowledge will enable you to install the systems correctly and earn recommendations from satisfied customers.
How much you can make: $70,000/month
5. Start a solar panel installation business
The solar panel installation business is a growing industry. In the past decade, solar panels have become more affordable and attractive to consumers. This has led to an increase in demand for solar panel installation services.
Solar energy is one of the most sustainable and environmentally-friendly forms of energy available today. It produces no greenhouse gas emissions or other toxic chemicals that can harm the environment or human health.
A solar panel installation business should consider investing in marketing strategies that will help them reach their target audience and sell their services effectively.
How much you can make: $2,000,000/month
How long does it take to build: 120 days (?)
6. Start an iot products business
The Internet of Things (IoT) products business involves creating and selling innovative devices that are interconnected to the Internet, enabling seamless communication and data exchange between devices.
Entrepreneurs in this industry design smart solutions that enhance everyday life, ranging from smart home devices and wearables to industrial sensors and healthcare gadgets.
With the rapid growth of IoT technology, the IoT products business offers a lucrative opportunity for individuals to tap into a market hungry for interconnected and intelligent devices.
Success in the IoT products business requires a combination of technical expertise, creativity, and a keen understanding of market trends.
How much you can make: $100,000/month
7. Start a LED lights business
Lighting accounts for approximately 10% of the electricity usage in households and commercial premises. To cut utility bills, homeowners and commercial establishment owners are using LED lighting, a trend that will keep rising.
According to experts, the LED lighting market will grow at a CAGR of 14.25% over the next few years, reaching the $160 billion mark.
If you are passionate about electrical lighting solutions, you may consider starting an LED lighting. To start, you can start producing LED lights or start a white label business.
How much you can make: $15,000/month
How long does it take to build: 150 days (?)
8. Start a computer delivery and assemble business
A computer delivery and assembly service involve procuring IT hardware and delivering it to corporations, government offices, or individual offices.
The computer delivery and assembly service is a low barrier to entry business. You can apply for advertised procurement tenders and partner with computer retailers to meet the demand.
How long does it take to build: 365 days (?)
9. Start a green consulting business
Global leaders have continually emphasized businesses embrace environmental sustainability throughout their production and manufacturing processes.
As all sectors focus on developing sustainable solutions, there is a need to involve green consulting experts. Therefore, as demand for green consultancy rises across the industries, starting the green consultancy business is becoming a profitable venture.
The green consulting businesses assist with the creation and design of eco-friendly, energy-efficient, and sustainable buildings and community sites.
How much does it cost to start: $200 (?)
How long does it take to build: 15 days (?)
10. Become a computer refurbisher
Computer refurbishing is the process of restoring used computers to working conditions. Refurbishers typically purchase used computers from individuals or businesses, and then they clean them up, install new parts, and test them to make sure they are in good working condition.
To start this business, you'll need skills in data recovery, hardware repair, and software troubleshooting. It is a perfect idea for those who have an interest in technology and a knack for repairing electronics.
With the ever-growing popularity of laptops, tablets, and smartphones, there is a great demand for refurbished computers. And with data science and data analytics, you can easily identify which computers are in high demand and how to best refurbish them.
Starting this type of business is a great idea for those with an entrepreneurial spirit and a passion for technology. If you can navigate the regulations, this can be a lucrative business with a lot of growth potential.
How much you can make: $13,500,000/month
How long does it take to build: 45 days (?)
11. Start a HVAC commissioning service business
HVAC commissioning is a growing field that involves testing and tuning HVAC systems to ensure they meet design standards and operate efficiently.
To start an HVAC commissioning service, you would need expertise in HVAC systems and building standards and certifications from organizations like AABC or NEBB.
The business would provide services like initial HVAC system start-up and inspection, seasonal testing and adjustments, and troubleshooting underperforming systems.
With the prevalence of smart buildings and the focus on energy efficiency, an HVAC commissioning service could help building owners optimize their systems while providing stable year-round business.
How much you can make: $375,000/month
12. Start a renewable energy equipment and devices selling business
Renewable energy equipment and devices refer to apparatus permanently installed on premises used for the generation, transmission, or utilization of mechanical or electrical power. With increased technological advancements, renewable energies have a significant impact.
Businesses and households are finding efficient and creative new ways of producing and storing renewable energy to meet the rising energy demand. As investments in renewable energy are rising, demand for renewable energy equipment and devices is rising. Therefore, starting a business in this line can be profitable.
How much you can make: $50,000 — $600,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 90 days (?)
13. Start an electronic toy production business
As new technologies emerge, toys have changed over time. Modern toys feature an electrical component that reacts to the tactical input with sounds, vibrations, images, or other feedback.
Interactive toys help in kids' brain development, improve cognitive function, and help to facilitate social and language skills. As the adoption of educational toys goes global, developers of these electronic toys will experience a sharp increase in demand.
Therefore, if you understand how to design electronic circuits, consider starting an electronic toy business. To start a toy business, you must be ready to embrace creativity. Study the target market, research the current trends, and develop creatively designed electronic toys.
How much you can make: $200,000/month
14. Start a voltage stabilizers business
A voltage stabilizer (a.k.a Automatic voltage Regulator) takes note of voltage fluctuations in the utility and regulates it internally to deliver a consistent output voltage range. Whenever utility voltage is low, the voltage stabilizer will boost the voltage before feeding it to the connected equipment, so the equipment works without trouble.
Households, businesses, and industries all need voltage stabilizers to protect their equipment and accessories. Therefore, starting your own voltage stabilizer business can be rewarding.
To start a voltage stabilizer business, you may become a manufacturer, distributor, wholesaler, or even a technical expert who installs and repairs the voltage stabilizers.
15. Start a MCCB manufacturing business
The molded case circuit breaker (MCCB) is a type of electrical protection device that protects electrical circuits from the excessive current that can cause overload or a short circuit.
The MCCB is a critical component in any electrical installation. As new construction projects continue, the demand for MCCB will continue. Besides, like other electrical components, MCCB devices deteriorate with age, requiring replacement and upgrade to match the current electrical consumption.
According to the latest data, the MCCB market will reach US$16.2 Million within the next decade. Based on these and more indicators, starting an MCCB manufacturing business can be profitable. If you start manufacturing MCCB, ensure the new boards meet the stipulated guidelines.
16. Start an inverter production business
An inverter is a power electronic device that changes direct current (DC) to an alternating current (AC). Also called VFD (Variable Frequency Drive), electronic devices control the speed and torque of electric motors.
The inverter market has been growing rapidly. The growth of the inverter market attributes to the growing investments in renewable power generation technologies and green infrastructure. Besides, there has been rapid usage of power backup solutions, which demand the use of inverters.
Do not forget that power generation does not meet the current demand, and therefore people have turned to greener energy sources, which require an inverter. Therefore, starting an inverter assembly and installation business can be a viable idea. To start an inverter company, you must be licensed under government regulations.
17. Start an electrical appliances distribution business
Electrical appliances are components that use electrical energy to achieve a function. Almost every household uses electrical components, regardless of whether they use solar or hydro-generated power. The electrical appliances offer homeowners convenience and make life easier and more comfortable.
Therefore, the demand for electric components is rising rapidly, a trend to continue. If you are looking for a viable business opportunity within the electrical sector. Consider becoming an electrical appliances distributor. Electrical appliances include indoor and outdoor components.
To start, research the target market and decide what to sell. Then, reach out to potential suppliers and stock your Business. You can launch a brick-and-mortar shop and expand your reach by operating an online electrical appliances store.
18. Start a battery recycling business
The battery recycling business reprocesses spent lithium-ion batteries into new cells. The procedure aims to reduce the number of batteries disposed of as municipal solid waste by separating them and reusing them to create new cells.
The global market for battery recycling is anticipated to grow at a CAGR of 7.12% to reach $18 billion in the next few years.
Therefore, starting own direct battery recycling business can be profitable. Direct battery recycling is said to be cleaner and more efficient. To start your battery recycling business, write a business plan that indicates your old-battery collection approach.
Then, register the business with the states where you intend to operate. Finally, determine the type of batteries you want to recycle and identify the target market.
19. Start a battery production plant business
Phones, laptops, security systems, and other gadgets use batteries. According to statistics, the global demand for batteries will increase to over 2,000 GWh in a decade. Therefore, battery production is among the fastest growing sectors.
If you want to consider an electrical-related business idea, battery production seems a noble idea. You may start with small-scale battery production with a small investment and expand your business as you begin realizing success.
20. Start a capacitor production business
A capacitor is a device that stores electrical energy in an electric field. With the increased use of technology, capacitors have found increasingly advanced applications.
According to statistics, the global capacitor industry will reach over $23 Billion in a few years. The market growth is attributed to the increased adoption of computers, telecommunication devices, consumer electronics, automotive and industrial sectors.
The future of the capacitor market looks promising. Therefore, starting own capacitor manufacturing business will be a great business idea.
21. Start an electrical control panel business
An electrical control panel is an enclosure that contains important electrical components. An electrical control panel must have the main circuit breaker, a transformer, and a terminal block. The demand for electrical control boards is increasing rapidly.
If you are a skilled electrical engineer, you may start manufacturing, distributing, and installing electrical control boards. To start, register your business and apply for a business license.
22. Start a nano batteries manufacturing business
Manufacturers of nano batteries employ nanoscale technologies with particles that measure less than 100 nanometers. Nano batteries find applications in powering portable electronic devices like military equipment, electric vehicles, laptops, cameras, and mobile devices.
According to research, the global nano battery market will exhibit an 18.6% CAGR and reach the $28.1 Billion mark in the next few years. If you have the skills for manufacturing nano batteries, now could be the best time to start your nano batteries plant.
23. Start an electrical tools manufacturing
The growth in construction activities and the requirement for efficient power tools for various operations are factors responsible for the increased demand for electrical tools. Besides, the rapid pace of innovations in electrical equipment technologies stimulates a consistent demand for faster electrical equipment and applications.
If you are interested in electrical equipment technologies, you may start your line of electrical tools manufacturing business.
24. Start an electronic pump regulator business
An electric pump is a machine for raising, compressing, or transferring fluids. The global electric water pump market will reach over $7.74 Billion by the end of this decade. Electric pumps are commonly used in industrial, residential, and commercial applications.
Therefore, starting an electric pump manufacturing business can be a significant venture. You can manufacture new electric pumps, electric service pumps, or repurposed pre-owned electric pumps.
25. Start an e-waste recycling business
E-waste refers to electronic products nearing the end of their useful life. They include computers, televisions, VCRs, stereos, and other electronics used in our homes of businesses.
Recycling e-waste is reusing and reprocessing electrical and electronic equipment that has been discarded or regarded as obsolete. Initiated to protect human and environmental health, e-waste recycling has become one of the most profitable recycling opportunities.
To start an e-waste recycling business, research and gather more information on the E-waste recycling industry.
Then, identify the electronic wastes available to you that can be recycled. Create a business plan, and acquire all necessary permits and licenses before launching your business.
26. Start an electronic test equipment rental business
Buying expensive electronic test equipment costs tens of thousands of dollars. Therefore, startups with limited budgets may choose to rent electronic test equipment.
In that regard, starting an electronic test equipment rental business can be a great business venture.
27. Start a printed circuit board production business
A Printed Circuit Board is a small electronic circuit board that consists of several electronic components like resistors, capacitors, and transistors. Given the importance of PCBs, this is an industry that will never go out of style.
In that regard, if you are in the electrical engineering sector, printing and manufacturing of Printed Circuit Boards is one tremendous and profitable startup to consider.
28. Start an electrical switches business
An electric switch is an electrical component that responds to an external force to mechanically disconnect or connect the conducting path in an electrical circuit.
Electrical switches are consumable items used in residential, commercial, and industrial settings.
Starting an electrical switches business does not require a considerable investment. You can start the electrical switch manufacturing business with small capital investment.
Register a brand name and obtain a trade license from the local authority to start a switch manufacturing company. Depending on regulations applicable in your state, you may need additional clearances to operate the business.
Therefore, it would help if you check with the relevant government authorities on a complete list of permits needed to start and operate the electrical switch manufacturing business.
29. Start a generators manufacturing business
Generators, whether diesel or petrol powered, are commonly used as a prime source of power or as a backup. The increased demand for generators has created a business opportunity for generator manufacturers.
A recent report has shown that the demand for global portable generator market size will surpass approximately $2600 billion mark in the next few years.
Therefore, starting your generator manufacturing company can be a great business opportunity.
30. Become an electrical engineer
Electrical engineering involves studying, designing, and applying equipment, devices, and systems that use electricity, electronics, and electromagnetism. To become an electrical engineer, you must attain a degree in electrical engineering, electronics engineering, or a related field.
31. Start an auto electrical repair business
Auto electrical repair businesses diagnose and replace faulty electrical components such as alternators, starter motors, and batteries. The repair technicians have the skills to locate electrical shorts, grounds, and resistance, using multimeters, OBD, and other dealer-specific software scan tools.
Are you an aspiring entrepreneur looking to invest in the auto electrical service and repair business? Starting an auto electrical repair and diagnosis business can be a profitable and fun venture.
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