26 Business Ideas For Electrical Engineers [2023]
Are you Interested in starting an electrical-related business in 2023?
We put together 26 of the best electrical business ides you can start today.
For these electrical engineering business ideas, we'll show real-world examples of other electrical engineers businesses to help you see what it takes.
Here's the full list:
1. Build a home security system
Home security systems deter criminal activities and protect valuables. Homeowners install high-quality security systems so they can monitor their homes remotely. Besides, a modern home security system lowers homeowners’ insurance by up to 20%.
As homeowners prioritize protecting their investments, starting a home security systems business can be profitable. However, the profitability and success of home security systems depend on your approach. You can partner with a home security systems manufacturer as their distributor or technical expert. Alternatively, you can develop your line of security systems from scratch.
To start a home security business and become a successful business owner, you need a basic understanding of technology and electrical systems. With the proper knowledge, you can install the systems appropriately and earn recommendations from existing customers.
I’m Nate Clark, founder of Konnected. Three years ago, I was faced with a challenge: I had a wired home security system but no way to monitor my home on my terms, from my own devices, when I was away. I developed what eventually became Konnected to provide a smart upgrade to my security system, using the existing wiring and sensors paired with some open-source software so that I can monitor my home right from my phone.
As the project gained popularity on GitHub, people began reaching out to me to build units for them. It quickly became clear there was a market need for a solution like Konnected for consumers wanting to breathe new, smart, life into their wired home security systems. Today, we are shipping approximately 9,000 orders per year, bringing in an estimated $1,000,000 in sales, and with the increasing demand, we’re able to further develop and expand our line.
2. 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.
3. 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.
Hello, my name is Alex K Williams, the founding partner at Solar Energy Partners (SEP). Our focus is to provide the best customer and consultant experience in the solar industry. We provide more premium options for customers and consultants alike.
Our overall growth has skyrocketed from more than 400% growth since inception.
4. 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.
Greeting my fellow Earthlings! My journey begins with me being suicidal in 2019, depressed in 2020, hypnotized for success in April 2021 to launching Dermabeam in September 2021 to tackle the $100B skincare industry and ultimately a $10T healthcare industry.
5. Start an e-book writing business
An eBook business is profitable and flexible, letting you start a business from anywhere, while it is a low-cost business that is easy to start. You can make a living self-publishing and selling eBooks online as long as you are ready to invest your time and money in it.
Anyone can start an eBooks business! Just choose a niche that interests the target audience, and ensure in-depth research.
I'm Vaibhav Kishnani, an engineer but a passionate writer by profession. I established Content-Whale in 2017 when I was in my third year of engineering. Going by the maxim that quality writing is everything, Content-Whale caters to 42 different content types that form the backstory of every company’s digital presence and marketing efforts.
I started this content agency with a mere sum of Rs. 2,500. Today, we have drawn a revenue turnover of Rs. 4 Crores! In my opinion, it is not individual progress. Instead, a start-up is about connecting with the right individuals at the right time, who keep the show running ahead with their strife for perfection.
6. 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.
7. 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.
8. 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.
9. 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.
10. 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.
11. 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.
12. Start a solar system repairing & maintenance business
Solar energy has come a long way today, thanks to technological advancements. An ordinary household can access solar panels that were once only accessible to big agencies like NASA. Today, the global adoption of solar as an energy source is on an upward trajectory.
The rising utility cost and constant lobbying by the green energy companies are some attributes resulting in the increased adoption of solar lighting.
According to statistics, the US is the leading country in North America regarding installed solar capacity. Data shows the cumulative residential solar installation capacity is about 22,151 megawatts. With the rising adoption of solar as an energy source, starting a solar system repairing and maintenance business can be a great business opportunity.
To start, focus on earning a solar certification. A solar accreditation is essential to promoting customer confidence and putting you ahead of the average uncertified business. Remember that you may need solar licensing if you work outside your home state. Some states also require a specialized solar contractor license.
13. 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.
14. 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.
15. 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.
16. 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.
17. 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.
18. 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.
19. 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.
20. 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.
My name is Lawrence O'Connor, aka 'OWC Larry.' I am the founder and CEO of OWC (Other World Computing, Inc.).
Our CAGR over the past 33yrs is 43.78% (average growth rate since inception). It was 18.4% in the most recently completed year 2019 vs 2020 with just over 148 million revenue in 2020.
21. 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.
22. 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.
23. 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.
24. 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.
25. 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.
26. 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.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
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