Best Business ideas for electronics engineering
An electronics business provides a variety of mechanical product and parts to consumers, including cell phones, television, computers, peripherals, and components. If you are not willing to do your software jobs any more or you are finding new job and love electronics, then this blog will definitely help you. Here are some business ideas for electronics engineers :
But before starting any electronics business you should know general steps to be taken for successful business idea. Let’s review these steps!
step 1 . Examine other electronic businesses –
Before you start an electronics business, examine and understand the business models of existing electronic businesses. this include the average price mark-up charged on goods, strategies for customer satisfaction, and managing supplier relations. You need this information to set your own store policies and prices competitively. Compare successful electronic outlets with those that have closed or failed.
step 2 . Create a competitive business plan –
Due to the competitiveness in the electronics retail stores, it’s imperative that you create a complete business plan that focuses on your competitive advantages. Use the research you gather from examining case studies and business profiles, as well as any of your own personal experience in electronics, to demonstrate why your electronics business will service. For instance, if you have managed an electronics store, you will have knowledge of the inner workings of this type of retail business and you might have an advantage over other new stores.
step 3 . Raise funds –
An electronics business requires a significant capital investment, so raising funds should be a top concern in the planning stages. So now, if you will be opening up a brick – and – mortar storefront, you will need to put up money for various initial needs, including investor, the store lease, store fixtures, store space, advertisements and employee wages. For an online business, you need to factor in website creation and maintenance. You can start the process of raising funds by contacting private investment firms and lenders. And then you must present your business plan to possible investors or lenders, fill out an application and prove your credit worthiness as well as your experience in the field. You should also start building up your personal coffers and talking to family and friends.
step 4 . Find out requirements of electronics suppliers –
Before you lease space or send money on your business, you need to investigate the terms and conditions of various electronics suppliers and distribution on the market. You should also call well-known manufacturers of electronics products to find out the requirements for establishing a relationship. This may include a minimum order amount, a business licence to prove you are a state-recognized business, and reference from other business owners. A distribution representation at the company is best source for this information. Some manufacturers limit the number of electronics stores they will contract with directly.
Keeping all above the steps in mind you can start your start-up in following fields :
1. CCTV cameras :
Security will always be a global concern. By creating your own version of the popular CCTV camera you can sell and install the device generate revenue. However, you will need to come up with the hook that sets your products apart from the others on the market.
2. UPS assembling :
Basically, UPS comes in the different capacity for different purposes. The product has domestic, official, industrial and commercial uses. The assembling process is simple. And you can start the business with small capital investment.
3. E-waste recycling :
If you have the space for it, why not start an e-waste recycling business? Old, obsolete electronics take up space in landfills. If you can create a business model that supports the recycling and refurbishing of obsolete tech, then you could have a lucrative enterprise on your hand.
4. LED light assembling :
LED lights are getting huge popularity these days . The manufacturing process is simple, and there is already an market for this product. Furthermore, this is a very profitable business.
5. Battery reconditioning :
If you have the skillset, restoring drained batteries to their full capacity can provide a great business model. Plus, it helps reduce waste and going waste free is an important fact of any business.
6. Musical instrument retailing :
Nowadays, the musical instrument industry is highly upgrading. There are several updated instruments available for best performance. So, musical instrument retailing is a highly lucrative business these days for the electrical engineers who want to choose the career as an entrepreneur.
7. Optical fiber production :
Basically, the optical fiber is a transparent and flexible fiber. It transmits light between the two ends of the fiber and finds wide usage in fiber-optic communications. There are several fields including telecommunication where the product has huge demand.
8. Printed Circuit Board making :
Basically, designing and making printed circuit boards are the greatest business opportunities for the electrical engineers. The product has a high demand and tough market competition too. If you have prior experience and sound knowledge you can consider starting this business with moderate investment.
9. Gaming PC assembling :
Gaming PCs have high demand. And in most of the cases, people prefer to buy customized gaming PC according to their specific requirements. Therefore, if you have specific skill and knowledge, you can start gaming PC assembling business even from home also.
10. Start a blog :
If you are an engineer in the electrical and electronics field and have a passion for writing, starting an electrical resource blog is a very good option of making an additional income.
The worldwide electronics industry is experiencing phenomenal and remarkable changes these days. So, this is absolutely the right time for starting a business in the industry for the electronics engineers. However, this sector demands adequate knowledge and experience.
I hope, this list of 10 business idea will help you. Please let us know in the comment section below.
Lastly, here are some more links for electronics engineering –