With the rapid technology upgrades, the electrical industry sector is growing globally. Generally, these businesses are easy to start. Also, these are very lucrative business opportunities for electrical engineers. However, any individual having experience and knowledge can start a business in this field. In this post, we have chosen a list of the most profitable electrical business ideas for your ready reference.
The worldwide electrical industry is one of the most flourishing and extremely diversified sectors. Furthermore, it consists of manufacturers, suppliers, dealers, retailers, electrical engineers, electricians, electrical equipment manufacturers, and trade unions.
The United States, Japan, and Korea are the top three electrical and electronic goods manufacturing country in the world.
The United States of America is the largest producer of electronic products in the world, contributing a total share of around 21%. Furthermore, it also occupies the largest market share with about 29% of the global market.
List of 42 Profitable Electrical Business Ideas & Opportunities
1. Air Compressor Production
Basically, the air compressor is an industrial item. Additionally, the air compressor has an intensive application in the automobile service industry. The air compressor production process is not complex. And you can start a small company with moderate capital investment.
2. Battery Production
If you want to start a small-scale manufacturing business, then you can consider battery production. With a small space of operation, you can start this business. Though you can open a localized battery company with a small investment, expansion demands substantial investment.
3. Battery Store – Excellent Electrical Shop Business Idea
If you are looking for a retail opportunity in the electrical and electronics field, then you can consider this business. Additionally, you can start the business in two ways. Either as an initiative of your own or as a franchise partner of a reputed brand. However, if you start your own, you can sell multiple brands for a single store.
4. Battery Reconditioning
Battery Reconditioning is a very lucrative business. In addition, you can start at home too. And it demands a very small startup capital investment. However, you must have proper knowledge and skills in conditioning old batteries.
5. Capacitor Production
A capacitor can store electric energy when disconnected from its charging circuit, so it can be used like a temporary battery. The product has a huge demand in both the electrical and electronics industry. With moderate capital investment, you can start the capacitor production business.
6. Cartridge Refilling
You can start the cartridge refilling business in two ways. One is by opening your own company. And another by buying a franchise. The market is very lucrative and it is growing. Furthermore, you can serve domestic and as well as commercial clients.
7. Computer Accessories Retailing
Broadly, you can start the computer accessories retailing business in two ways. One is from a brick-and-mortar store and another is online. The demand for different computer accessories is increasing very fast.
8. Computer Assembling
The United States computer and office equipment industry constitutes more than 10,000 companies with collective annual revenue of US $180 billion. So undoubtedly, it is a very lucrative sector for entrepreneurs. However, starting a computer assembling business demands substantial capital investment.
9. CCTV Camera
CCTV stands for closed-circuit television. CCTVs are frequently utilized for surveillance in locations that may require regular monitoring such as casinos, banks, military installations, airports, shopping malls, convenience stores, etc. Apart from this, CCTV cameras have wide applications across the globe by government institutions to reduce and avoid domestic and international security threats.
The problem of security is growing day by day. And it creates an immense opportunity for entrepreneurs. However, you must have skills and knowledge about the product.
10. DJ & VJ Equipment Retailing
Basically, DJ stands for disc jockey while VJ stands for video jockey. And they huge a lot of instruments for making the function highly rocking. Some of the most popular items are channel mixers, USB grid controllers, LED lights, personal monitor stations, etc. You can start retailing both offline and online.
11. Electrical Control Panel
Basically, electrical control panels help to control mechanical equipment. Additionally, they are used to control every piece of equipment in every industry. However, the product has a high demand in the industrial sectors. the business is perfect for electrical engineers.
#12. Electrical Switches, Socket, and Plugs
These are very common items in the electrical and electronics industry. Additionally, the manufacturing process is not complex. If you want to start a manufacturing business in the industry, you can consider starting switches, sockets, and plugs production business.
#13. Electrical Wire Manufacturing
Electrical wires are highly consumable items. PVC-coated electrical wires are used in both the domestic and industrial segments. You can start the business small and after getting the confidence you can scale up.
#14. Electronic Fan Regulator Production
A ceiling fan is one of the most common electrical appliances. And there always is a fan regulator with every ceiling fan to control its speed. So, the market opportunity is huge in the fan regulator production business. Additionally, with moderate capital investment, you can start this business.
#15. Electronic Toy Production
Actually, electronic toys are the most popular items among kids. Therefore, the demand for different types of modern toys is also increasing. You can start an electronic toy production business with moderate startup capital investment.
#16. Ewaste Recycling
E-waste recycling is a global environmental issue in recent phenomena. The Environmental Protection Agency estimates that only 15-20% of e-waste is recycled, the rest of the items go directly into landfills and incinerators. However, to be successful, you must have sufficient space and a proven business model.
This is another great business that has a bright future. It is obvious that people will use more electrical and electronics items and will produce more e-waste globally.
17. Electrical & Electronic Store
In spite of growing online marketplaces, still, there is a very potential market for offline electrical and electronics stores. However, you must start the business by focusing on a niche. And as your business grows, expand.
18. Electrification Work
This is a very good business for any individual who knows the subject. Apart from domestic clients, you can offer your service to commercial and industrial clients also. However, you must have a license from the Electricity department.
19. Electronic Appliances Service & Repair
This is a profitable business. You can offer the service on a mobile basis or from your home. In addition, you can start this business as a franchise also. After the warranty period, servicing and repairing become very costly if you want company service. So people generally look for local services.
20. Electronic Toys Selling – Excellent Electrical Shop Business Idea
Revenue-wise this is a lucrative business. You can sell the toys from the retail store or from your own online store. In addition, you can go for distribution also. However, toy distribution demands higher startup investment. You can source the toys from local manufacturers or you can import them.
21. Gaming PC Assembling
Gaming PCs have high demand. And in most cases, people prefer to buy customized gaming PC according to their specific requirements. Therefore, if you have specific skills and knowledge, you can start a gaming PC assembling business even from home also.
22. Generator Assembling
Basically, the generator is an industrial product. Additionally, it has other commercial applications in retail stores, commercial offices including shopping malls, etc. Actually, generator assembling is a perfect business opportunity for electrical engineers. However, you must have prior experience in this industry.
23. Home Appliances Store
If you want to start a retail business that has the substantial potential of generating a net profit, then you can consider this business. The business demands moderate startup capital investment. However, it depends on the size of your store and inventory.
24. House Electrification Service
For electrical engineers, starting a home electrification service business is highly lucrative. Not only the new electrification, you can address the consumers who need an expert for repairing or alteration also. In most states, the business demands a specific license from the Govt. authority. So, check it first.
25. LED Light Assembling
LED lights are getting huge popularity these days. The manufacturing process is simple. And there is already a market for this product. If you have specific knowledge, you can start an LED light production business with moderate capital investment.
You can initiate your own brand in the industry. In addition, assembling businesses demand less capital investment compared to full-scale manufacturing. Furthermore, this is a very profitable business. Source the required materials from the local market or import them.
26. Mobile Store
Starting a mobile store is a highly lucrative business these days. Actually, you can start the business either as an individual brand or as a franchise partner. Additionally, you can consider selling only a single brand like the iPhone or Samsung
27. Mobile Accessories Selling
The mobile accessories market is growing substantially nowadays. There are immense opportunities due to substantial growth in the adoption of smartphones and tablets worldwide. In addition, decreasing the prices of mobile phones is increasing smartphone penetration. So, this is the right time to start mobile accessories selling business.
28. Musical Instrument Retailing
Nowadays, the musical instrument industry is highly upgrading. There several updated instruments are available for best performance. So, musical instrument retailing is a highly lucrative business these days for electrical engineers who want to choose an entrepreneurship career.
29. Optical Fibre 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.
30. Pneumatic Tools Production
Basically, pneumatic tools are air-powered tools. Compared to their electric power tool equivalents, they are safer to run and maintain, without risk of sparks, short-circuiting, or electrocution, and have a higher weight to power ratio, allowing a smaller, lighter tool to accomplish the same task. So, they are getting huge popularity day by day.
31. Printed Circuit Board Making
Basically, designing and making printed circuit boards are great business opportunities for 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.
32. Robot Vacuum Cleaner Production
Robot vacuum cleaners are the new product. However, these items are getting huge popularity for both household and commercial use. The assembling process is not very complex. However, the business demands substantial capital investment and strategic planning.
33. Smartphone Repairing
This is a lucrative business for an individual who knows how to repair a smartphone. Smartphone consumption is growing rapidly globally. So it creates an enormous opportunity for smartphone repairing service providers. However, you must have the knowledge and skill in smartphone repairing.
34. Smartphone Production
According to market statistics, worldwide smartphone shipments are growing at 3.4%. Actually, Apple, Samsung, Huawei, OPPO, Vivo, Xiaomi, Lenovo, LG Electronics, Sony, and ZTE as the key vendors in the global smartphone market. And most of today’s popular brands started operation with a very small investment. So, if you have that confidence in yourself, you can definitely consider starting a smartphone production company.
35. Smartwatch Production
Smartwatch is another great product that is gaining huge popularity. Comparatively, it is an easier business to start. If you know technology, you can start a smartwatch production business. However, the business demands moderate capital investment and proper marketing planning.
36. Solar System Provider
The solar system is a popular alternative energy solution. Due to the very less recurring cost, the trend of using solar power is growing rapidly. The primary responsibility includes providing design, supplying materials, and installing them within your client’s budget.
37. UPS Assembling
Basically, UPS comes in different capacities for different purposes. The product has domestic, official, industrial and commercial uses. The assembling process is simple. And you can start the business by investing little money.
38. Voltage Stabilizer Production
The Voltage stabilizer provides an output voltage with a specified limit for supplying to load irrespective of wide fluctuation in the input voltage, independent of load power factor, and without introducing harmonic distortion. Additionally, you can start a voltage stabilizer business with moderate capital investment.
#39. Weighing Scale Production
Now a day the demand for digital weighing machines is increasing day by day in most business enterprises. Because measuring the weight with a digital weighing machine is user-friendly with a variety of various applications. Basically, it is a perfect manufacturing business opportunity for electrical engineers.
#40. Write Ebooks
Writing ebooks on various subjects of electrical engineering and its applications can be a good earning idea for electrical engineers. There are various online platforms where you can sell those books.
#41. Create Online Courses
Presently, the demand for online courses is on the rise. One can create an online course on any subject related to the electrical industry and make good recurring money.
42. Start a Blog in Electrical Industry
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 for making an additional income. Starting a blog is extremely easy in the present day. Check how to start a blog and make money to learn more.
The worldwide electrical and 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 electrical engineers. However, this sector demands adequate knowledge and experience. I hope, this list of 40 electrical business ideas will help you in making an informed decision.
About the Author: 99businessideas.com led by Rupak Chakrabarty is committed to helping beginners, entrepreneurs, and small business owners in starting, managing, and growing their business. Our aim is to educate the entrepreneur on the various stages of entrepreneurship.