Engineering is one of those rare fields that can lead to innovative solutions to real-world problems. A highly lucrative field for its professionals, it practically transformed the world around us. Continuous technological advancement and upgradation has made it possible for the electronics sector in India to flourish in the highly competitive global market.
Considering the huge scope for growth in this sector, electronics engineers can build a professionally rewarding career in various fields such as automotive, aerospace, power generation, pharmaceuticals, consumer goods, defense, construction, energy, agriculture, services utilities, oil and gas, etc. However, if you want to be your own boss and start your own venture, there are many business ideas for you to fulfill your dream of wearing the entrepreneurial hat.
Here we will discuss some business ideas and tips that can help you become successful. entrepreneur and transform your knowledge and skills into something productive and profitable:
1. Provide training
Figure 1: Electronic Engineering Training
Electronics engineers can get off to a good start by providing training in various electronics disciplines such as industrial automation, die lab, embedded systems, etc. Organizations can also be trained when it comes to the design, repair and maintenance of industrial plants.
2. Electronic toys
Figure 2: Tekno, the robotic puppy
If you are good at all aspects of electronics, especially hardware, then making electronic toys can greatly help you in having a fruitful career. You can start with a small toy store and then turn it into a production line or simply work for toy distributors present in the market. Nowadays automation is in fashion, which is why electronic toys are sold a lot among children who no longer want to play with stuffed animals or wooden toys.
3. Sales, Maintenance and Repair
Fig. 3: Maintenance and repair of electronic components
Tools, gadgets and electronic equipment need timely repair and maintenance, such as circuits inside modern vehicles (sound system) or IT equipment in offices (computers, routers, printers/scanners, etc.). other gadgets or provide repair and maintenance services, including after-sales services. This can prove to be an added advantage, especially if you are familiar with the technical knowledge of modern devices that are in high demand.
4. PCB Manufacturing
Fig. 4: PCB assembly process
In any electronic component, the main role is played by its circuit board. So, if you can handle PCBs like a pro, you can design and sell printed circuit boards to construction, engineering, or manufacturing companies. .You can also invest in automated equipment to manufacture PCBs on a large scale and supply them in bulk to companies like computer manufacturers.
5. Embedded product development
Fig. 5: Internet-based home automation setup built on EngineersGarage
If you are familiar with electronic hardware as well as handling software, you can develop a variety of smart home devices. Additionally, you can start installing and repairing GPS trackers in vehicles to develop a viable business from it. Being an electronics engineer , you can skillfully handle high-tech devices and easily develop, supply or even repair such accessories.
6. Electronic Test Equipment Rental Services
Fig. 6: Electronic Test and Measurement Equipment
Electronic test equipment is used when testing electronic devices to capture responses and create signals. These include curve tracer, network analyzer , transistor tester, leakage tester, tube tester, spectrum analyzer, etc. Small businesses and individuals often look for testing equipment to rent as they cannot afford heavy and expensive tools. Therefore, renting this testing equipment can result in long-term benefits.
7. Industrial Automation
Fig. 7: Industrial Automation
Industrial automation requires the use of information technology and control systems such as robots and computers. This helps to deal with various machines and processes. Such businesses are often operated on a large scale due to the complexities involved. Therefore, if you have enough resources, industrial automation can bring you great returns.
8. Electrical panel manufacturing
Fig. 8: Electrical Control Panel
In industrial electrification, electrical control panel is an important product that regulates the operation of electrical equipment. These panels provide protection against damage caused by overload or short circuit. These products are used by government agencies and councils, as well as large and medium-sized factories. You can run an electrical panel manufacturing unit and make it viable within a short time.
9. E-Waste Recycling:
Fig. 9: E-waste recycling
The widespread use of gadgets and devices generates a huge amount of electronic waste (e-waste) which has a negative impact on the environment. Many public and private sector organizations tend to replace old computers, printers, scanners and other equipment with new ones which creates a lot of electronic waste. Furthermore, only a small amount of this waste is recycled, while a large part is directly dumped in landfills and incinerators.
Therefore, starting an e-waste recycling business can turn out to be a difficult task. beneficial proposal in terms of monetary returns as well as environmental protection. However, it involves capital-intensive operations . So you are required to plan things like your budget for products to deal with and the sources from which waste is obtained before you take the plunge.
10. LED Light Set
Fig. 10: LED lights assembly process
LED lights have completely overtaken the market, nearly crowding out CFLs, lamps, and tube lights. This is because these lights are much more environmentally friendly and energy efficient. There are several types of LED lights used for domestic and commercial purposes. Some of the varieties include: LED bulbs, LED corn lights, LED canopy lights, LED strip lights, and high bay LED lights. Or you can set up your own LED manufacturing unit or simply work as a distributor since a large capital investment is required to establish a factory.
Although these are just a few areas where electronics engineers can invest their time and money to set up their own business there are many more avenues they can explore by studying market trends.
· Tips for entrepreneurs
Once you have zeroed in on the business idea that you want to work on, there are certain factors that you must take into consideration to ensure that you do not incur any losses. Take a look:
1. Solving real-world problems:
You may have an exceptionally unique idea in your mind but it is very important that it solves a real world problem , mitigates or gets rid of an existing complexity. Otherwise, there may be few takers of your idea.
2. Market research
Sometimes , you can come up with a highly innovative product idea that no one has thought of before. In this case, you need to study the market potential of your idea and determine your target audiences. The chances of success (to a large extent) depend on the viability of your idea and how unique your product is. You also need to be equipped with enough skills to sell your idea to your potential customers.
3. Choosing your Partner:
Make sure the partners you choose to work with are involved in your business with full commitment and that the group size is manageable. If you don't get along with your partners or if some of them only contribute half of your time, eventually the team may split.
4. Professional Experience:
When you decide to open a business alone, you choose not to work under anyone's supervision. However, it will always be helpful if you have sufficient previous work experience, technical knowledge and a broad idea of the business environment and the way in which the various aspects associated with it are handled. Furthermore, it will also help you with financial support until the business grows enough to generate profits.
5. Stay Competitive:
Participating in various contests would give you an idea of the viability of your product. Additionally, you can seek funding from investors by establishing a strong network and gaining publicity on platforms where crowds will notice your venture.
6. Focus on long-term goals:
It is simply impractical for any business to make profits from day one and sometimes you may have to wait a long time. Therefore, your focus should always be on long-term goals rather than waiting for a miracle to happen. It is always advisable to have an additional source of earnings or sufficient savings because depending solely on income from your new venture in the initial stage is too risky.
7. Seek Guidance:
There are many people who have been where you want to be , so a piece of advice, whether financial or otherwise, can do wonders for your business plans. Additionally, you can always discuss your idea or demonstrate your product in front of close and trusted friends and family to get an idea about the kind of feedback it receives. Furthermore, it is important to understand that criticism is as important as appreciation because it helps resolve problems at an early stage in the business.
8. Obtaining legal protection:
Sometimes others can easily duplicate your product or alter your original idea to mold it into something of their own, leaving you feeling tricked and taken for a ride. Therefore, it is very important that you are familiar with all procedures to ensure legal protection, copyright, trademark or patent for your idea. You must rely on intellectual property rights that provide you with the exclusive right to use your own creation.
So, these are some useful tips for electronics engineers who want to embark on the challenging yet rewarding journey of entrepreneurship. Good luck!
Conclusion
Observing the current market trends where so many entrepreneurs are creating success story roadmaps, it will not be wrong to say that now is the best time for technology- oriented business to flourish.Due to increasing pace of globalization connectivity, technological upgradation and easy access to With financing and other resources, countless opportunities are available for aspiring entrepreneurs to turn their ideas into reality . But it should be a well thought out decision that takes into account the pros and cons of your business idea and thus protects you against possible disasters.