Electrical engineering is a growing field with opportunities across the United States. According to data from the Bureau of Labor Statistics, employment for electrical engineers is expected grow by 3% by 2029 (as fast as the average for all occupations).
You may be able to take advantage of this demand by starting your own business. Electrical engineers are needed in a variety of industries, including manufacturing, telecommunications, construction, and many others. Applying your knowledge and skills in the right area could help you build a strong business that addresses client needs for decades to come.
Here are the top five electrical engineering business ideas for 2023 and beyond:
1. Eco-friendly consulting
Businesses are choosing more environmentally friendly options to satisfy government mandates, save money, and improve public perception of their brand. As an electrical engineer, you could help them navigate the many green options available to them and ensure that their electrical systems are up to code.
As an eco-friendly consultant, you will run energy audits on businesses and provide recommendations. This could include helping them upgrade existing systems or proactively make green selections in new builds. A Leadership in Energy and Environmental Design (LEED) certification can help establish you as an eco-friendly electrical consultant.
2. Industrial Heating, Ventilation, and Air Conditioning
Extreme weather and air circulation concerns are causing many businesses and commercial properties to rethink their heating, air conditioning, and ventilation systems. Electrical engineers are needed to help them meet building and safety standards.
Designing and supervising the installation of heating and cooling systems for office buildings, schools, malls, and other public spaces can help the occupants more comfortably withstand extreme heat and cold snaps. Ventilation has received more scrutiny thanks to COVID-19, but it is doubly important in areas with frequent forest fires. Bringing your expertise to this area could help businesses prepare their premises for future events.
3. Alternative energy provider
More businesses and individuals are looking for reliable and sustainable ways to keep the lights on. An electrical engineer specializing in either solar or wind energy technologies could be poised to help bring these companies and households into the future.
Choosing to work with either solar or wind energy may depend on where you live. Some areas or the country, such as Southern California, are more suited to solar power than others. While you will be an important part of designing and building these electrical systems, you may also need to be an expert in the government rebates and tax incentives available for those converting to either alternative power source.
4. E-waste recycling and disposal
As Americans buy more and more gadgets, disposing of previous models is becoming more of a concern. Recycling e-waste can help companies salvage usable materials in old laptops, smartphones, tablets, and TVs. This can not only help keep these items out of landfills, but it can also help business maximize their profits.
Electrical engineers can help businesses understand their e-waste recycling options and how to be compliant with existing and new laws regarding the handling of this type of waste. You might provide guidance on how to safely extract reusable components and the proper disposal of parts that cannot be reused.
5. Research and development consultant
New products are constantly being brought to market. An electrical engineer can apply their knowledge to the research and development phase to help make sure these products are safe for consumers.
Research and development consultants test new products for electrical safety. This service is provided independently of the business or manufacturer, so the findings are unbiased and focused on the end user’s safety. Working as a consultant in this area means you could touch many different industries and product types, from consumer goods to manufacturing.
Protecting your electrical engineering business
Starting an electrical engineering business could be a smart way to turn your skills and knowledge into a profitable career. No matter what type of business you ultimately decide to pursue, you should consider protecting your business and professional reputation.
Engineering Errors and Omissions insurance is one way that electrical engineers protect their business. Also known as Professional Liability or E&O insurance, this type of policy protects your business against claims of negligence, misrepresentations, or mistakes. Errors and Omissions claims are typically made by clients who allege some form of financial damage as a result of your services, products or employees.
BizInsure makes it easy to compare and buy engineering Errors and Omissions insurance policies from top-tier insurers across the country. Receive quotes from multiple insurers in minutes, click to buy, and receive your proof of insurance instantly. Protect your engineering business and get back to the work you do best!
Start comparing engineering Errors and Omissions insurance today.