Starting your own business is a wonderful idea especially if you’re sick of being the over-worked employee. Why not become your own boss and consider building your own startup! According to the SBA, around 627,000 new businesses open each year. Another set of statistics show that around 69% of U.S. entrepreneurs start their businesses at home. Become an entrepreneur in the electronics sector if you’re into electronics.
But simply stating ‘I want to start my own business!’ isn’t going to get you anywhere. Many people dream of starting their own business but hit a stump while trying to think up ideas. We’re here to help make sure that isn’t you. And so here, we have listed some ideas to help get you started with your electronics startup business.
- CCTV Cameras: CCTV Cameras or Security Camera Installation is a larger business than it seems. In the USA, Europe, and other countries you will notice a fair amount of houses, banks, and commercial areas have security cameras installed, in some cases this practice is compulsory. Therefore this shows there is indeed a large market for security camera installation businesses. In the USA alone this industry adds up to $22 billion annually. If you feel like you aren’t ‘experienced’ enough for this, don’t worry! Anyone can learn the trade in a few months if they’re smart enough. You can also create your own version of the CCTV camera and sell it to generate revenue. But remember in order to stand out your product must be different than mainstream security cameras. For more information, you can follow this guide available here.
- Electrical Control Panel Manufacturer: In industrial electrification, the electric control panel is an essential item. It helps to regulate the function of the electrical equipment. These are essentials in the field of electronics. And if you can design/manufacture electrical control panels then you can opt for a business in this sector. Also with the right time investment and hard work you can create a great business. The best Example is Tense a leading manufacturer of Industrial Electronics, Tense has been established for managing energy with the best efficiency by providing services with expert and experienced staffs for industrial automation field which has a very important role in the ever-growing electronics sector. Tense is one of the leading manufacturers of Industrial Electronics, producing variable “industrial protection products, control relays, and measuring equipment”.
- Battery Reconditioning: With the emergence of new technology new business opportunities have also sprung up. One of these is the battery reconditioning business. This field is becoming more and more popular partly because it also helps reduce waste and going green is an important aspect of any business. To be honest this business isn’t as easy as you think and it requires hard work. But with the right tools and resources and enough practice, you can excel at it. Everyone can benefit from reconditioned batteries. Consumers can save up to 50% by opting for a reconditioned battery which costs around $35 rather than buying a new one for $75. Here is a complete guide to starting your own battery reconditioning business.
- E-Waste Management: If you have space, why not? According to a report by the US-based Market Research Store, the global E-Waste Management market was valued at around $17 billion in 2015 and is expected to grow up to $49.9 billion by 2020. You can easily build up a profitable business in this sector by supporting the recycling and refurbishing of obsolete tech. The reduced life span of electronics is amounting to large quantities of waste, therefore, the E-Waste Management industry will play a significant role in the coming decades.
- PCB Manufacturing: With 3D printing becoming more and more accessible, you may also consider different 3D-printing related business opportunities for your startup. Entering the PCB market may be the right choice for you. PCB manufacturing is known for its high-profit margins, and you can easily operate a highly profitable startup. In 2015 alone, the PCB market ranged at around $58 billion. If you think you can easily learn the tricks of the trades and eventually design PCBs which fit the industry standards then you should definitely try it out!
- Smart Appliance Service and Repair: If you find yourself often repairing small appliances around the home or for your friends and family, then you might want to consider this startup. More and more appliances these days are available in smart mode and so by starting a business in this sector will provide your customers with a local service. People will always try to opt for local services as they are less costly. The appliance repair industry itself generates up to $4 billion annually in the USA.
- Toy Maker: Electronic toys are big businesses. Kids will always enjoy remote controlled toys and so joining this sector may not be such a bad idea especially if you’ve got kids at home. You can make a living while putting a smile on children’s faces. Toy and hobby stores itself account for more than $20 billion annually in the USA and this market is expected to grow over the years.
- Online Electronics Retailer: Today’s consumers want everything digital and that includes electronics. This puts electronic retailers in demand. You can become an online retailer and make large profits from your business. People are always scouring the internet for new and exciting tech and if you can offer them that your business will be booming in no time!
So there you have it. A total of eight startup ideas. But remember before you start you want to create a solid business plan and sort out your finances. Once you have that sorted you can go ahead and start up that business.