Do you want to establish your own business as a Mechanical Engineer? For engineering students, mechanical engineering is a lucrative career option. Mechanical engineers can pursue entrepreneurship in a variety of ways. The design, manufacture, and operation of machinery are all part of this technical field. Small-scale light engineering enterprises can be successful investment opportunities in countries like India.
Here are some of the business ideas mentioned below, investment range for this business is low to high and you can generate a profitable income.
1 Nuts and Bolts Manufacturing
The nut and bolt manufacturing industry has grown in prominence as a result of growing industrialization and the introduction of capital-intensive techniques in industries. Industrial fasteners are used to connect various equipment and structures.
The nut and bolt manufacturing sector is a large industry in the global market, with major players such as the United States, China, Germany, India, and Japan all contributing significantly to its production and marketing. The nut and bolt market is predicted to grow by $7706 billion by 2023, thanks to global expansion of the nut and bolt manufacturing industry.
The capital of Rs. 25 Lakh is required to start this business. It includes fixed capital investment of Rs. 20 Lakh and Working capital Investment of Rs. 5 Lakh. The net profit from establishing the nut and bolt production firm is around Rupees 7 lakh per year, with an investment return of more than 21%.
2 Solar Panel Installation
Solar panels, which transform sunshine into useful electricity, are the latest rage among environmentalists and nature lovers. These are the most cost-effective solar energy sources for both industrial and residential use. Panel installation has been rated a viable company since it generates large revenues with little investment and personnel.
Your investment will vary depending on the sort of solar company you pick. A solar panel or solar inverter producer would require more capital, but a solar installer firm would require less. However, if we consider the typical investment necessary for a Solar business, it would be in the range of 1 to 3 lakhs. You can earn upto 1 lakh profit / Month.
Solar panels would not only save you money on power but will also allow you to generate money. Use only as much electricity as you require and sell the remainder. Installing solar plants of various sizes might profit you anything from Rs 30,000 to Rs 1 lakh.
Solar panels are simple to install on the roof. If there are 10 hours of sunlight each day, a solar plant with a capacity of 2 kW will create around 10 units of power every month. The plant will produce 300 kilowatt-hours of power. You can sell the remaining power to the government or firm through the grid in addition to the necessary electricity. That is, you are both earning and receiving free power.
Determine how many kilowatts of solar power you require. In simple terms, if your monthly power expenditure is Rs 1,000, a 1-kilowatt Solar Panel is the best choice for you.
Solar panels of various kilowatt sizes may earn you anywhere between Rs 30,000 and Rs 1 lakh per month, according to those who make a living from solar energy.
3 Product Assembly Service
This company assembles goods for manufacturers trying to save costs while simultaneously providing work for young entrepreneurs. This specific business will allow you to work with a variety of firms at your own speed and convenience.
4 Mechanical Engineering Consultancy Firm
To excel in this sector, you will need practical expertise in designing, testing, manufacturing, tools, and machines in addition to mechanical, arithmetic, creative, and communication abilities that you studied in college. The majority of your responsibilities as a mechanical engineering consultant will be to solve difficulties in real-world circumstances. Many companies are seeking a consultant that will assist them with mechanical engineering services.
5 Supply Chain Management
Supply chain management is a lucrative business. This includes operations such as the manufacture, design, and transportation of raw materials for final goods, as well as quality control and final product distribution to end consumers. Your job here will be to find cost-effective solutions for manufacturers to make the supply chain process easier and smoother.
6 Chemical Industry Machines Designing
You may apply your mechanical engineering talents in the chemical sector by building machinery that can be used to produce chemicals.
7 E-waste Recycling
You may establish an e-waste recycling business and make good money while helping to keep the environment toxic-free by employing simple, cost-effective technologies. The goal of this company is to convert e-waste into industrially and socially useful raw materials such as plastics, glass, and precious metals.
8 Machinery Designing
Designers are extremely important to machine manufacturing firms. As a result, mechanical engineers have one of the most profitable and knowledge-based businesses. You may construct expensive machine models using the newest 3d technologies. You will design for the companies as per Custom Requirements. In these businesses a low amount of Investment is required.
9 Machinery Distribution
Construction, retail, transportation, and other businesses, in addition to manufacturing, require equipment for seamless functioning. Mechanical engineers with a thorough understanding of equipment might begin distributing and installing machinery in their communities. However, before diving in, it’s a good idea to do some research on the target market and clients.
Our lives are not complete without the machine. Different sorts of machine operations are used in various residential and commercial operations. Retail, construction, transportation, and other businesses, in addition to manufacturing, require many sorts of equipment in order to run well.
You can begin selling and installing machines in your neighborhood. Starting with a niche audience is recommended.
10 Generator Manufacturing
When the power goes out, the generator provides a reliable and alternative source of electricity. An electrical generator is a device that uses electromagnetic induction to create electricity from mechanical energy.
The global market for diesel generators is predicted to increase at a CAGR of 5.4 percent from 2015 to 2020, from an estimated USD 13.06 billion in 2015. The demand for continuous electricity and the rise in power outages are driving the global market for diesel generators.
11 E-vehicle Assembling
E-vehicles are becoming increasingly popular in both developed and developing countries. And reputable manufacturing businesses are already attempting to get into this market by providing value-added services.
Only one thing is certain. The first investment in the e-vehicle sector will be significant. It also necessitates effective marketing and budgetary planning.
12 E-Waste Recycling
The demand for e-waste is increasing in tandem with the increasing need to upgrade to new technology. Millions of tonnes of e-waste are created throughout the world as a result of the desire to adopt sophisticated technologies. Mobile devices, televisions, and electronic equipment, in particular, are quickly expanding globally.
Sales of those electronic products are gradually increasing, thanks to rising purchasing power and disposable income. Customers are now urged to replace their old items with new offers and updated features as a consequence of new product launches. This has reduced the device’s lifespan to a few years. As a result, the amount of e-waste created rapidly increases. In the next few years, the continued sale of electronic equipment will create a favorable economic climate for the e-waste recycling business model.