People who earn an MBA or similar degrees and far more likely to become entrepreneurs than other degree-holders. However, that doesn’t have to be the case. Graduates with engineering degrees tend to get work in the industry, but many take employment opposed to going into business for themselves.
Believe it or not, there are many opportunities for engineers to start businesses. If you are an engineering graduate, you don’t have to work for someone else. You can be your boss and make good money while doing the work you are educated in.
If you aren’t familiar with the steps made to start a business, make sure that you have someone to guide you along with the steps you need to take to make it legal and get liability insurance for engineers. You need insurance tailored to the hazards and risks that engineers tend to face while working, including liability and property damage.
You may also drive from job site to job site, which requires commercial auto insurance. Your policy will not cover you. Plus, almost every state requires workers’ compensation insurance. You will need this if you have employees. In some states, you may even need this even if you are the only one employed at your business.
Business Ideas for an Engineer
Without being legal and having permits and without insurance, there’s a good chance your business will end up getting shut down. Here are some types of businesses you can start as an engineer that will bring in money and allow you to use your well-earned skills and knowledge.
Consulting is a great way to make some money and use your expertise. You can consult with engineering firms who may want to hire you instead of spending on a full or part-time staff position. Further, you can also consult directly with clients, like the government, construction companies, and individuals. You will share your expertise for a fee. This job requires carefully examining each situation, doing the appropriate research, and making recommendations based on your findings. To do this job well, you will need to have customer service and networking skills to present yourself as an attractive person to work with.
Engineers are a natural fit when it comes to running a construction company. You have all the technical knowledge you need, and you can hire specialists for all of the trades you will need help with. Real estate prices are soaring, and new builds can be very profitable. Plus, you can work on larger projects such as restaurants, office buildings, and commercial spaces. By providing quality work and meeting your deadlines, a construction company run by an engineer has a great chance to succeed and thrive.
Being a freelance technical writer is an excellent choice if you know to engineer and have writing talent. You can work from home, make your hours, and set a pay rate that is comfortable for you. Several types of clients require technical writing skills, and there isn’t a lot of competition. Textbook publishers, websites, and blueprint developers all need writers who fully understand the concepts they are putting onto the page. For this job, you will need to be able to make the highly complex language as clear and concise as possible and market yourself well.
Teaching and Training
Colleges, universities, and other educational institutions continually look for good teachers. You can essentially set yourself up as a freelance engineering teacher and move from place to place to teach courses for them. There are several skills that engineers possess that apply to other sectors, meaning you have a wide range of options available to you.
You can also provide training and tutoring to others from the comfort of your own home. If you don’t want to spend your time in a classroom, provide courses and train online. Businesses will hire you to help with installing, maintaining, and repairing mechanical equipment or software. Your knowledge and expertise will be in high demand as we move to a more automated world every day.
You can work as a freelancer at just about anything, and engineering is no different. We live in an increasingly gig-based economy, and you can find a place in it. As a freelance engineering designer, you can provide problem-solving and technical advice for the manufacturer of products. You can work with clients anywhere in the world and make your hours. If you like the thought of working overnight, then market yourself to clients on the other side of the world. If you only want to work a few hours a day, you can do that, too. Freelancing provides the most freedom for any business. Several websites and platforms connect freelancers to clients, so you may not even have to do much marketing.
Write An Ebook
Engineers have a broad base of knowledge. You understand mechanics, electricity, and infrastructure on a small and large-scale basis. There is a lot of knowledge in your head, and you can take steps to share that knowledge with the world. Writing a book is a great way to do that. Students and those looking to further their understanding do so more through web sources than traditional libraries. You can market your ebook to those groups and provide a fresh perspective on whatever engineering subject you want. This is another career where you can pick and choose your hours, and it will have very little overhead.
Internet tools, software, and devices are a massive industry of over $3.5 billion. Today everything connects to the internet, including household appliances and light bulbs. As an engineer, you should have the skills to provide hardware that will allow devices, equipment, and other items to connect seamlessly to the internet. It’s not always a simple task, and developers are always vigilantly looking for engineers to help. You can work for several companies at one time or be selective about how much you work. You will also be satisfied knowing that you are helping some of the most cutting-edge technology and innovation to find their way into our homes.
Engineers are knowledgeable in various subjects and have expertise in areas that most people don’t understand. Instead of working for an engineering company, you can find your way by starting your own business. By applying your skills and putting in the hard work, you can find great success while still being your boss.