The current COVID situation has changed the world’s business scene topsy-turvy. We are going to see a lot of manufacturing facilities move from China to India in the near future. Also, the government has announced many aids for MSMEs (micro, small and medium enterprises) to set up their businesses in India right now.
So, if you plan to set up a manufacturing business in the electrical or electronics field, this is the right time. Here are some profitable ideas you can consider:
1. Printed Circuit Board Making
In this business, you will have to prepare the printed circuit board in such a way that that it connects all the electronic and mechanical components properly. All the electronic components that people use have printed circuit boards in them. While the demand is huge, there is a lot of competition in this field.
Therefore, you need to plan your idea thoroughly before you design the printed circuit board. You can make use of many tools to first get your PCB layout accurately to gain success in your business.
2. Battery Manufacturing
This is one of the best-suited business ideas for entrepreneurs on a tight budget. You might already know that batteries are very important in almost every device such as radios, torches, mobiles, laptops, remote controls, toys, and more.
There is a huge market for this type of industry, and the best part is that the demand for batteries never goes down. So, if you plan well, you can make excellent profits here.
3. Electrical Energy Meter
The electrical energy meter is used in almost all residential and commercial buildings. It measures the power consumed by an electrical device. So, in short, as long as people use electrical devices, the demand for electrical energy meters would be there always to record the billing information.
You need to plan for all factors such as getting your business licensed, soldering equipment, inserting the frequencies and signals, testing the power, assembling the unit, quality-test, and so on.
4. Capacitor Manufacturing
Manufacturing capacitors are one of the most profitable business ideas that you implement when you want to set up your business. This is because the demand for capacitors (the component where any electronic or electrical equipment’s energy is stored) is always on the rise.
You need to decide what kind of capacitor you intend to manufacture and choose your machine & material accordingly, with your budget constraints in mind.
5. Discrete Component Manufacturing
In a discrete component manufacturing business, you will make use of bills of materials to manufacture the final product. This business involves investing in a lot of small and big products that go along the route of assembly line production, before reaching the final stage.
Discrete component manufacturing can be a successful venture when you plan the essentials well in advance. These include deciding on the raw materials, scanning of the materials and managing the entire life cycle of the product.
6. Low-Cost Chip, for example, amplifier manufacturing
Amplifiers are used in most of the basic and sophisticated audio-devices today. Manufacturing a low-cost chip, such as an amplifier, is quite a profitable business in India, because there are hundreds of thousands of music lovers in the country.
Amplifiers help in improving the overall quality of music that one hears. Therefore, you can work on ways to make low-cost amplifiers at an affordable investment to make good returns.
7. Low-End IC Manufacturing
Making integrated circuits or semiconductors is a great idea because these =are used in quite a few applications today, including computers. With new technologies such as intelligent computing on the rise in India, there will be a huge market for ICs in the future.
You can prepare a detailed proposal and get help from banks and other government agencies to fund you for investing in raw materials.
8. Generator Manufacturing
Today, a lot of houses, offices, and other commercial establishments invest in generators to provide backup during power cuts. Also, many families in India apply for generators on rent during important functions. Regardless of the reason, the demand for generators is very high in India. Generators are also used in irrigation.
Equip yourself with the basic knowledge and ensure that your product goes through several quality tests if you want to earn good profits in this business.
9. Inverter Manufacturing
Like most of the other businesses mentioned here, you need to get the necessary approvals and license from the local Government before you start your inverter manufacturing business.
Plan and keep all the raw materials such as wires, switches, resistors, capacitors, printed circuit boards, and more. Then, you need to get to working on them and quality-testing them before you release them into the market.
10. LED Light Manufacturing
Since more and more people are becoming aware of energy-efficient bulbs today, LED lights are quite famous in India. When you can manufacture high-quality LED lights at affordable rates, your products will stand out from the competition.
Ensure that you get the proper license and work on the capital required before you proceed to start our business. Also, you can start with small-scale residential lighting first before upgrading your business to manufacturing commercial lighting.
India is one of the largest consumer of electronics in the world. The demand for electronics is going to increase in the country with growing digitization. So, electronics manufacturing is a profitable business.
Some of the best small scale electronics manufacturing business ideas are mobile accessories manufacturing, capacitor manufacturing, electric wire manufacturing, etc.
Electronics manufacturing is a booming business ideas. Some of the best businesses include mobile accessories manufacturing, EV battery manufacturing, PCB manufacturing, LED light manufacturing, etc.
The investment required to start electronics manufacturing business depends of the type of product you are planning to manufacture. The minimum investment required is around 50 lakhs.
To start electronics, first you have to finalize the product, perform market research for the finalized product, then set up the plant. This requires assistance from experts for new entrepreneurs. Therefore, if you are planning to start electronics business, kindly contact SolutionBuggy.