Here's how to start at-home mechanical engineering business

Posted by Anuj Pandey on June 13th, 2019

Over the past few years, the engineering sector in India has experienced incredible growth, making significant contributions to the nation’s economy. Of the many branches, mechanical engineering emerges as the evergreen section associated with designing, development and construction of almost every system and physical device around. It deals with concepts such as structural analysis mechanics, fluid mechanics, kinetics, etc.

Rapid technological advancements are expanding not only the job avenues but business opportunities as well. If you wish to be an entrepreneur, it’s high time to initiate your own business from home.

This article discusses the right approach to start an at-home engineering firm along with effective mechanical business ideas.

How to start your own engineering business?

1. Identify the type of business

Decide if you want to run a consultancy firm or a manufacturing unit according to your expertise and preference. At the same time, try to identify your competitors and current market trends. Avoid entering a saturated market where existing companies offer the same products or services.

2. Create a robust business plan

Evaluate your resources, and draw a detailed business plan outlining what your firm does and your plans for the future. Make sure to keep the budget at the forefront, and assess the amount of financial investment required. You can target smaller projects initially till you build a strong reputation and then compete with bigger rivals in the industry.   

3. Get licenses and registration

While registration is a must, specific types of businesses like structural engineering firms require proper licensing. Enquire about those requirements, and apply for the necessary city and state licensing.

4. Plan for your team  

As you start your business, plan for its growth and expansion simultaneously. Assess and determine if your mechanical engineering business requires computer, electrical or civil engineers. Recruit a skilled team which can boost your development plans, increasing your margin of success. 

5. Consider marketing plans

Quality services or products alone cannot take your firm ahead in the race. You need to implement the latest advertising and marketing strategies to reach out to potential clients. Consider social media marketing, word of mouth, etc. which make the brand more personalised, driving sales.

These steps can help you start your business smoothly. Additionally, you can check out the engineering business ideas and opportunities available for mechanical engineers.   

A few business ideas for mechanical engineers in India

• Solar panel manufacturing firm

• Automobile repair shop

• Welding business  

• Mechanical engineering consultancy firm

• Building and designing machines

• Manufacturing small or household gadgets

• Manufacturing robots, etc.

Once the business shows signs of growth and success, strategize for its expansion penetrating newer market avenues. Integrate advanced technologies not only to provide better service but also make informed decisions. Also, ensure to understand what is business intelligence which is a technology-driven procedure used to analyse large number of data and come with actionable information.

For comprehensive monetary support, apply for customised business loans to finance your firm adequately. Financial institutions like Bajaj Finserv bring specialised Engineer Loans of up to Rs. 30 Lakh for self-employed engineers. Borrowers can utilise these funds to purchase equipment, increase working capital, invest in infrastructure, pay creditors, etc.

Adopt the best and appropriate one from top mechanical business ideas, set-up the firm with a strategic business plan and finance its growth with an engineer loan.