Starting from the 1980s, most entrepreneurs in the world have been engineers. Most of the IT giants that we see today have engineers leading them. The days when qualified engineers used to think only in terms of securing jobs are long over. Today, engineers are further encouraged to take risks and become entrepreneurs by various government initiatives like Startup India and Skill India.
In this respect, a professional loan for engineers also plays its part in funding an engineer’s dream.
Since more than lakhs of engineers graduate every year, it is imperative that one must stop looking at jobs and start thinking about their own businesses.
Here are some examples:
Top business ideas for professional engineers
If you are a professional engineer, you can take a loan for engineers and focus on any of these scenarios:
- Start a YouTube learning channel: Since most school-going kids nowadays have smartphones, you can start your own learning channel on YouTube. The most in-demand subjects are physics, chemistry, economics, and mathematics. All you need is a camera, a loud and clear voice with good pronunciation and teaching skills. If you are good you will soon receive enough subscribers to earn a good living.
- Invest in automation and mechatronics: Professional engineers have the know-how of creating new technologies for the less fortunate. Experts say that automation is the future of any business. If you invest in mechatronics, you can build things of value like a walking stick for the blind. Finance for engineers can fund such investments.
- Invest in a green energy start-up: India is running low on conventional fuel. Coal is diminishing and oil is becoming more expensive. This is where green energy comes in. You can use the loan amount and invest in a solar farm. Implementing solar plants will cut down your energy expenses and thus, contribute to the environment.
- Take a look at IoT: The Internet of Things or IoT is the next big thing. If you want a career that is not only exciting but also in demand the year around, learn Machine Learning (ML) languages like Python to stay ahead of the curve. Remember that these courses are costly and you might need extra money. You can apply for an engineer loan to meet such expenses.
- Start a service station: Not all service stations are good. Since you are an engineer, you will have a better idea of how electrical, electronic or automobile machinery work. This is especially handy for those who have a degree in core engineering fields like electrical, electronics, mechanics, automobiles, etc. If needed, you can hire some experienced service technicians as well.
Apart from business ideas, an MBA will help you become a much better businessman especially since you are an engineer with strong analytical skills. By enrolling in such professional courses, you will not only learn how the business world functions, but also learn the basics of how to become successful. An engineer loan can fund such educational needs as well.
3 things to remember when applying for an engineer loan
Before you apply for an engineer loan, keep these points in mind:
- The engineer loan interest rate varies from one financial institution to another. Do some market surveys before you apply.
- It is very important to choose the right amount of loan so that there is no problem later while repaying.
- Read the terms and conditions very carefully.
In today’s India, more professional engineers are turning employers and not employees. The ease of availing external financial support further rejuvenates the dreams of young Indians! There are several other ideas which you may want to explore as an entrepreneur. The mentioned few are less risky and offer a high return on investments.