Being one of the oldest branches of engineering, mechanical engineering is an evergreen stream amongst all engineering aspirants as far as generating employment is concerned. Although the job opportunities for mechanical engineers lie in multiple fields, the pay scale could be a considerable factor for struggling engineers.
As stated in the Economic Times, the basic pay scale of a mechanical engineer lies within the range of Rs. 10,000 to Rs. 25,000 for a fresher. However, the highly experienced and skilled candidates from recognised institutions like IITs can acquire a CTC as high as Rs. 40 Lakh annually.
The low pay scale for fresher engineering graduates encourages them towards implementing business ideas for mechanical engineers. Since the application of mechanical engineering is stretched to multiple domains, one can find numerous small business ideas to start.
List Of Small Business Ideas For Mechanical Engineers
- Small Machine Shops
These are a small part of the manufacturing business which may or may not be a part of the large manufacturing unit. Various machine and cutting tools are utilised to make parts made up of metal. These small machine shops may be a tool room containing small machine parts waiting to be delivered to the various machine-based industries.
Or, it may have a small production area to manufacture mechanical parts of machines. Even if the funds required are less, one may find a shortfall in investment while establishing mechanical business ideas. One may as well avail a loan against property to finance these small machine shops.
Machines needed for the business – metal lathes, drill presses, milling machine, grinding machine etc. Know how to use a loan against property for the initial investment to start up.
- Nut & Bolt Manufacturing Unit
Nut & bolt are used in assembling of various mechanical components and is an integral part of the mechanical manufacturing industry. The mechanical business ideas of starting a nut & bolt manufacturing unit are extremely beneficial for startups considering their extensive demand.
Also, the cost of investment is reasonable and can be an effective business idea. Subsequently, if you are to avail mortgage loan to finance your business idea, you should first understand the charges on your loan against property.
The machinery required for nut & bolt manufacturing business – power press, planting tank, head trimming machine, thread rolling machine, nut tapping machine, wire pointing machine, weighing scale, etc.
- Vehicle Repair Shops
The number of vehicles in India witnessed a steeping growth of 17.55% for the year 2018-2019 from its previous year. This all-time demand for repair of vehicle makes it one of the feasible most business ideas for mechanical engineers.
Equipment needed for vehicle repair shop – Air compressor, engine hoist, brake lathe, jacks, strut compressor, press, transmission jack etc.
- Mechanical Engineering Consultancy Firm
A consultancy firm can help large and small manufacturing businesses to manage to upgrade, manage or further streamline their businesses. It involves consultation in the core areas such as instrumentation and controls, mechanical design and analysis, material science and manufacturing process, etc.
The key roles of a mechanical engineering consultant are to evaluate, compare, review, and help estimate final pricing of a product or service. To bring any of these mechanical business ideas to reality, you may need a substantial sum of funds as initial investment for the necessary setup to start the business.
If you are planning to opt for a loan against property to finance your business needs, first get answers to all your questions about a loan against property. NBFCs offer Loans against Properties at attractive interest rates as well as with multiple repayment tenor options to help borrowers repay easily.
They also provide borrowers with pre-approved offers on such loans. These pre-approved offers ease the application procedure and quicken the application time. Such offers are available on multiple financial products like home loans, personal loans, business loans, etc. Check your pre-approved offer in seconds by submitting simple details like name and contact number.
With mechanical engineering being the backbone of engineering, there are several business ideas for mechanical engineers that you need to check. You can get your business running with any of these business ideas. These small business ideas require less investment and can earn you large profit. A loan against property can offer a substantial loan amount at affordable interest rates to help you easily set up your business requirements.