The industrial sector is filled with endless opportunities for large corporations, SMEs and individuals across the world. Of all the sub-sectors in the industrial world, there are a lot of electrical and electronics businesses that anyone in Nigeria, Africa or anywhere around the world can build a successful business in.
Statistics show that the global consumer electronics sector is expected to reach $42 billion by the third quarter of 2021. And that involves the actual purchase of electronic items only. The progressive expansion of the sector continues to create room for more innovative business ideas in the industry.
The best part about starting an electrical and electronics business is that, contrary to popular belief, you don’t need to be a professional electrical engineer. There are a lot of electrical and electronics businesses for anyone to start with little or no skill.
If you want to grow a successful electrical electronics business, here are 25+ lucrative electrical and electronics business ideas you can start iin Nigeria, Africa or anywhere around the world:
1). Auto Battery Store:
Batteries are essential components of vehicles. The fact that batteries are not renewable creates a retail business opportunity for interested individuals. You can sell new batteries to drivers and vehicle owners or replace old ones.
Starting an auto battery store does not require extensive expertise; all you need to do is network with manufacturers or wholesale distributors for quality batteries.
2). Sales of Electrical Gadgets:
According to Statista, there are about 2.17 billion units of electronic gadgets in use across the globe. Electrical gadgets such as smartwatches, speakers, headphones, storage devices, camcorders, gamepads, and so on, are common electronic materials in high demand in Nigeria, Africa or anywhere around the world.
You can sell electrical gadgets with or without a physical shop, depending on your startup capital. Either way, you stand to generate a lot of profits as long as you sell quality products from trusted brands.
3). Appliances Repair Services:
While some electrical appliances are irreparable and can only be replaced after damage, many others can be repaired. And this leaves a business opportunity for expert technicians. Home appliances, ranging from microwave ovens to TV sets can all be repaired in cases of minor damage. The same applies to hi-tech devices such as mobile phones, cameras, computer sets, etc.
You can open an appliance repair shop without the knowledge of how to fix the electronics yourself. All you need to do is employ the services of professional technicians. It is important to situate your shop in a suitable spot in town where people can easily locate your business.
4). Sales of Computers And Accessories:
Selling computers is another lucrative electronic and electronics business for anyone in Nigeria or Africa to venture into. Although it helps to be versatile in the brands, specs and features of the respective computer brands, you don’t need extensive pre-business training. In essence, you can learn right on the job.
Laptop and desktop computers are common devices used among students and working-class people. Situating your business in a place where this group of people can easily reach you is a great marketing strategy. You can also take your products to campuses and offices or create an online presence for your business.
5). Sales of Mobile Phones:
As of 2020, Statista reported that there were about 3.6 billion smartphones in use all over the world. This figure excludes landlines and non-smartphones. Mobile phones are now a core part of people’s daily activities, ranging from business to fun activities. In Nigeria, phones are no more the exclusive rights of the rich but are now available to everyone because they come at various affordable prices.
To start a mobile phone retail business, you have to first set up a shop in a safe place with great marketability. Get quality phones from trusted and popular brands. You can occasionally organize special sales offers and discounts to create awareness and drive sales.
6). Phone Repair Business:
Besides selling phones, you can equally open a phone repair business and make a lot of profits from it. Phones are prone to damage, and when this happens, users are always on the lookout for quick solutions.
Repairing phones requires some technical know-how but you could equally open a phone repair shop and employ expert technicians to do the actual job. Most phone repair shops in Nigeria also sell phone accessories in case their clients need to have some faulty phone parts replaced.
7). Electrical Control Panel Installation:
An electrical control panel is a system of electrical devices used to control the electrical and mechanical functions of industrial machinery. Electrical control panels are mostly used in industrial buildings with extensive electrical setups but can also be used in large residential apartments.
Installing an electrical control panel requires the services of an expert engineer, and is a business specifically for trained experts. If this is you, you can do it with a physical shop to create awareness for your services. On the other hand, you can use social media platforms to advertise your services.
8). Electrical Switches And Sockets Sales And Installation:
Selling and installing switches is another common lucrative business in the electrical and electronics sector. If your focus is on just selling electrical switches, sockets and other basic items, you don’t necessarily need to be an engineer. On the other hand, if you plan to install sockets for clients, you need the basic requisite training.
Sockets and switches are major items needed in the electrical wiring of every building, hence, they are always in demand. You can also network with contract electricians who do the wiring of large apartments and sell to them at discount prices.
9). Electrical Cable Production Business:
Electrical cables are conductors of electricity often made of copper and aluminium and wrapped in an insulator to avoid shocks and other hazards.
Electrical cables or wires are necessary for transmitting current from one level to another. They are used everywhere there is a need for power supply, including homes, hospitals, public facilities, schools, offices, sockets, computers, etc.
Wires are produced in a variety of sizes and textures, through a process called wire drawing. Manufacturing cables require some capital because involves a series of industrialized steps. Notwithstanding, it has huge profitability potential in Nigeria, Africa or anywhere around the world.
10). E-Waste Collection And Recycling Business:
The electronic and electronics sector churns out a lot of waste yearly. So many damaged batteries, mobile phones, computer accessories and electronic gadgets grace the refuse dumps or lie in waste in repair shops. You could turn this waste into wealth.
Collecting and recycling industrial materials is a great way to make a lot of money from the recycling business. You don’t have to start a recycling company yourself if you don’t have the financial capacity. You can start by collecting the e-waste and delivering them to recycling companies at handsome rates.
11). Generator Repair:
Repair services are some of the easiest ways to make money in the electrical and electronics sector, and this is because people will always have one repair need or the other from time to time. Generators are common devices used in Nigeria because they support the erratic utility power supply.
After extensive use, it becomes imperative for people to service, repair or maintain their generators for optimal use. You can undertake this business if you have the required technical know-how. You can also take up apprentices and earn money from training people on how to repair and maintain power generator sets.
12). Electronic Toys Production:
Electronic toys are fun items for kids and infants. They can be built as games and also educative items for children’s development. Electronic toys can be fascinating for kids either because they involve sounds or movement.
Either way, toys are now major market drivers in the electronics sector because the demands continue to increase every year. You can open a toys retail shop in a busy place in town, especially where there is a large concentration of middle and upper-class people who need to keep their children distracted when they don’t want to be disturbed. Similarly, electronic toys are great as gifts for kids.
13). Building Electrification And Maintenance Services:
As electricity is a basic social amenity, new buildings, both industrial and domestic apartments, require electrification to get connected to the power grid as soon as possible before people begin to use or live in them.
You can set up a business with a key focus on helping people electrify their houses or industrial sites. You could equally undertake maintenance services of domestic and industrial electrification systems.
14). Vehicle Electrical Repair And Maintenance Services:
The vehicle’s electrical system requires constant checkups and maintenance to keep them in great shape and to aid functionality. You could start a vehicle repair service to help people keep their cars in good condition.
Just like other mechanical devices, vehicles are wired to operate on electronic power drawn from batteries. However, the electrical setup requires constant repair and maintenance, and this leaves business opportunities for interested individuals.
15). CCTV Installation Services:
CCTVs are essential security devices used in different institutions, including supermarkets, offices and residential apartments. They are now commonly used across different towns and cities in Nigeria and Africa at large.
You can start a CCTV sales business or focus on installation services only. Both ways are incredible sources of income and you’ll enjoy steady patronage from businesses and firms who have a need for extra security.
16). Home Appliances Retail Shop:
People use home appliances because they make domestic chores easier and faster. They are also found to be more efficient. Hence, appliances such as blenders, washing machines, microwave units, electric cookers, and so on are always in demand.
Although starting an appliances retail shop could be somewhat capital-intensive depending on the specific types of appliances you intend to venture into, the business is lucrative. What’s more, you don’t need any hi-tech knowledge to start this electrical and electronics business in Nigeria, Africa or anywhere around the world.
17). LED Light Sales And Installation Services:
LED lights can be used in many creative ways. They are excellent for interior decorations, both at home and at business locations. More so, LED lights are excellent tools for attracting customers and boosting sales.
Restaurants, bars, salons and supermarkets are some of the places where LED lights are commonly used. These businesses make up a ready market for LED lights sales and installation.
To profit from the LED retail business, it is important to widen your reach by using the internet and also create a social media presence so you can reach businesses far from your geographical location.
18). Air Conditioner Repair And Installation Services:
Air conditioners are essential devices used in most homes and offices. They come in pocket-friendly prices that make them affordable for all categories of people who might be interested in having them installed in their buildings.
By extension, the market for air conditioners is quite large in most parts of Africa. However, for optimal patronage, it helps to set up your air conditioner business in a busy city or town. Similarly, you could employ the services of technicians who can render repair services.
19). Sales And Installation of Solar Panels:
Installing solar panels is a big opportunity in the energy industry. It is a viable electronic and electronics business that engineers can venture into with little or no startup capital.
Solar panels are not products with everyday purchases, but the continuous adoption of the solar energy system in Nigeria and other African countries makes it a lucrative business in the region. In the same vein, solar panels require regular maintenance checks and repair services. This is where you come in as an engineer.
20). Electrical Appliances Import And Distribution Business:
Although Nigeria records a high market demand for electrical appliances, the country relies mostly on imported appliances from other countries, with over 50% of the imports from China alone. This leaves a window of opportunity for entrepreneurs interested in the electronics import business.
You can start an electrical and electronics appliances import business anywhere in Nigeria. With a reliable import network, you can distribute quality electrical and electronic devices on a wholesale and retail basis to other entrepreneurs in the electronics distribution business.
21). Electrical Appliances Dropshipping Business:
Similar to the import business, dropshipping involves ordering products from international stores or directly from manufacturers and delivering those products to the end consumers.
Dropshipping in the electrical and electronics business is recommended for large electronics such as air conditioners, TV sets, computers, and information communication gadgets because they are products with good profits.
22). Electronic Weighing Scale Business:
A lot of small-scale and large-scale businesses require weighing scales for accurate measurements. Using electronic weighing scales makes it extremely easy, accurate and efficient. Available in different sizes, electronic weighing scales are easy to use, and they can be used to measure various items, ranging from chickens to bags of cement.
Retailing electronic weighing scales in Nigeria is a lucrative electrical and electronics business idea that requires little to no expertise. With an average capital, you could start with the sizes needed by SMEs and build up from there.
23). Sales Of Water Pump Controller:
Selling water pump controllers is an underrated electrical and electronics business. Pump controllers are devices designed to automatically stop the water pump from pumping water once the tanks are full.
The automation process is what the water pump controller does. It saves time and resources. Hence, people all over the world are fast adopting the use of water pump regulators or controllers. The market is still young in Nigeria but it is a business with great prospects.
24). UPS And Stabilizer Sales And Repair Services:
Almost every home in Nigeria has a stabilizer. The same can be said of business sites and offices. Although they may be classified with other electronics and electronic devices, selling stabilizers and UPSs only is a vast niche because they are essential devices needed by businesses for their day-to-day operations.
In the same vein, you can also repair damaged stabilizers and also train young technicians in an apprenticeship system.
25). Electrical Consultancy Services:
Another highly lucrative electrical and electronics business idea yet unexplored in Nigeria and other parts of Africa is the electrical consultancy services. An engineer or veteran in the electrical and electronics field could start up a consultancy business for end consumers.
Buyers often need help making decisions on which particular brands or products to buy. They want to pay close attention to the specifics of the appliances they intend to buy but because they are mostly uninformed, they often seek reviews or advice from experts in the field. You could offer unbiased third-party consultancy services online and in-person and get paid for them.
26). Blogging or Vlogging:
Like consultancy, blogging or vlogging about your experiences using certain electrical products could earn you public trust and viewers would love to know your opinions on manufacturers of certain products.
Newbies could also need help installing or using certain electrical appliances. As you create videos around such topics, you garner massive followership and engagements which turn into a big source of income for you.
To Sum It Up
There are countless lucrative opportunities in the electrical and electronics industry for interested individuals in Nigeria or elsewhere in Africa. The best part is that they do not all require extensive technical knowledge. With little or no experience in the electrical field, any entrepreneur can build a great business out of these 25+ lucrative electrical and electronics business ideas that they can start in Nigeria, Africa or anywhere around the world.
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