The power sector is crucial to societal development because electricity is the backbone of industrial and economic development. From small-scale to large scale businesses, they need light for effective production.
It should be noted that the power sector provides a lot of business opportunities for those who are ready to become business owners in the sector and even be an employer of labour.
It encompasses different sources (conventional sources and even non-conventional) which include wind, then coal, oil, as well as agriculture and domestic waste. Even the likes of solar, natural gas, and hydropower are popular.
While some of the business ideas in the power sector are capital intensive, others can be started with little capital.
Let’s get started…
Solar Panel Installation
In societies where residents require additional energy to run their appliances, solar power is usually an option. Hence, you can become a solar panel installation expert if you have the required skills without breaking the bank.
Automobile Battery Store
You can go into a business that provides power solutions for vehicles. Cars still need batteries to move around, and the market is still big for even a new business. If you can learn the ropes of the business of selling automobile batteries, and you have a reasonable amount of money that can be used as your take-off capital, you can run this successfully.
Depending on where you are based, this is still a lucrative business. Many cars are still running on fuel around the world, and the owners can’t but purchase them at fuel stations. You will even earn more if you are in a place where residents use fuel to power their generators
As stated earlier, there are places where a lot of people rely on generators for power e.g Nigeria. You can make money from such a place by selling generating sets.
Importation and sales of generators are huge business opportunities in Nigeria because the government has failed since 1960 to fix the problem in the power sector.
While this is a failure on the part of the government, it’s an investment opportunity for some cabal within the system. They import generators from China and sell them to distributors across the country.
A lot of people in many areas still rely on inverters. These devices are utilized to convert DC power into alternative sources. If you have huge capital, you can start manufacturing them.
But if you want to start small, you can become a supplier of this product – where you buy cheaply in large quantities and sell for profit at your store.
Oil & Gas Transportation
Indeed, there are different things for different people in the power sector. If you are interested in the area of transportation, you can opt for oil and gas transportation, which requires certain types of a tanker.
Of course, while this business is risky (and a lot of crucial safety measures must be considered and put in place), it is lucrative too. You should however be aware that you will need a reasonable amount of capital to get started.
Solar Lamps Manufacturing
Here’s is a pretty innovative one in the power sector. There are societies where this can be introduced as something novel (that is, they don’t have something like this before).
Although you will need a good amount of money as capital, you can start generating income from solar lamp production if you do your marketing right.
Home Energy Consultancy
In many underdeveloped territories where people don’t get sufficient electricity, and they are interested in alternative ways that won’t cost them too much money, they require energy consultants that make recommendations for the most suitable source of energy for them.
Energy consultancy is a wonderful business idea in the power sector in Nigeria because of a lot of homes in cities are ready to pay for other sources of energy apart from noise-making generating sets.
UPS assembling is generally on demand, particularly in regions with unreliable power supply. They are versatile too – as they are used for personal, commercial and even industrial purposes.
Used Lube Oil Re-refining
Refining used lube oil is a business idea in the power sector that you can run with small capital.
Here is an eco-friendly source of power and a business that you can look into. However, it is capital intensive, and you should conduct appropriate research before venturing into it.
Wind Energy Installation
There are different energy sources being utilized to get energy. However, due to the peculiar nature of some of them, the energy they produce cost a lot of money. Nevertheless, the wind is free, and it is now being embraced by different communities. You can start a business that helps with installations for a fee.
Mobile power banks
Millions of people use phones and devices that are powered by batteries, but due to the epileptic power supply in Nigeria, they opt for power banks.
You can focus on producing mobile power banks or simply supplying them. The market for mobile power banks is huge in developing countries that face poor power supply.
You may even decide to be innovative by going for solar mobile power banks. There are different companies already producing power banks, and you can partner with them to supply these products at retail prices for users.
Geothermal Products distributor
If you are yet to settle for a business opportunity you can embrace in the power sector, you can start supplying geothermal power products to companies and corporate organisations for profit.
Solar Training services
You can start a training centre where different people can learn how they can get into the business of solar installation. Of course, before you can kick off such a centre, you must ensure you have a good knowledge of these things, so those you trained can easily recommend your training centre to others, which will translate into another stream of income for you.
Petrol Pump Sales
How about starting a business where you sell petrol pumps for profit? More fuel stations are being opened every day across Nigeria and they can’t do without having at least a petrol pump to dispense their products. So, the market for petrol pumps sales and repair is still available.
An Online Store
You can start an online store that sells products such as bulbs, solar panels, inverters, UPS, wires, and other products related to the power sector. You will need a website for this.
The world is tilting towards electric car like Tesla, if you have a lot of money to invest in electric production like Elonk Musk, you can start a manufacturing plant that makes these kinds of vehicles. Alternatively, you can become a supplier. That is, you buy in large quantities and sell for profit.
Note: Electric vehicles may not be suitable for a country that is still struggling with stable power generation.
Solar Water Heater
The market for solar water heaters is large since it helps people to spend less as far as the cost of energy is concerned. You can kickstart a business that manufactures these products or simply look for companies already doing it and buy from them in large quantities.
Solar Panel Cleaning Firm
Many households are now embracing solar power solutions. You should remember that these panels will always need constant cleaning as well as appropriate maintenance to continue working well. Only well-trained experts can do such a thing.
Hence, you can start a business that offers the services of general solar panels maintenance, particularly cleaning.
Production Of Electric Cables And Wires
You can start producing cables and wires if you have a lot of capital. You can also start small by buying directly from companies already manufacturing them and selling them for profit.
Invent New Power Solutions
This will be easier for innovative engineers. Many of the products we enjoy today came into being because certain individuals decided to be innovative and they designed appropriate products which are now serving different purposes.
You can decide to focus on solar, for instance, and proceed to design innovative solar energy products or projects. Such things will transform you into an entrepreneur and can fetch you good money.
There are a lot of business opportunities in the power sector, to jump into any of the ideas we highlighted above, ensure you perform adequate checks and research.
- By Zbynek Burival on Unsplash