How to Make 6 Figures As A Electrical Engineer? (11 Best Ways in 2024)
So you want to make six figures as a electrical engineer? Good for you! Being a electrical engineer is a highly respectable and well-paid profession, and there's no reason why you can't earn a high income if you put your mind to it.
In this blog post, we'll look at some of the best ways to make more money as a electrical engineer - business ideas you can start to achieve such income. Keep reading to learn more!
1. Start a blog ($44.9K/month)
Starting a blog could be a fruitful way for an electrical engineer to supplement their income or even transition into a full-time business. By sharing your expertise, project insights, and industry trends, you could attract a dedicated audience interested in your professional knowledge. With 77% of internet users reading blogs, and blogs being rated as the 5th most trustworthy source for online information, your authoritative content could position you as an industry thought leader.
Over time, you could monetize your blog through various channels such as affiliate marketing, sponsored posts, and digital products like eBooks and online courses. Considering the vast reach, with approximately 409 million people viewing over 20 billion pages each month, a well-executed blog could substantially bolster your earnings and help you achieve that coveted six-figure income.
How much you can make: $100 — $650,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 30 days (?)
Time commitment per week: Min. 5 hours/week
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
2. Start a career coaching business ($48.5K/month)
Starting a career coaching business could significantly supplement your income or even evolve into a full-fledged enterprise. As an electrical engineer, you have a wealth of technical knowledge and practical experience that other professionals could find invaluable. Through personalized guidance and strategy services, you could help clients navigate professional transitions, enhance their resumes, and prepare for interviews.
You could tailor your coaching sessions to meet each client’s specific career aspirations, offering practical advice on how to advance in the workplace. With the flexibility to conduct sessions both in-person and virtually, you have the potential to reach a broad client base and provide specialized, impactful advice. If you have a knack for speaking and motivational skills, this venture could not only empower others but also help you achieve your financial goals while giving you control over your schedule.
How much you can make: $1,000 — $235,000/month
How much does it cost to start: $1,500 (?)
How long does it take to build: 60 days (?)
Wall Street Oasis, the largest online community focused on careers in finance, has over 100 million visitors during its 14-year history and is currently receiving over 2 million visits per month, offering interview courses and mentorship services, in addition to building and investing in a thriving online community.
3. Start a social media marketing agency ($116K/month)
As an electrical engineer, starting a social media marketing agency could open up a plethora of income opportunities to make six figures, especially given your analytical mindset and problem-solving skills. This side business allows you to automate many marketing tasks using social media tools, which means you could manage it alongside your engineering job without a significant time investment.
By developing effective social media strategies and creating a professional agency portfolio, you could attract clients from various sectors needing digital marketing expertise. Additionally, the steady demand for social media marketing services means that you could consistently generate supplementary income, allowing you to clear utility bills, finance your education, or save for vacations. This entrepreneurial venture could significantly boost your financial situation while leveraging your existing skill set.
How much you can make: $1,000 — $500,000/month
How much does it cost to start: $7,500 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 30 hours/week
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
4. Start a podcast ($97.9K/month)
Starting a podcast could serve as a lucrative side business for an entrepreneurial-minded electrical engineer. By creating content that focuses on industry trends, innovations, and practical advice, you could attract a dedicated audience interested in electrical engineering topics. This would open opportunities for monetization through sponsorships, advertisements, and possibly even premium subscriptions.
With minimal startup costs—basic recording equipment and an affordable hosting platform—you could reach a global audience from the comfort of your home. Promoting your podcast through social media, online communities, and networking could help build an engaged listener base. Over time, as your audience grows, the revenue from your podcast could significantly supplement your income, helping you reach that six-figure mark.
How much you can make: $400 — $1,020,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 60 days (?)
Time commitment per week: Min. 2 hours/week
A successful podcast production company that grew from one client making $15/hour to a team of 10 contractors producing over 30 shows per week with revenue of over $10k/mo, primarily through referrals and with a focus on providing high personal touch and being picky about working only with clients who are a good fit.
5. Digital products ($261K/month)
Digital products offer a fantastic avenue for electrical engineers looking to supplement their income or even establish a thriving side business. These products can range from software-based creations, such as apps or automation tools, to information-based resources like eBooks or online courses tailored to electrical engineering concepts. The low overhead cost and ease of distribution make digital products an attractive option.
Creating and selling digital products allows you to leverage your existing expertise without the logistical hassles of traditional inventory. With minimal initial investment, you could develop valuable resources that benefit other engineers, students, or hobbyists. This approach not only provides a passive income stream but also positions you as a thought leader in your field, potentially opening doors to more lucrative consulting opportunities.
How much you can make: $10,417 — $1,766,666/month
How much does it cost to start: $5,000 (?)
How long does it take to build: 60 days (?)
FilterGrade is an eCommerce platform offering digital assets such as photo filters and video templates; attracting over 450,000 monthly users and generating approximately 30k a month, the founders worked hard to build a valuable marketplace for creators while focusing on digital marketing, partnerships, and content creation.
6. Start an ecommerce store ($287K/month)
If you’re an entrepreneurial-minded electrical engineer looking to supplement your income and eventually make six figures, starting an eCommerce store could be a viable pathway. The low overhead costs, increased flexibility, and reach inherent in eCommerce make it an appealing option. You could leverage your technical skills to create a professional, efficient, and attractive online platform where consumers can easily purchase products or services.
The booming eCommerce market offers unparalleled convenience for consumers, who can shop from their homes using various devices. This surge in online shopping presents an excellent opportunity for you to capture a share of this growing market. By offering specialized products or services, you could build a successful eCommerce business that significantly boosts your income.
How much you can make: $350 — $13,500,000/month
How long does it take to build: 120 days (?)
Time commitment per week: Min. 5 hours/week
Southern Elegance Candle Company, founded by D'Shawn Russell, started as a side hustle making around $200 per weekend at a local Farmers Market, but now averages approximately $20,000 per month in sales across their retail site, wholesale site, and Faire.
7. Create an online course ($91.9K/month)
Starting an online course could be an excellent way for you to supplement your income as an electrical engineer. By creating and selling digital classes that teach specialized skills or knowledge, you have the opportunity to reach a global audience and fill educational gaps in your field. Engaging video lessons and supplementary materials can attract a wide range of students, generating passive income with minimal overhead.
For the entrepreneurial-minded, launching an online course platform provides a flexible way to monetize your instructional talents. Whether offering self-paced or cohort-based structures, this venture can cater to eager lifelong learners looking for convenient access to emerging subjects. This approach not only offers you additional revenue streams but also allows you to share your expertise and passion for electrical engineering on a larger scale.
How much you can make: $350 — $1,000,000/month
How much does it cost to start: $2,000 (?)
How long does it take to build: 88 days (?)
Learn how one couple created a successful personal finance blog, The Savvy Couple, that now makes over $20,000 per month and has sold thousands of digital workbooks and courses, by focusing on purposeful content and optimizing their ROI with efficient time management.
8. Start a youtube channel ($146K/month)
Starting a YouTube channel could offer an entrepreneurial minded electrical engineer an exciting avenue for supplemental income or even a full-fledged business. By sharing your expertise and unique insights on complex electrical concepts, engineering tools, and innovative projects, you could attract a substantial audience. YouTube's established monetization system allows you to generate revenue once you reach 1,000 subscribers and 4,000 watch hours in the previous 12 months.
Given the increasing popularity of online content, you could capitalize on this platform to offer tutorials, project showcases, or industry insights, thereby creating a steady revenue stream. Additionally, a successful channel could open up further income opportunities through sponsorships, merchandise sales, and consulting gigs. By leveraging your technical knowledge and passion for content creation, your YouTube channel could become a valuable asset in achieving six figures as an electrical engineer.
How much you can make: $800 — $1,000,000/month
How much does it cost to start: $750 (?)
How long does it take to build: 90 days (?)
Time commitment per week: Min. 5 hours/week
Learn how this entrepreneurial couple made $5-7k a month by helping others find legitimate work from home jobs and creative ways to make money online through their blog and YouTube channel, as well as offering two flagship products designed to help beginner freelancers and new bloggers accelerate growth.
9. Become an affiliate marketer ($55.3K/month)
Starting an affiliate marketing business could provide a compelling avenue for electrical engineers to supplement their income and potentially reach a six-figure salary. As an affiliate marketer, you would promote other companies' products or services and earn a commission on every sale made through your referral. This approach is particularly appealing for an electrical engineer because it requires minimal upfront investment and leverages your existing marketing skills to drive traffic and sales.
By choosing a niche that aligns with your expertise, such as technology and electronics, you could effectively market products to a targeted audience, increasing your chances of success. Additionally, the flexibility allows you to manage this venture alongside your full-time job, gradually building it into a significant source of revenue. Ultimately, affiliate marketing opens up a low-cost, high-reward opportunity to transform your spare time into a lucrative side business.
How much you can make: $18,000 — $83,000/month
How much does it cost to start: $100 (?)
How long does it take to build: 150 days (?)
This case study explores how Spencer Mecham founded Buildapreneur, an affiliate marketing business, and has made over half a million dollars in profit with no employees, relying solely on content marketing through platforms like Facebook, YouTube, and TikTok.
10. Become a social media influencer ($57.4K/month)
Becoming a social media influencer is a lucrative way to supplement your income and potentially achieve a six-figure salary as an electrical engineer. By leveraging platforms such as Instagram, YouTube, Facebook, and TikTok, you could share insights, tutorials, and industry knowledge, establishing yourself as a credible voice in the electrical engineering community. This could attract brands looking to connect with your audience, leading to partnerships and sponsorship deals.
Furthermore, specializing in a niche such as sustainable energy solutions, cutting-edge technology, or practical engineering tips could differentiate you from others and build a dedicated following. By consistently creating valuable and engaging content, you could influence purchasing decisions and drive significant traffic to your social media channels. This entrepreneurial venture could not only boost your income but also enhance your professional reputation and open doors to speaking engagements, consultancy opportunities, and more.
How much you can make: $2,500 — $166,666/month
How much does it cost to start: $800 (?)
How long does it take to build: 155 days (?)
How one mother built a profitable frugal motherhood, life, and travel blog from scratch, using Instagram, Pinterest, and paid sponsorships to grow from 0 to 18.5K followers and generate $1,500-$3,000 per month in less than two years.
11. Start a freelance writing business ($65.5K/month)
Starting a freelance writing business could be a lucrative way for an electrical engineer to supplement their income and potentially reach six figures. Given your technical expertise, you could write specialized content on topics within the electrical engineering field, such as industry trends, product reviews, technical guides, and how-to manuals. This niche knowledge can command higher rates than general writing, allowing you to earn well if you produce high-quality, insightful articles.
Moreover, freelance writing offers great flexibility, enabling you to work from home and set your own hours. This means you could manage your writing projects around your primary job, gradually scaling up as you gain more clients and experience. With strong writing skills, an ability to meet deadlines, and being a self-starter, you could leverage the demand for well-researched, technical content to build a successful side business and significantly increase your overall income.
How much you can make: $700 — $500,000/month
How much does it cost to start: $500 (?)
How long does it take to build: 56 days (?)
How David Tile turned a freelance writing gig into an $80k/month business, discussing lessons learned through managing growing demands and maintaining a remote team operation.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
