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Is this a business idea? Would I be better off as a contractor?

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  • Is this a business idea? Would I be better off as a contractor?

    I work as an electrical engineer, five years total experience, two in the nuclear industry.

    I have an idea for a company that can perform various desk-based engineering services, but I am not sure if my idea is really suitable for a business, or to advertise myself as a contractor?

    I see this company working in highly regulated heavy industry, such as nuclear and oil & gas. It would just be me to start with. Because of this I do not think I would need any capital investment, except the fees to set up and maintain a company.

    I know a lot about subjects such as 'condition monitoring' and 'asset management' for particular types of equipment, in additional to general engineering and maintenance related subjects. I like my job but it is very slow, and I believe I could do much, much more with my time.

    One big job I performed is diving into all of our electronic maintenance records, and producing novel insights into what's going on, and developing nice, digestible visualisations that have been pivotal in effecting strategic change in the company's approach to certain types of equipment.

    We have several contractors in our team who use the tools I have developed and built to regularly provide insights and regularly update the visualisations to be distributed to engineering managers. They take home at least double what I do, in addition to the overheads charged by the company that supplies them. I do not think any of the contracting companies here would be interested in hiring me because I have not worked in the nuclear industry for long enough, although I am sure I can deliver work over and above the required standard if given the chance.

    Either way, I have no entrepreneurial experience, I have no idea how to find work, let alone win it, or persuade the people holding the purse strings that I would be a good investment. I am wondering if anybody here can direct me to some good resources.