If you have clients -- as in work to do and clients to bill for it -- you can get going very fast.
I'm not an electrical engineer, but I have to assume you can start your own business as an electrical engineer for hire, as a consultant, without needing much more than your expertise and credentials. Will your business require equipment such as a computer? Will you need a marketing budget? You might, but then again you might be able to start your consulting business simply by calling a few contacts and getting hired.
Also, put yourself on Facebook, LinkedIn, and Twitter, if you haven't already. Those are all free avenues for finding customers.
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Tim Berry is the chairman of Eugene, Ore.-Palo Alto Software, which produces business-planning software. He founded Bplans.com and wrote The Plan-As-You-Go Business Plan, published by Entrepreneur Press. Berry is also a co-founder of HavePresence.com, a leader in a local angel-investment group and a judge of international business-plan competitions.