Arguably one of the attractions of working for yourself (I presume that's what you have in mind...?) is that you don't necessarily need formal qualifications.
What you do need, though, is experience, and lots of it. Potential customers will expect you to have already worked on projects that are similar to whatever it is they do - even if, in fact, what they're doing isn't particularly specialised or demanding in electronics terms.
You need contacts too, otherwise you may indeed end up having to try and compete against on price against people living in low wage countries, and that's not something you should ever do. Don't join in that race to the bottom for price and quality.
My competition isn't $2/hr engineers in India, it's £100+/hr companies located within the same 100 mile radius of my customers, who would also be in a position to have someone physically on site whenever needed, and who will still be around to support projects that are still in production 10 years after the design has been completed.
Most of my work these days is in automotive, especially racing. Professional race teams aren't interested in saving a few pounds an hour by hiring a cheap design engineer - they're interested in hiring someone with proven experience in designing stuff that 'just works', reliably, in an extremely harsh environment, and which will be completed, assembled, calibrated and tested in time for a race in two weeks' time.