28 Business Ideas For Economists [2024]

Interested in starting a business as an economist in 2024?

If managed well, building a business as an economist could be more lucrative than employment. So, which are the best business ideas for Economists?

We put together 28 of some of the best economist business ideas you can start in today.

For each business idea, we'll show you real-world examples of other economist businesses to help you see what it takes.

Here's the full list:

1. Start a financial service business ($372K/month)

Starting a financial service business could be a natural extension of your expertise as an economist. This venture would involve offering specialized financial advice and services, such as investment strategies, retirement planning, tax preparation, and budgeting. Leveraging your analytical skills and economic insights, you could provide high-value solutions to individuals or businesses grappling with financial decisions.

To succeed, you would need a solid foundation in finance, supported by relevant certifications or academic qualifications. Establishing trust with clients is crucial, so building a reputable portfolio and maintaining up-to-date knowledge of financial laws and regulations is essential. By helping clients navigate complex financial landscapes and achieve their goals, you would make a tangible impact on their financial well-being.

In summary, a financial service business allows you to apply your economic knowledge in a practical, entrepreneurial context. It's an opportunity to supplement your income while making a meaningful difference in the financial lives of others. If you're passionate about financial problem-solving and committed to excellence, this could be an ideal business venture for you.

2. Start a data analysis service ($42.6K/month)

Starting a data analysis service could be an excellent opportunity for an economist looking to supplement their income or transition into entrepreneurship. Economists already possess strong analytical skills and an understanding of data patterns, which are crucial for helping businesses derive actionable insights from their data. By offering data analysis services, you could assist companies in improving their marketing strategies, understanding customer behavior, and making more informed decisions, leading to increased efficiency and profitability.

Given the rising demand for data-driven decision-making, a data analysis service is highly marketable and has the potential to be very profitable. Companies like iTechArt have demonstrated the enormous value and job-creating potential of streamlining analytics processes in various industries. Leveraging your expertise in data analysis, you could not only generate a substantial income but also significantly impact the success of businesses by providing them with valuable insights derived from their data.

3. Start a customer intelligence analytics business ($107K/month)

As an economist, you could leverage your expertise in data analysis and market trends to start a customer intelligence analytics business. By analyzing customer data, you could generate valuable insights that businesses can use to improve their marketing strategies, enhance customer experience, and ultimately boost their profitability. This aligns well with the growing need for actionable intelligence, which companies like Verint have capitalized on, generating substantial revenue streams.

Your strong analytical skills and ability to communicate complex findings effectively would make you an asset in this field. Businesses of all sizes are increasingly recognizing the importance of understanding their customers to stay competitive, creating a robust market demand for customer intelligence analytics services. Thus, by helping businesses interpret and act on customer data, you could open a lucrative avenue to supplement your income or even transition into a full-time venture.

4. Start a data analytics software business ($454K/month)

Starting a data analytics software business could be a logical and lucrative venture for an economist. With your deep understanding of data interpretation and decision-making processes, you could create software that effectively addresses industry-specific analytical needs. By focusing on a particular niche, you could develop tools that offer custom reporting, intuitive dashboards, and other features designed to simplify complex data for your clients.

Marketing your software would involve showcasing its simplicity and the tangible benefits it provides in making informed decisions. Emphasizing how your solution helps organizations streamline their data analysis could significantly attract potential clients. Leveraging your expertise in economics to highlight the value of efficient data interpretation could set your business apart in the competitive field of data analytics.

5. Start an online training platform ($78.8K/month)

If you're an economist with knowledge to share and a knack for digital tools, starting an online training platform could be a rewarding endeavor. Given your expertise, you could create courses that delve into economic theories, financial analysis, and data-driven decision-making. These subjects are in high demand as individuals and businesses are constantly seeking to upskill in a rapidly changing economy.

With the growing appetite for online learning, you could offer a rich educational experience through video lessons, downloadable guides, and real-time Q&A sessions. The upfront investment in high-quality content and a user-friendly website promises significant returns, not just financially but also in terms of influence and reach.

Moreover, this business model is scalable; once your courses are live, they can generate passive income with minimal ongoing effort. For entrepreneurial-minded economists, the potential for long-term value and impact makes this a compelling and sustainable business idea.

6. Start an AI SaaS business ($39.3K/month)

As an economist, you could leverage your analytical skills and understanding of market dynamics to establish a successful AI SaaS business. Imagine providing businesses with AI-driven predictive analytics or economic modeling tools that could streamline their decision-making processes. By designing software that performs complex data analysis, you can fill a vital niche for companies seeking to optimize their strategies without hefty in-house development costs.

The field is rich with opportunities such as natural language processing for customer insights or automated financial forecasting tools. You could create subscription-based services that help businesses gain competitive advantages and improve efficiency. With the growing demand for innovative tech solutions, an AI SaaS business offers immense potential both as a supplementary income stream and a fully-fledged venture.

To get started, you'll need skills in AI and software development, but the returns could be substantial. With a robust cloud infrastructure and an adept development team, you can create scalable solutions tailored to diverse industry needs. If you are tech-savvy and vision-oriented, launching an AI SaaS business could be a lucrative path for expanding your professional influence and income.

7. Become a tech rentals provider ($150K/month)

Starting a tech rentals provider business could be an exciting opportunity for an economist with a passion for entrepreneurship. By offering short-term rentals of the latest devices and gadgets, you could tap into the rising trend of the sharing economy, catering to both individual consumers and businesses who prefer renting over purchasing technology. This business model leverages your analytical skills to optimize inventory and pricing strategies, ensuring high utilization rates and profitability.

The tech rentals market, estimated to generate $10.7 million in annual revenue with a remarkable $260,000 revenue per employee, demonstrates solid industry potential. As an economist, you could use your expertise in market analysis to identify target demographics and develop a strong marketing strategy to reach them effectively. Additionally, providing top-notch customer service and support will be crucial for retaining clients and fostering word-of-mouth recommendations, which can drive business growth.

In summary, starting a tech rentals provider business aligns well with the skill set of an economist, offering an avenue to supplement your income or build a full-fledged business.

8. Start an e-commerce implementation consulting business ($153K/month)

As an economist, leveraging your analytical skills and market understanding to start an e-commerce implementation consulting business could be a lucrative side venture or a full-time endeavor. You could assist online sellers who lack the expertise and resources to effectively create, optimize, and manage their product listings and storefronts, ensuring they achieve their business goals. Your ability to analyze market trends, consumer behavior, and economic factors can be instrumental in crafting effective online advertising campaigns and boosting overall sales performance.

Given your background, you could provide tailored and data-driven strategies for e-commerce clients, helping them to make informed decisions that align with the market dynamics. Your consulting could range from comprehensive catalog management to focused services, such as optimizing pricing strategies or enhancing product visibility through targeted online ads. With dedication, thorough research, and a solid budget, you could tap into this massive and expanding market, transforming your economic expertise into a successful and profitable consulting business.

9. Start a spa retreat center

As an economist, starting a spa retreat center could provide a unique opportunity to leverage your analytical skills and understanding of market trends. With the growing demand for wellness retreat services, you could apply your expertise in market analysis to identify target demographics and optimal locations. Additionally, your proficiency in cost-benefit analysis and forecasting could ensure efficient allocation of resources, maximizing profitability.

By setting up a physical facility or even offering mobile retreat services, you could tap into the wellness industry's expanding market. The diversification into this business could supplement your income and provide a steady revenue stream, while also creating avenues to meet and network with other professionals. This side business aligns with the current trend towards holistic well-being, offering yoga, meditation, healing treatments, and customized counseling sessions to meet diverse client needs.

10. Start an internet marketing consulting business ($82.3K/month)

Starting an internet marketing consulting business could be a seamless and lucrative venture for an economist with an entrepreneurial spirit. Leveraging your analytical skills and understanding of market behaviors, you could offer tailored solutions to help businesses improve their online presence and digital marketing strategy. Your ability to interpret data and forecast trends would enable you to provide meaningful insights that can drive web traffic, convert visitors, and expand a company’s digital footprint.

By focusing on areas such as search engine optimization, content creation, website analytics, social media, and pay-per-click advertising, you could guide clients in making data-driven decisions that maximize their Return On Investment (ROI). Offering your consulting services to local businesses and startups, you could cost-effectively help them reach a wider audience and achieve their marketing goals. Staying up-to-date with the latest online marketing best practices and trends will ensure that you continuously add value and keep your clients ahead of the curve.

11. Develop a freelance business software

Starting a freelance business software venture as an economist presents a strategic opportunity. Leveraging your understanding of business needs and operations, you could develop tailored software solutions such as project management apps, CRM systems, or accounting tools for small to medium-sized businesses. These solutions can help companies automate tasks, manage projects, and optimize workflows, offering a high-demand service in the ever-evolving business landscape.

Given the increasing demand for productivity tools, this venture could not only supplement your income but potentially grow into a full-time business. With an economist's insight into market needs and trends, combined with technical know-how, you can provide customized software that meets specific business challenges, ensuring a competitive edge. This entrepreneurial endeavor would require an initial investment in technical skills and continuous learning to stay ahead of business trends and technological advancements.

12. Start a niche blog ($31.5K/month)

Starting a niche blog could offer economists an excellent platform to share their expertise and insights on specialized economic topics. You could identify an underserved niche, such as behavioral economics, economic impacts of technology, or regional economic policies, and create unique and informative content.

By regularly producing articles, how-to guides, commentary, and even video interviews, you could attract a dedicated audience interested in your expert analysis. Beyond engaging with your online community, you could monetize your blog through affiliate links, collaborations with brands, and speaking engagements.

Ultimately, your passion for the subject and ability to create engaging content could not only enhance your professional reputation but also significantly supplement your income or serve as a viable side business.

13. Start an email marketing tool ($992K/month)

As an economist, you could leverage your analytical skills to create a sophisticated email marketing tool that caters to data-driven marketing strategies. Your understanding of economic trends and consumer behavior would allow you to design features that optimize email campaigns, maximize open rates, and enhance ROI for your clients. By developing a tool that integrates advanced analytics and segmentation, you could help businesses target their audience more effectively and achieve better results compared to traditional marketing methods.

Creating an email marketing tool could also be a viable side business or a full-time entrepreneurial endeavor. Given the booming email marketing industry, expected to reach $2.53B by 2028, the market presents ample opportunities for growth and profitability. By focusing on user needs and continuous improvement, you could establish a competitive edge and attract a diverse clientele ranging from startups to real estate agents.

14. Start an online marketing business ($169K/month)

As an economist, your analytical prowess and data-driven approach could prove invaluable in starting an online marketing business. By leveraging your understanding of market trends and consumer behavior, you could create targeted campaigns that deliver measurable results, which would resonate well with clients looking to enhance their online presence.

You could start by using your skills in SEO, content creation, and analytics to showcase your ability to boost a company's online performance. Building a portfolio with small businesses eager to expand their reach could be an excellent first step. Imagine the satisfaction of seeing a small business grow significantly in search rankings or having a social media campaign you created go viral. This venture offers not only financial growth but also the flexibility and scalability to fit alongside your existing career, providing a dynamic and impactful way to supplement your income.

15. Start a salon management software ($71.7K/month)

As an economist, you could leverage your analytical skills to create a salon management software that optimizes operations for salon owners. You could design a platform that integrates appointment scheduling, client management, and inventory tracking, streamlining various aspects of running a salon.

Imagine the potential for data-driven insights to enhance operational efficiency and customer experience, leading to increased client loyalty and business profitability. With the growing demand for such solutions, this venture could not only supplement your income but also position you as an innovator in the beauty industry. Developing a user-friendly, robust salon management software could be your gateway to entrepreneurship while making a significant impact in the marketplace.

16. Start a marketing automation platform ($163K/month)

As an economist, you could leverage your analytical skills to develop a marketing automation platform that streamlines repetitive marketing tasks like emails, social media updates, and ad campaigns. By creating a platform that centralizes these efforts, you could offer businesses the ability to improve their data analysis capabilities and implement more targeted outreach without manual intervention. This could be particularly appealing to startups and mid-sized companies that need to maximize efficiency while minimizing costs.

Moreover, your understanding of economic trends and consumer behaviors would allow you to design features that deliver personalized customer experiences, enhancing the value of the marketing automation platform. The development of such a platform would require expertise in software development, user experience design, and reliable data integration, but the end result could be a scalable solution that revolutionizes how businesses approach their marketing initiatives. This entrepreneurial venture could not only provide an additional income stream but also position you as a key player in the intersection of economics and digital marketing.

17. Start a document automation tool

As an economist, venturing into the realm of document automation tools could offer a lucrative opportunity to supplement your income or even start a side business. With your deep understanding of data analysis and efficiency optimization, you could develop software that automates repetitive document tasks like drafting contracts, filling out forms, and generating reports. This could especially appeal to businesses seeking both accuracy and time-saving efficiency in their document-related processes.

Imagine providing a tool that not only reduces manual input but also significantly minimizes errors—a valuable proposition for enterprises where precise documentation is pivotal. The initial investment in software development and continuous updates would be necessary, but the potential profitability is considerable when factoring in the demand for streamlined operations. Marketing your tool effectively and focusing on an intuitive user experience could set the stage for this endeavor to become an essential component in any efficiency-driven business.

Leveraging your expertise as an economist, you could design features that make the document automation tool stand out in the market. For entrepreneurial-minded individuals, this venture allows for the convergence of technology and productivity, making it a compelling business idea worth exploring in 2024.

18. Start a self service car wash

For an economist with an entrepreneurial mindset, starting a self-service car wash could represent a lucrative business venture due to its low maintenance and high-profit potential. The business model is attractive as it does not require employing staff to wash vehicles, thereby reducing operational costs and increasing net margins. Additionally, you could enhance your service offerings with EV charging stations, tire inflation, and vacuum cleaning, catering to a broad range of customer needs and driving higher revenue.

As an economist, you likely understand the importance of providing quality equipment to ensure customer satisfaction and return business, making this a critical investment decision. The advantage of minimal labor involvement means you could easily monitor your income and analyze financial metrics without being encumbered by operational complexities. This allows you to focus on optimizing the business model and exploring expansions or additional value-added services based on data-driven insights.

19. Become a social media marketer ($44.5K/month)

As an economist, your deep understanding of market trends, consumer behavior, and data analysis could uniquely position you to excel as a social media marketer. By leveraging your analytical skills, you could craft data-driven strategies to target specific demographics and optimize ad campaigns for maximum ROI, helping businesses grow their online presence. Your insights into economic patterns could also aide in predicting and adapting to shifts in social media trends, increasing engagement and customer acquisition.

Additionally, your proficiency with analytical tools and statistical software could give you an edge in interpreting social media metrics and refining marketing strategies for better results. Economists are well-versed in transforming data into actionable insights, which is a cornerstone of successful social media marketing. With social networks providing a platform to reach millions instantly, the potential for supplementing your income or even creating a thriving side business is substantial.

20. Start a yoga tutoring business ($34.5K/month)

As an economist, starting a yoga tutoring business could serve as a practical and fulfilling opportunity to supplement your income while tapping into the rapidly growing health and wellness industry. Yoga has proven health benefits, and with increasing public interest in enhancing quality of life, the demand for certified yoga trainers is on the rise.

You could leverage your analytical skills to identify market trends and strategically position your services to cater to specific demographics, such as corporate professionals or seniors. Additionally, starting a yoga business from your home requires minimal initial investment, providing a low-risk avenue to explore this new venture.

By obtaining your certification and choosing a specialized niche, you could create a unique offering that differentiates you from other trainers. Developing a well-planned marketing and execution strategy, combined with your expertise in economics, could help ensure that your side business thrives.

21. Start a ghostwriting business ($688K/month)

Starting a ghostwriting business could be a lucrative side venture or even a full-time business for an economist with strong writing skills. You would have the opportunity to use your expertise to craft insightful articles, reports, and books on economic subjects for clients who need high-quality content but lack the time or skill to create it themselves.

The demand for high-quality, tailored content is robust, offering a market for various projects like crafting speeches for executives or writing memoirs for public figures. Additionally, ghostwriting provides the flexibility to manage your workload and choose projects that align with your interests, making it an ideal option if you seek control over your schedule. With platforms like Upwork to help you get started, ghostwriting allows you to turn your economic knowledge and writing talent into a rewarding and profitable business.

22. Start a SEO services ($87.4K/month)

As an economist, starting a SEO services business could leverage your analytical skills to provide valuable insights that help businesses improve their visibility on search engines like Google. By conducting keyword research, optimizing website content, and building quality backlinks, you could help organizations rank higher in search results, thereby attracting more potential customers. Your background in data analysis and understanding of market trends would be particularly useful in identifying the most effective strategies to enhance online business performance.

Moreover, this venture is relatively low-cost and flexible, requiring only a computer and basic SEO knowledge to begin. You could offer specialized services to small businesses looking to enhance their online presence, creating custom solutions tailored to their specific market needs. This could be an excellent opportunity to supplement your income or even transition into a full-fledged entrepreneurial career, utilizing your expertise in economics to provide a return on investment in the digital marketplace.

23. Develop a DaaS Platform

As an economist, you could transform your expertise in data analysis and economic modeling into a valuable service by developing a Data as a Service (DaaS) platform. This venture could involve collecting, processing, and analyzing large volumes of data to supply businesses with actionable insights, thus supporting their strategic decisions without requiring extensive in-house resources. With your proficiency in data management and analytical skills, you could provide high-quality, real-time data that positions you as an indispensable partner for businesses aiming to leverage data for competitive advantage.

Given the growing reliance on data-driven decisions across industries, a DaaS business offers immense potential. Your ability to work with diverse data sources and deliver valuable insights could meet the rising demand for specialized data services. This entrepreneurial path not only allows you to supplement your income but also lets you capitalize on your strengths in economics and technology, making it an enticing opportunity for those passionate about transforming data into impactful business solutions.

24. Start a printable sales business

As an economist, you could leverage your analytical skills and design a printable sales business to generate supplementary income. Capitalizing on your insights into market trends and consumer behavior, you could create data-driven stationary, wall art, and decorative items that cater to specific demographics and occasions. The low startup costs and flexibility of this business model make it an attractive side venture.

By running a printable sales business, you could explore your creative side while applying your technical expertise. Utilizing your understanding of economic principles, you could price your products competitively and optimize your marketing strategies to maximize reach. This venture could not only diversify your income streams but also offer a creative outlet and a deeper connection with a broader audience.

25. Start a data mining and analytics tools business ($237K/month)

As an economist, you could capitalize on your analytical expertise by starting a data mining and analytics tools business. This venture focuses on developing software that transforms raw data into actionable insights, catering to industries like finance, healthcare, and retail. By harnessing your programming, statistics, and machine learning skills, you could create tools that uncover patterns and trends, providing invaluable intelligence for strategic decision-making.

With the rising demand for data-driven insights, the market for innovative analytics solutions is booming. Imagine helping businesses pioneer their success and driving industry transformations with the intelligence derived from your tools. This business idea melds your technical prowess with a profound understanding of market needs, offering rewarding opportunities for entrepreneurial economists.

26. Start a travel rewards app ($51.4K/month)

As an economist, you could leverage your analytical and data-driven skills to develop a travel rewards app that optimizes the earning potential for frequent travelers. By designing algorithms that maximize reward points based on user behavior and spending patterns, you could create a value-added service that attracts a loyal user base. Your understanding of economic models and consumer behavior could help in crafting a competitive edge that differentiates your app from existing alternatives.

Furthermore, this endeavor could open new revenue streams, allowing you to monetize through subscription models, affiliate marketing, and partnerships with travel companies. The insights you gather from user data could also be invaluable for market research purposes, providing actionable intelligence to other businesses in the travel industry. Thus, starting a travel rewards app not only aligns with your skills as an economist but also offers a promising pathway to entrepreneurial success.

27. Start a firearms training business

As an economist, starting a firearms training business could be an intriguing avenue to explore, leveraging your analytical skills and market insights. The increasing demand for firearms safety instruction provides a lucrative niche, as more individuals seek to acquire training for personal protection or recreational shooting. Your expertise in data analysis could help you identify target demographics and optimal pricing strategies, ensuring your business remains competitive and profitable.

Additionally, your thorough understanding of regulatory environments can offer a significant advantage in navigating gun laws and safety regulations, reducing compliance risks. Communicating the economic benefits of structured training programs could also appeal to cost-conscious potential customers by emphasizing long-term savings and safety. With strategic marketing and a focus on safety and regulatory adherence, you could build a reputable business while supplementing your income effectively.

28. Start a laundry delivery business ($76.4K/month)

As an economist, you could leverage your analytical skills and knowledge of market dynamics to start a laundry delivery business. By understanding consumer behavior and pricing strategies, you could effectively position your service to meet local demand while maintaining competitive pricing.

With modest startup costs, you could begin by operating from your home, using basic laundry equipment like washers, dryers, and ironing facilities. Your attention to detail in providing high-quality service and maintaining excellent customer relations would be crucial in building a loyal customer base.

Furthermore, your ability to analyze and forecast market trends could help you identify opportunities for expansion and optimization, ensuring sustainable growth for your laundry delivery business.

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report

Free Download

163 Million Dollar Solopreneur Business Ideas

Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.

Get The Report