Open an Economic Consulting Firm

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If you want to open an economic consulting firm, you have to possess exceptional skills in economics and other related areas. You can find business partners or you can hire employees who are well informed about the business.

With the right strategies and techniques, you can manage this type of business with ease.

Open an Economic Consulting Firm

The market today is highly competitive no matter what industry you’re in. The business environment is getting complex as well and demands complex forecasting or analysis. In order for a business to make well informed and competent decisions, economic consultants are very important. If you want to start your own economic consulting firm, your tasks will not only be limited on reporting market trends and analyzing economic indicators but you will also be addressing many other issues. This is a tough job that requires relevant knowledge and exceptional marketing skills. If you think that you’re qualified, you can now start your own consulting firm.

You also need to be well informed in areas like intellectual properties, technology, labor, healthcare, business practices, securities, and antitrust. If you are not familiar with some areas, you can find business partner or hire employees with relevant knowledge and expertise. Find a great location for the consulting firm. Your business office can be leased out to save on overheads but make sure that you arrange for the utilities connections in advance. It is important that your clients reach you with ease by means of telephone or your business website.

Finding Office Space and Advertising

Make the office appear professional and relaxing. If your clients feel stiff in your presence, you won’t be able to encourage them to do business with you. Decide on the interior decoration of the office and purchase the needed fixtures, furniture, and equipment. If startup capital is a problem, you can use the business plan to apply for a business loan. Make sure that you also have enough working capital to cover the daily expenses of the business just in case you’re still not getting sufficient clients. It takes time to build a client base so you need to utilize the best advertising methods.

You can advertise the consulting firm online and in your local area (traditional advertisements). Send out posters, flyers, and business cards. This is your chance to provide service to the government and private sector. If you have the best skills, you’re sure to exceed in the industry. You have to build a portfolio to show to your clients. Every time you have a client, you can include the services you’ve provided in your portfolio. Maintain a good reputation and always provide quality consulting services. Your satisfied clients can easily spread the word about your business through word of mouth. Charge a reasonable fee for your consulting services. You can even offer free initial consultation to attract new clients.

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14 Comments

pala pradeep said on July 1, 2011
hi i find your information in this website about the economic consulting firm very useful .i am a bcom student i want to open an economic consulting firm before that i want to gain necessity skills to be an economist ,so i need a strong guidance from you.Thank you
Nkagisang Mosella said on March 13, 2012
Hi I want to start a economics consulting firm in my area, I have studied economics and I am an honors graduate. I stay in Geelhoutpark, Rustenburg in the north west of South Africa. Rustenburg is one of the fastest growing cities in the world and businesses are expanding to this city and some are established. I would be privileged if i could receive some guidance and tips of how to start consulting firm. Regards, Nkagisang
Pavel said on July 18, 2012
creating an economic consulting firm in Dnepropetrovsk, Ukraine
Odunmorayo Michael said on February 23, 2014
Sir, I have studied economics as an honours and presently an M.Sc graduate-student in Economics. I want to start a economics consulting firm in my area (Economic Consulting & Analysis) and I have registered it. I stay in Nigeria. Nigeria is one of the developing economies with several challenges. I would be privileged if I could receive some guidance and tips of how to get clients and carried out consulting job. Regards, Michael
Kudakwashe Nyathi said on May 11, 2014
Hi, I am a B Comm Economics and M Comm Economics graduate. I would like to start an Economic Consulting Firm in Zimbabwe. Your tips and guidance will be greatly appreciated. Thanks.
Manyiel said on September 30, 2014
i have Bachelor's Degree in Economics and need to establish an Economic consulting firm in juba south sudan. how can i start and how can i get clients ?
Tony Mwesigwa said on November 23, 2014
Am a quantitative Economics student and am establishing an economics consultancy firm in uganda to mainly serve the sub saharan african region, am seeking partners interested in the same field. tonyj462@gmail.com
Kinyua said on March 8, 2015
Keen on partnering with some like-minded economists to provide consulting services to Sub-saharan Africa and beyond. I'm currently based in Australia and contactable on kinyua@liulo.org
Adam Willie said on March 16, 2015
Am an economist. Am in research with the Government of Zimbabwe. Have a good grounding in research, trade facilitation, policy analysis and workshop facilitation. Am thinking to start my own economic consultancy firm targeting government, small and medium enterprises and large firms as my clients. Am seeking your advise on how do I go on to with setting up the business and the marketing strategies. Regards
Sharan said on November 29, 2015
Hi,I am interested in opening an economic consulting firm too. I am based in USA. Looking for further guidance. Please contact me at sharan2@umbc.edu if anyone is interested in joining.
MARYAM said on July 19, 2016
hi i have B in economics and political science, and i want to open economic consulting and analysis firm in somalia, borama awdal for public and private organizations, as our country is one of the least developing countries so i am looking for guidance. please contact me at maryam445@hotmail.com.
boamah marfo emmanuel said on November 1, 2016
Hi am emmanuel an economist graduate can help out with things to do when open a consulting firm in this area.
Egonga said on July 11, 2018
My name is Egonga i did a degree in economics and i would love to open up and economic research and consultancy firm I need more guidance on How to get clients, operate the firm, and many others on how i can run and, managed the firm
ASHWINI said on February 18, 2019
I want to start an economics consultancy

Open an Economic Consulting Firm