Here's how you can launch your own consulting business as a mid-career economist.

2 Business Plan

Crafting a robust business plan is essential. This document should outline your business goals, strategies, target market, and financial projections. It's not just a roadmap for your business—it's also crucial if you're seeking financing or partners. Your plan should highlight what sets your consulting services apart, how you'll attract clients, and the way you'll structure your fees. Remember, as an economist, your ability to analyze data and forecast trends can give you an edge in predicting the viability of your own business.

3 Legal Setup

Navigating the legal aspects of starting a business is crucial. Determine the most suitable business structure for your consulting firm, whether it be a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each has its own legal and tax implications. You'll also need to register your business, obtain any necessary licenses or permits, and consider professional liability insurance to protect against legal claims. Proper legal setup not only protects you but also adds credibility to your consulting practice.

4 Marketing Strategy

Developing a marketing strategy is key to attracting clients. Start by creating a professional website that showcases your expertise, services, and contact information. Utilize social media platforms to share insights and connect with potential clients. Networking is vital; consider joining professional associations, attending industry conferences, and reaching out to your existing contacts. A strong marketing strategy will increase your visibility and help you build a reputation as a go-to economist in your niche.

5 Pricing Model

Determining your pricing model is a delicate balance between valuing your expertise and staying competitive. Consider various pricing strategies such as hourly rates, project-based fees, or retainer agreements. It's important to research what other consultants in your niche are charging to ensure your rates are in line with industry standards. Transparent pricing can build trust with clients and may involve some trial and error as you establish what works best for your business.

6 Ongoing Education

To stay relevant and competitive as a consultant, you must commit to ongoing education. The field of economics is constantly evolving with new theories, policies, and technologies. Attend workshops, take online courses, and keep up with economic publications to ensure your knowledge remains current. This not only benefits your consultancy by allowing you to offer cutting-edge advice but also demonstrates to clients that you're a lifelong learner dedicated to providing the best service possible.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?