Top Business Ideas For Economics Graduates: If you’re an economics graduate, it can be hard to know where to begin once you leave university. A lot of economics graduates don’t want to work in the finance industry, so they look into starting their own business instead.
Top Business Ideas For Economics Graduates
In this list of 10 great business ideas for economics graduates, we take a look at some of the best types of businesses that can be started by people with an economics degree as well as how much money you can make from them and how long it will take to get your business up and running.
Become an affiliate marketer
Affiliate marketing is one of those phrases that gets thrown around in entrepreneur circles a lot. And why not? It’s a pretty lucrative strategy for making money with your own business idea, as long as you have a solid product to sell. Let’s take a look at how affiliate marketing works, who it’s right for, and how to make money with affiliate marketing no matter what business you’re in.
Even if you don’t have your own products or services to promote just yet, affiliate marketing can be used as an effective method to get ideas flowing by helping you make extra money from promoting other people’s products and services.
There are thousands of stock photo sites available to buy photos from, many of which sell for as little as $1. Selling photos can be a lucrative side business idea, depending on how much work you put into it. To get started with a quality portfolio, build your own website and promote your photos on social media like Instagram or Flickr.
Then, reach out to local businesses directly with your site’s URL to see if they would be interested in using them on their website or in marketing materials. If you’re really serious about being a photographer, you could also look into other stock photography websites like Shutterstock and iStockPhoto that typically pay higher fees but offer more sales. Working with one company helps build a brand around your work and can help drive up demand.
Create your own product
Creating your own product, whether you’re selling something you’ve created or developing a service, is an excellent business idea if you have unique expertise in a particular area. It’s also an ideal option if you don’t have many startup costs and want to get up and running as quickly as possible.
To create your own product, start by researching what’s already out there to make sure there isn’t a market for what you want to sell or develop. If it doesn’t exist or there isn’t sufficient demand for it, begin creating your product in small steps that are based on the market research from step one.
Start a blog
Most people think starting a business is something that can only be done by extroverts, with a great idea and some startup cash in their pocket. But that’s not always true. You don’t need to quit your day job right away or even take on debt to get started. You just need to start building your audience and community online now, which you can easily do by launching a personal blog (WordPress is free).
Though it might seem like a big task, it’s actually pretty simple; once you get started, you’ll see how fun it is! And one day soon, when you have a dedicated group of readers who love your content, connecting with those readers and offering up an even more comprehensive resource will be well worth your time.
Become a social media manager
Social media management positions require a combination of marketing and communication skills. You need to be able to work well with others, listen to feedback and express your thoughts professionally in writing. Savvy social media managers know how important it is to respond quickly to issues that arise on social platforms and are willing to spend time working on their own personal branding, too.
Have you had formal training in business or marketing? Do you feel comfortable creating campaigns and building a following? There’s a lot more involved with managing social media than just publishing posts; if those topics sound interesting, it might be a good idea to consider managing them as part of your career. Even better, you can ask about internship opportunities through your school’s career center.
Become a digital nomad
Consider working remotely as a way to earn more money, work fewer hours and travel more. Start your own consulting or writing business and build it up while you travel. If you’re good at what you do, it should be relatively easy to attract clients once they discover that they can hire someone who is already traveling.
There are several ways to make remote work happen: contract with a company that lets you telecommute; find jobs on sites like Upwork; start your own freelancing site (like Fiverr); or register as an independent contractor with companies like oDesk.
Take on freelance jobs
Freelancing is an excellent way to start a small business on a shoestring budget. By offering your services (whether it’s a web design, legal assistance, or accounting) as an independent contractor, you don’t have to worry about upfront costs — and you can be choosy about which jobs you take on. While working on the contract has its challenges, freelancing offers several key benefits over starting a full-time job.
You can find work that fits your schedule, earn more money by charging more per hour and build up a stable portfolio. Plus, with nearly 30 percent of U.S. workers freelancing by 2022, gaining valuable experience in self-employment now could mean having great career prospects down the road.
Make money using eBay
There are many ways to make money using eBay. With a good understanding of eBay’s listing types, fees and rules, you can get your products up there and make sales. If you have shipping expenses that aren’t covered by selling prices, or if you sell large items that don’t ship easily (like furniture), then it makes sense to consider one of our listings packages. You can also offer your services as an eBay expert on a freelance basis.
Start your own business or become an entrepreneur
Teachers are always in demand and it’s never been easier to find work. However, depending on your career goals, you might not want to land a permanent gig. If you’re looking for something that allows you to keep flexible hours, or if you’re just starting out, consider doing what other professionals do: look into becoming a part-time teacher on an online learning platform like Udemy. These sites allow experts in nearly any field to teach a course—or courses—and earn money through student payments.
Become a part-time teacher
No degree is as universally accepted in today’s job market as a degree in economics. Economics majors are incredibly well prepared to enter a variety of occupations, including finance, consulting, law, and education. And among recent grads aged 25-34 with no more than a bachelor’s degree in hand (known as nontraditional students).
Economics grads are by far most likely to be employed full-time — almost 50% — according to U.S. Census data analyzed by PayScale (see chart below). In other words, there’s great demand for talent from economists graduating today. Be sure to check out our 10 tips on finding jobs and internships after college.
Sales And Customer Service
Become a sales and customer service superstar. The sales and customer service industry is a big one, with many different subcategories to choose from. For example, if you’re interested in online sales and marketing, you can try selling products over Amazon or building a website with Squarespace that sells someone else’s products. Customer service jobs are also incredibly in demand these days—especially if you’re interested in helping other small businesses grow. In fact, they’re some of the highest-paying positions out there right now!
Leisure, Travel, and Tourism
Many students are surprised to find that some of their favorite career choices actually fall under leisure, travel, and tourism. Some people think these careers would involve little or no work, but that’s not true at all. In fact, due to a variety of economic factors, leisure, travel, and tourism careers are some of the most lucrative today. Among one’s top-earning potential options are advertising executives and luxury good fashion designers.
If you have a natural love of interacting with people and learning about cultures, consider starting a vacation rental or Airbnb. You can also rent out your home while you are on vacation. If you don’t have an existing home to use, companies like Wimdu, Stayin, and VRBO let you create an online profile where travelers can book your space for short stays. This way you’re not renting out a full property – just a room or two – which is more manageable. The income from Airbnb has averaged around $7000/year in recent years, but obviously much more in larger cities with more tourism.
Transport and Logistics
Employment in transport and logistics is projected to grow 12 percent from 2016 to 2026, much faster than average. There are more than 300,000 job openings across all education levels, but those with a bachelor’s degree in any area will likely have better career opportunities. An associate’s degree program in truck driving or supply chain management is ideal for students who want to enter careers that require hands-on experience but don’t provide formal training programs.
Graduates can expect promising starting salaries as well as potential benefits such as employer-paid tuition assistance, health insurance, and retirement plans. Career experts suggest that one of these degrees might be just what you need to land a job after graduation.
Also Read: Top Highest Paying Jobs For Economics Majors
Some people go into business purely to make money, and with good reason – it’s hard to beat starting your own company. But there are other ways you can use a degree in economics that might suit you better. For example, an economist can also work in research or policymaking.
They can teach; they can become an analyst or act as a consultant. With so many career paths open to you, it’s easy to see why students going into economics often choose their degree for reasons beyond getting a job.