Do You Need a Business Degree to Start Your Own Business?
Maybe you have always had big ideas, but life didn’t go as planned. Maybe you have always had a knack for business, but it never seemed to be the right time to explore your options. Maybe you are now ready to take the next step in securing a steady future for yourself and your family, but you don’t have a business degree. Does it matter?
Unsurprisingly, the answer isn’t straightforward. The world is full of businesses, both the very small and the very massive, captained by men and women who never completed their schooling and never looked back. However, it takes a certain type of person with a certain set of skills to be able to pull this off successfully.
Do you have what it takes to open and run your own profitable business without any formal education? Or do you need the business education and experience to solidify your success story?
Let’s find out!
Do You Have a Winning Business Idea?
To have a winning business, you must first have a winning business idea.
A Winning Business = An idea that is profitable + quick to license + inexpensive to venture
To determine if you have something special that will bring in the money, run it through these metrics by Entrepreneur Magazine:
Does your product or service appeal to a large market?
Who is going to buy your product or service and where?
Is there enough demand to support the cost of manufacturing, distributing, and marketing your idea?
Is your product easy to learn how to use?
Can you easily describe your product or service in a one-sentence pitch?
Can your product be manufactured at a cost that will support a reasonable retail price point?
Does the required manufacturing technology already exist?
Can you effectively sell your product not only to consumers but also to investors, distributors, and retailers?
Can You Secure Financial Backing?
According to the U.S. Small Business Administration, the average startup cost is approximately $30,000, although micro-businesses can start with $3,000 and a home-based franchise can be started for as little as $1,000-$5,000.
This initial investment goes toward expenses such as market research, advertising, professional fees, inventory, property, vehicles, rent, utilities, training, and wages. This is all required before your business even brings in a dime. Use a Starting Costs Calculator to estimate how much money you’ll need.
Are You Well Connected?
Do you have a network of experts in your corner? Doing so is a significant advantage when starting and running your own business.
Accountants, marketers, salespersons, IT professionals, and lawyers all have invaluable expertise that can open doors and smooth the pathway to business prosperity. With help for anything from writing a business plan and presenting it appropriately, to data research and contract negotiations, don’t underestimate these professionals’ worth and consult with them often.