To start a business it’s not mandatory for you to attend college and obtain a business degree. However, attending college can help you develop some soft skills like ownership, accountability, time management, prioritizing, and emotional maturity. But that doesn’t mean you can’t start a business without a degree.
If you want to start a business without having any educational knowledge or business experience then there are several things that you have to take into consideration. You have to identify the best business for you, create and implement a business plan to make your business idea successful, as well as monitor the financial aspects of your business.
Lauren Grech, CEO, and co-founder of international event management firm LLG Events says –
“It depends on what type of business and industry you’re entering; however, everyone should have some basic knowledge of business management, marketing, taxes, and sales. Legal terminology can be foreign at first and really difficult to navigate, so it’s essential to have a general understanding.”
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- 1 Tips On Starting A Business Without A Business Degree
- 2 FAQs About Starting A Business Without A Degree
Tips On Starting A Business Without A Business Degree
It’s technically possible to start a business without a business degree and there are lots of present world examples of successful entrepreneurs who don’t have a business degree when they started a business. So if you want to start a business then here are a few tips that will help you get started.
Identify The Right Business Idea For You
Before starting a business makes sure you explore the business industry as well as take a look at different facets of yourself, what are your skills, what are your interests, what makes you happy, etc. Here are three common approaches to entrepreneurship:
1. Take a moment and look into the skills and experiences that you have gained over the years and think about how you could package those skills and offer them as your own services or products.
2. Study other businesses that you like or have an interest in. If you found interest in any business then learn about it and emulate it.
3. Try to find a problem that you can provide a solution to. You can look for a gap in the market where you can bring a new product for the customers.
Compile A Business Plan
A competitive business plan will help you get to market faster. Moreover, a business plan will help you gain clarity, focus, and confidence. It will make sure your business becomes successful. There are many ways you can compile a business plan. It’s not necessary to make a huge business plan. You can start planning a part of the business at a time. You can start with writing down the business goals first, then you can write down the strategies and action steps and your business plan become real. Below are some questions that you can ask yourself –
1. What am I building?
2. Who will I serve?
3. What is the promise I am making to my customers?
4. What are my objectives, strategies, and action plans?
Identify The Target Audience
Before you start a business it is very important to research the market and identify your targeted audiences. Don’t spend a penny on your business before knowing the behavior of your customers and you have to find out if people will actually buy your products or services. You also have to validate your markets like who will buy your products or services other than your family or friends. There are a few questions that will help you identify the audience –
1. What is the size of your target market?
2. Who are your customers?
3. Is your product or service relevant to their everyday life?
4. Why do the customers need your product?
Understand The Finance
For an entrepreneur, your personal life and business life are interconnected. Therefore, you have to be more cautious about the finance of your business. This is because; if you are starting your own business then you are likely to be the one and only investor of your business. So, you must have a detailed and deep understanding of your personal finance. Moreover, tracking the finance is very important and you must have the ability to track down your finance before you start looking for investors. What amount of money you should invest depends on the type of business that you are planning to open.
Build A Support Network
Strong support is required to make your business successful. So if you have finished internal commitment to your business then it’s time to build a strong support network for your business. You have to make s support team of advisors, partners, allies, and vendors. You can build a network locally, nationally, or socially. Here are some tips on how to build a support network –
Attend different networking events and ask others what they do and how your service or product can help them. The key here is listening more and talking less.
Be generous with others and always try to help them no matter what group you join. Try to become a leader so that others will come to you first if they require service related to your business.
Increase Your Business Value
It’s very important to increase the brand value of your business. People purchase products and services every day and the more products you can sell the more money you will earn. Therefore, you should focus on serving more people. While considering your customers or clients you should ask yourself –
1. What can I offer to my customers/clients?
2. How can I make them successful in their own pursuits?
It will help you deliver more value, which your customers will appreciate.
Spread The Word
You have the courage to say who you are and what you do with conviction and without apology. You can use the online platform and social media platforms like Twitter, Facebook, YouTube, and LinkedIn to promote your business and create brand awareness. Apart from social media, you should also focus on other methods like word-of-mouth marketing, website, and internet marketing tools, public relations, blog posts, columns and articles, speeches, email, newsletters, and many more.
Hire Expert Employees
If you want to grow your business and make your business successful then you have to ensure to hire expert employees. You have to identify what skills you don’t have but are required for your business. This way you can assign tasks to employees who can boost the quality and efficiency of your business. If you do so then you will have the time to focus on the elements that are most important to you or the business. You can check the industry expert job listing websites for expert employees.
FAQs About Starting A Business Without A Degree
1. Do You Need A Degree To Start Your Own Business?
No, you don’t need a degree to start your own business. Though having a degree means you have good analytical, marketing, managerial, and accounting skills which might help you develop your business quickly.
2. What Is The Best Business For Beginners?
Here is a list of 51 of the best small business ideas for beginners:
1. Home Cleaning Service
2. Child Care Service
3. Social Media Consultant
4. E-commerce Reseller
5. House Painter
6. Event Planner
7. Makeup Artist
8. Car Washing Service
9. Coffee Cart Operator
10. Meal Preparation Service
3. What Is The First Step To Starting A Business?
The first step to starting a business is market research. Market research will give you an idea about the opportunity to turn your plan into a successful business. Moreover, you will be able to gather information about potential customers and businesses. It will give a competitive advantage to your business.
4. What Are The Types Of Business?
There are various types of businesses. The business type depends on who owns the business, what the business does in the market, and how it operates. Below is the list of the most common types of businesses:
1. Sole proprietorship
4. Multi-national Corporation
5. Not-for-profit organizations
7. Limited Liability Company
5. Which Degree Is Best For Business?
Here is a list of the top 5 highest paying business degrees –
2. Bachelor’s in Information Systems Management
3. Master’s in Finance
4. Bachelor’s in Marketing
5. Bachelor’s in Supply Chain Management
6. Is starting a business hard?
Yes, starting a business is hard because it requires a lot of determination, courage, skill, money, and all of these will pay off in the long run. You should think clearly and keep faith in your skills before investing money.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.