Starting a business is something that many of us aspire to. In fact, it’s thought that nearly half of young people today want to shun traditional employment to start up on their own, or to live the life of a freelancer with flexibility and control. Every year, over 600000 new businesses start up in the UK alone, in a massive variety of different fields.
Working for yourself gives you flexibility and control — the opportunity to work around other commitments, or with the freedom to travel and enjoy your life. It also gives you a chance to create something for yourself, doing things your way and learning from the mistakes you’ve seen made in previous jobs. It’s exciting, it’s challenging, and it gives you something to build for the future.
Another great benefit of starting a business is that you don’t necessarily need degrees, training or experience to do it. Of course, experience in the field can be a massive advantage that helps you to get going and boosts your chances of success. But, it’s not always necessary. With passion and great ideas, you can do almost anything. Many people manage to run very successful businesses, global companies and multi-million-pound enterprises with no formal qualifications at all, so there’s certainly no reason why a lack of education should hold you back.
If you’ve started your own business, and it’s doing pretty well, going back to school might be the last thing on your mind. But, an online masters in business management or another course related to either business or your field of interest, can give your business a massive boost and help you to take the next step. Here are some of the reasons why further education is worth considering when you own your own business.
Up to Date Knowledge
Things change. In the modern world, things are changing faster than ever. Even with a degree, and a running business, the world around you can change more quickly than you might imagine. Online tools, technological advancements, new developments and innovations and different ways to do things are popping up all of the time. What you know today might be dated in a few weeks.
Education gives you a chance to keep up. To learn new techniques from the professionals, without having just to get stuck in and have a go yourself. In fact, it’s worth taking regular courses, even short ones online, to keep up to date and boost your knowledge throughout your working life.
A More Rounded Education
If you are a baker, you might have studied food or catering. This is certainly enough to get you started, and you can pick up a lot of knowledge along the way. But, a masters degree, in business or something related, can give you a more rounded education. You’ll learn more about the different aspects of running a business and develop a deeper understanding of the business world.
Alternatively, you might have studied business, but now find that more knowledge of your passion or your chosen industry could help. Starting a business from a hobby is certainly possible, but gaining an in-depth and intelligent understanding of your hobby can help you to understand the industry, your day to day job, and what you need to do to boost your business. You might even find that studying, and learning more about what you do helps you to enjoy it more.
To Help You Form a Marketing Strategy
Marketing is one of those things that we all assume that we can do. If we can create a product or service surely, we can sell it? It’s certainly true that social media marketing, influencer marketing and other online tools and the option to design and print marketing materials cheaply does make things much easier. But, marketing is often more complicated than we expect it to be. There’s a lot more to think about, and the same strategies won’t work for all businesses.
It’s also fair to say that many new businesses underestimate the importance of marketing. They think that a great product or service does the talking and that they don’t need to do much more. This isn’t correct. Your product is nothing if no one knows about it. A masters in business, or specifically in marketing can help you to form the right strategy for your business, as well as giving you the knowledge needed to assess the results and make changes in the future.
To Gain More Knowledge of Accounting
Accounting is another thing that seems easy in theory. We write down what we make, and our expenses and it all comes together. We can always hire an accountant if we need to. But, there’s a lot more to it than this. Would you be able to put together a financial forecast? Or look at how the global markets could affect your business? A masters can help you to understand your own accounts and save you money in the future.
It Could be a Great Networking Opportunity
Networking is another vital tool for the growth of your business. Networking can create so many opportunities but also give you a chance to meet potential clients, customers and suppliers, as well as supportive people that understand your life.
Studying will help to boost your skills, but it will also give you a direct way to meet new people and share ideas.
Studying Boosts Your Brain Power
Do you ever feel as though you are just going through the motions? Like your days have become routine and as though you never actually use your brain? Over time, this can lead to problems. You might start to struggle with your creativity or even find your mind prematurely ageing.
Studying any kind of course is a fantastic way to give your mind a boost. It’ll help you to focus and to take on new information. It’ll improve your critical thinking skills and your organisation. It’ll keep your mind young and alert and give your creativity a boost. Learning, even something completely unrelated and new, can provide your brain power with a massive boost.
Higher Education Gives You Options for the Future
Education gives you options, both now, within your business, and for the future. If you want to move in a new direction, or even get out of business altogether and find a job, the more qualifications you’ve got, the easier it will be. You can never have too many options.
Education is Respected
Self-made millionaires with no qualifications are respect and revered. But, your chances are becoming one of these are probably quite slim. In the real, day to day world, education is respected. When pitching to clients, brands and potential contacts, higher education could support your case.
You’ve Got More Options that You’ve Ever Had Before
Education is changing along with everything else. As an adult with their own business, your interests will be vastly different from when you were at school. But, so are your options. You can study almost anything that you are interested in, or want to learn. You can study online or in school. Part-time or full-time. You could study at night school or at a local college or learning centre. You’ve got more options that you had when you left school, and there’s nothing to stop you.
You Might Love Learning
Only a very select few of us loved learning when it was compulsory. But, that doesn’t mean that you won’t love it now. You might find that you feel passionate about learning and that it increases your passion and love of your business.