Who said you have to hold a business degree to be able to start your own business? While having a 4-year business degree could give you a good knowledge on business management and make some things easier, it still doesn’t guarantee business success. If you are not interested in getting into university, but you have a good idea for your business, you still have the opportunity to become a successful entrepreneur!
Take Ralph Lauren, for example; he has managed to become one of the world’s most famous fashion designers and business executives with his global multi-billion-dollar enterprise without having a business degree!
If you want to follow Lauren’s example, this article provides you with the four essential steps towards starting your own business when you don’t have a business degree:
#1 Find yourself a mentor
The first step to starting your business is finding an experienced mentor who is able to help you throughout the whole start-up process. Since you have just entered the world of business, you may find it difficult to come up with a strong business plan, which is what every successful company needs. Here’s when the role of a mentor comes in. The mentor will be able to give you the appropriate advice and all the help you need to create your business plan and determine how you will sustain and develop your business in the long run.
#2 Learn how to develop your business plan
Having a business idea is clearly different to developing that idea into a business plan. Step two involves coming up with a plan for your start-up expenses and determining other important details such as pricing your products or services. This will help you have a clear indication of your financial status as well as calculating business profits and expenditures. So, ensure that you have a clear business plan written in an easy-to-read document before you can move on to the next step.
#3 Look for investors
The next step is to find ways to finance your business via convincing people to invest in your idea. Here’s when the previous step comes into play. At this point, you need to present your business plan to potential investors – banks, small business investors, friends or relatives– letting them know that you have thought out everything involved including how much money you will need. The secret to getting help from an investor, especially today, is organising a well-thought plan that also determines where your company will be located and who is your target audience. Also, you need to provide proof that your business will become profitable, and that you will be able to provide them a return on investment as soon as that happens.
#4 Take precautions
Once you have prepared your business plan and have found your investors, you are ready to go. The important thing here is to remember that a company takes some time to develop, so don’t rush, take precautions along the way. It will be helpful if could find ways to promote your business and reach out to get the attention of your target audience. Consider advertising in local newspapers, creating a website for your business and a company profile on different social media channels to increase your reach!
If you are serious about starting your own business, not having a business degree won’t stop you from realising your career aspirations. The secret to business success, when you don’t have a related degree, is working your way within the world of business, learning as much as you can and becoming an expert at what you do.
Are you interested in starting your own business but have no university degree? Let us know in the comment section below.