5 Tips for Starting a Business Without a Business Degree
Whether you went to Ohio University or University of Texas, if you didn’t earn a business degree, then you have a lot to learn before you start your own business. It doesn’t matter what kind of degree you did earn, you need to make sure that you know all of the ins and outs of your chosen field, but you also need to know how to observe the market that you are trying to tap into and how to reach out to that market effectively. Here are 5 tips for starting a business without a business degree.
- Register as an LLC
If this is the first business you have ever started, then you are going to want to start small. Instead of trying to incorporate your business, you may just want to register as a limited liability company. This way, you will have a way to report your income for tax purposes and deduct a lot of your business expenses when it’s time to file your taxes.
- Partner with Someone that has a Business Degree
If you really don’t know anything about business, then you don’t want to try and take it all on by yourself. Try finding someone to partner with who does have a lot of business savvy. If you know anyone you can trust who does have their business degree, then this can be a great way to bring all of your ideas to fruition without making any major, costly mistakes as a result of your lacking business acumen.
- Start Online
If there’s a way that you can start your business online, then you can start earning money before you have too many early business expenses. Renting a commercial space can be very expensive and you may have a lot of permits to pay for as well. But if you start your business online, then you can start to earn some income and gain some notoriety before you go investing in a brick and mortar business.
- Build a Strong Social Media Presence
If you want to get your business up and running in a snap, then you have to put some effort into your social media from the very get go. If you can start building some buzz around your business by gaining attention on a variety of social media platforms, then it will be much easier to drive traffic to your store and/or website once you have a strong following.
- 5. Conduct Research Before Applying for a Loan
There’s a good chance that you are going to need some kind of a business loan in order to get your company up and running. If this is the case, then you are going to want to make sure you know exactly what you’re getting into. Shop around for loans from multiple banks and credit unions and see which one offers you the terms and interest rates that works the best to your advantage, not there’s. If you don’t do proper research, you could end up making a major (and expensive) mistake, which will take years to fix.