Tips on How to Start a Business Without a Business Degree

Let’s face it: a traditional four year degree isn’t for everyone. Some people just want to get started working toward their dream of owning their own company, without the hassles of attaining a general education, and without the long wait for graduation. If you have an idea for your business and you’re not interested in a degree, there are several steps toward starting your own company that need to be followed to ensure success. We poured over dozens of stories of some of the most successful entrepreneurs, and developed these four steps toward attaining your goal.

Tip #1: Find a Mentor

If you’re skipping over a general education, it’s helpful to find a mentor who’s been through the process and can help guide you through the earliest stages. One of the most difficult steps is coming up with a strong business plan that will sustain your company through the development, growth, and establishment phases of entrepreneurship. A mentor, preferably someone who started a company you admire, will give you advice and help you from going astray.

Tip #2: Learn How to Develop Your Business Plan

It’s not enough to have a great idea for a business, you have to come up with a plan and know exactly how much money you’ll need to get started, what your expected expenses will be, and every detail down to the exact pricing of your product. In order to move on to the next step, every detail should be covered to convince financiers that you know what you’re doing. This becomes especially important without a degree, as you’ll have to show that you’re self-taught in the classes you would have taken in college, like accounting, business strategy, and advertising. Develop your business plan, type it up, and organize it into an easy-to-read document you can present in the next step.

Tip #3: Find Ways of Financing

Here’s the most difficult step, convincing someone with money to invest in your idea. Whether you’re contacting a bank, a small business investor, or a friend or relative, showing that you’ve thought out your business plan, organized it, and know exactly how much you’re going to need, is essential in convincing them to finance you. Dress nice, present your plan, and know every detail. In today’s economic climate, it’s much easier than before to gain a small business loan on a great idea and a great plan, especially if you’re thought out everything involved, including where you’re business will be located and who your customer base will be. If you can show proof that your business will succeed and become profitable, and that you’ll be able to repay your loan, you’ll have a surprising amount of success finding the funding that will get you started.

 Tip #4: Proceed with Caution

Once your plan is in place and you’ve secured financing, you’re ready to get started. Don’t rush anything, take precautions, and remember that this could be your one chance to strike it big in the industry of your choice. You should be doing everything you can to buzz up your opening, from distributing fliers, to local advertising in newspapers, to creating a website for your business. It should be obvious that the more people who hear about you the better, so attend trade shows if you can, and send out direct mail. Remember that creating a business takes time, so don’t be discouraged if your company doesn’t take off immediately. Focus on your long term goals, ensure your short term goals are reasonable and achievable.

Non-Degree Programs to Help You Start a Business