Have you been putting off starting your own small business? Are you worried that your current level of education isn’t enough? Even though the past year has been a challenge for everyone, and the hardships remain to be fully realized, it’s the best time to start a small business.
In the third quarter of 2020, small-business applications for employer identification numbers were at an all-time high — meaning, many entrepreneurs are taking advantage of opportunities and starting their companies despite the pandemic. All of this means that now is the time to further your education in preparation for starting your own business. Let’s look at a few things you need to keep in mind as you broaden your skillset and see where your dreams take you:
Broaden your horizons
Education is the cornerstone of business development. Whether you go all-in on a master’s in business administration or simply take accounting classes at your local community college, any knowledge you obtain can be put to effective use once you start your business. Acquiring education has been proven to help people get jobs, gain confidence, and improve communication skills — all integral to you once you get your company off the ground.
Location, location, location
Before you choose the location of your business, do your research. Some cities offer partnerships with local companies and programs that prove essential in promoting effective economic development and community education. The first step is finding the best cities to start a business and then narrowing down the possibilities.
Making your decision should be a well-thought-out affair. You should make sure you’re familiar with local apartment rental rates and the state minimum wage. For instance, in Hobe Sound, FL the average rent for a one-bedroom apartment is $935. Taxes are another thing you should pay attention to — state corporate tax, local income tax, and other business taxes vary based on location.
Once you determine where you want to put your business, investing time in reading the local news is a way you can ensure you’re getting the best information possible about the area to which you’ve decided to relocate.
What do you study?
You don’t need a degree to start a business, but there are subjects that prove more useful than others for business acumen. Accounting, marketing, statistics, and economics classes would all be beneficial for your further education. For instance, an economics class could help you figure out how to apply for funding for your business and the distinct factors that go into the rise and fall of interest rates.
This is something that would be covered in business classes — again, whether you’re enrolling in an MBA program or taking entry-level classes at the community college, it’s all worth looking into. Another thing that education will help you with: making sure to do your research before applying for funding. For some grants and startup loans, different restrictions may be applied.
Go forth and get educated
Even if you have been putting off starting your new business in favor of making sure you have all your ducks in a row, now is the time to put yourself out there. The COVID-19 pandemic has brought a lot of uncertainty to the way we operate, but with interest rates being lower than usual, more opportunities to secure equipment, and more startup potential out there than ever before, it’s an exciting time to get your feet wet.
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