Being a small business owner is the new American dream. Millions of people are transforming their passions into their own companies and making more than they ever did in their full-time jobs. Even if you haven’t hit it big enough to quit your nine-to-five, you can still continue growing your business to reach your dreams. One of the most appealing aspects of entrepreneurship is the fact you can be entirely self-made. You put in the work, learn the skills, and master your market without spending a fortune on a college degree. But do you still need a degree to be an entrepreneur? While you can start and run a successful small business without any formal education, there are some solid benefits to going back to college and getting a bachelors.
It’s a Long-term Investment in Your Company’s Future
You can choose a major that helps you manage your business better now and build a successful growth strategy. A degree in finance or business administration can help founders like you transform and scale in ways you never would have known how to without the level of education you earn in school. You aren’t limited to those degree paths, however. You can earn a degree to bolster your credentials in a particular niche, like nutrition, mental health, or digital marketing. Going to college encourages you to think of the big picture. You already have plans, passion, and skills. Your program helps you take those further and reach your fullest potential long term.
Earn More Over Your Lifetime
Degree holders have the ability to earn more on average than those without, even if they decide to go into solo ventures. In addition to increasing your general earning potential, the skills and knowledge you acquire will help you make your company more profitable, too. School is often considered the biggest investment in an adult’s life with most degrees costing more than a down payment for a house. The thought of paying so much when you already have a steady income stream may seem counterproductive but think about more than the present. A $40,000 degree can be recouped in just one solid year of sales. And now, you could lower your total student debt thanks to a variety of loans, scholarships, and grants. You can research scholarship and grant offers online to help you find the perfect funding for your education.
Network With Potential Partners or Employees
Being a business owner in college has a unique advantage. You can socialize with other professionals, including professors with years of industry experience who can help you become a more effective startup CEO and leader. You can also scout potential talent for your company that will help it grow in the future. The greatest minds of the next generation are currently in school, so there’s no better place to connect and find the skills your business needs.
Establish a Healthier Work-life Balance
You may be going back to school for your career, but there is another perk to furthering your education. College gives you an opportunity to pursue other interests, build new skills and make new connections. You might have a family on top of your work, but your education is something you do for yourself. While others may play a role in your motivation, the opportunity to focus on discovering new parts of yourself is one of the best parts of returning to school at any age. Once you have gained additional skills over the course of your study, you can move forward with greater confidence. The ability to manage and grow your business more efficiently can also help you free up more time and enjoy greater freedom and profitability.
Future-Proof Your Company
With so much heavy competition, modern entrepreneurs have to always be picking up new skills and innovating. Modernization isn’t merely an advantage, it’s a necessity for survival. By taking time now to build a strong foundation, you can protect your business’s future. Specializing in an in-demand field, like digital marketing, can help you easily identify and respond to challenges as they arise. The right skills and education can make you agile enough to quickly adapt to new trends. You’ll also be able to more easily discern what choices are right for your business and when to implement changes to maximize their impact.