8 Reasons Small Business Owners Should Consider an Advanced Business Degree

One of the biggest perks of running your own business is that there are no educational requirements. For those who want to be their own boss and start a business that provides them with the work that they want, it’s easy to get started straight out of school. If you’re already a trained professional in a different field, starting your own business as a career change does not require you to go through extensive retraining before you begin. However, that being said, advanced education can certainly benefit small business owners. Whether you are in the process of setting your business up and want to ensure that you get off to the best start or have been running your company for a while and want to improve your skills and knowledge, there are plenty of reasons to consider getting an advanced business qualification. 

Ease of Access

Today, the best part about studying as a business owner is that it’s easier than ever. You don’t have to dedicate hours of your day to sitting in lectures and classrooms thanks to online degree programmes that allow you to take charge of your education and fit it around your commitments and lifestyle. With an online business degree, you can study at times that suit you best from the comfort of your own home and office. And due to the COVID-19 crisis right now, there are more good online business degrees available than ever before, giving you the chance to get your degree from a university that is reputable and well-respected. 

Improve Your Knowledge

While anybody can start their own business, most people don’t naturally have the knowledge needed to do so successfully. Getting an advanced business degree will help you build on what you already know and take your knowledge to the next level, improving your chance of business success. Consider an advanced degree that helps you gain knowledge of topics that are currently holding you back in your business or a degree that builds on your current strengths. When you’re taking a degree as a business owner, it’s not only important to consider your own needs for education, but also the needs of your business. 

Develop New Business Skills

As a business owner, getting an advanced degree will not only help you to improve your knowledge for running your business but also provide you with the opportunity to develop new business skills that will help you steer your company towards future success. For example, you can take advantage of big data and learn strategies that will help you make better, data-driven business decisions in the future after getting a master’s in business analytics online. Advanced business degree courses like the MBA provide several opportunities to further improve a range of key skills for business owners such as leadership skills, decision-making, problem-solving, critical thinking and more. 

Build Your Business Network

Building a professional network is an important part of starting your own business. Your network may provide you with opportunities for finding new clients, expanding your business, learning about new services and products that you can take advantage of to further your brand, hiring the best employees, and more. Attending university for a business degree not only improves your knowledge base but also gives you the chance to connect with likeminded people and professionals who may become highly valuable to your business in the future. Whether you’re studying on-campus in a traditional classroom setting or choose to take an online business degree, you will have the chance to connect with new people all the time. 

Make Better Decisions

Getting an advanced business degree as a small business owner will ultimately help you make better decisions on behalf of your company. Armed with the knowledge and skills provided by studying at this level, you will be able to make more informed decisions for your company and better understand the process that goes into making the best decision regardless of what you need to choose. Whether you are in the process of hiring a new employee, starting a new product line, offering a new type of service, coming up with an online marketing strategy or expanding your business overseas, an advanced business degree provides you with the foundation that you need to make the best choices. 

Improve Your Funding Chances

While it might not guarantee better business funding, gaining an advanced business degree can certainly go in your favour if you are looking to get finance from the bank or a small business lender to further your company or start a new business. Your level of risk is one of the main things that lenders consider when making a decision, and having an advanced business degree will instantly lower your risk compared to somebody who has little to no business knowledge. Getting an advanced business degree will provide you with the skills needed to write a comprehensive business plan, come up with disaster recovery strategies and make more accurate predictions and realistic goals for your business, all of which will improve your chance of success when you apply for business funding. 

Grow Your Business

If you have been running your company for some time and feel like you are stuck where you are, an advanced business degree could be your ticket to business growth. Often, business owners with no previous education or training can only get so far in business before they will need to embark on learning more in order to take their company to the next level. If business growth is your ultimate goal, an advanced business course can help you achieve this by improving your skillset and providing you with the resources that you need. If your goals go beyond the expansion of your business and you want to explore other career options as well, then maybe you should get a business analytics masters degree and boost your options.

Provides a Safety Net

Last but not least, no business is completely untouchable. That’s why it’s a good idea for small business owners to have something that they can fall back on in the event of a crisis. If your business does not work out, an advanced business degree provides you with an edge when it comes to finding a lucrative career. 

Whether you’re new to entrepreneurship or have been running your own business for some time, there are many reasons to consider investing your time in getting an advanced business qualification.

Annika Bansal

Annika "The Chick Geek" is the founder of AnnikaBansal.com. Small Business Sense shares small business ideas, tips and resources for independent Entrepreneurs and Small Business owners.