If you’re considering opening your own business, there are many things to weigh out.
The type of business you’ll run, how you’ll finance it, and where it will be located are all important factors you will have to address. It can be overwhelming at first, and there are some questions you won’t be able to answer until after you get started. But a degree from Excelsior College can set you on the right path. With it, you’ll be equipped with a solid foundation and skills you didn’t have before. And if you’ll use a few of these tips, your business has a good chance for a thriving future.
Find a mentor
Before you open your business doors, it’s a good idea to find a mentor. This should ideally be someone who owns or has owned the particular type of business you’re thinking about launching. Many times, you can meet someone like this while attending college. If not, you will need to branch out on your own to meet new people in other ways.
Let’s say you’ve just received your business management degree from Excelsior College and you’re interested in opening a spa. Throughout your education, you likely had the opportunity to discuss practical business applications with your professors and other students.
Many of these people have owned businesses themselves, but it’s possible you didn’t meet anyone who owned a spa. That doesn’t necessarily mean that none of them are qualified to be your mentor. But it is helpful if you can find one that ran a business as similar to a spa as possible.
This mentor should be someone you can turn to for advice in every situation. So it should be someone who has been successful in his or her ventures and doesn’t mind sharing information. Additionally, they can help put you in contact with people in your industry, so that you can get specific questions answered.
Try not to make the mistake of jumping into business on a large scale before you’ve had some experience in your field. Every business model is unique, so it’s important to gain some knowledge in every aspect of it.
Your spa, for example, will involve different types of services, such as laser hair removal, massage therapy, and hair styling. And in addition to the services, you might also be selling beauty products. So, you’ll need to consider your own experience level with each aspect of the business.
Not only will you have to source products and learn retail, but you’ll also have to manage people and learn communication skills.
This is why it’s important to start as small as you can. Perhaps you can start with just a hair stylist and a few products. You may even want to serve as your own receptionist in the beginning. And as your business starts to grow, you can slowly add more services and employees.
The more experience and confidence you have in your business, the more likely you are to attract investors. This can be in the form of business partners, lenders, or even family members who believe in your dreams. And using someone else’s money to start your business is a good way to stay motivated to succeed.
In order to find investors, you’ll need to do a lot of work upfront. And there are several ways to go about it. For one thing, you’ll need to network like you never have before.
Get to know your Excelsior College professors, even if they live in another state. Networking online is a great way to get introduced to helpful connections. Secondly, know your business inside and out. You should be able to discuss it in great detail with anyone who asks. And lastly, learn your industry. Get involved with the people in it and research the business every chance you get.