Deciding what type of education is right for you can be a struggle if you’re looking to start your own business. I’ve personally had constant battles with myself over this for a couple of years. The options are endless: no degree, two-year degree, bachelors, certificate… comparing the pros and cons of each education path is a task in itself. Choosing the right path for you is tough. Education is costly, as can be the consequences of not receiving one. What are the real costs of a degree? How do you know if the education is worth it or not?
Compare Costs
An associate’s degree will run you about $10,000. You can expect to pay at least double that amount for a bachelor’s degree. That number will only rise depending on the school you choose, whether it’s a state college, university, or private institution. Along with tuition, there are hidden costs such as books, lab fees, tutoring fees, and the cost of the large amount of time you will spend. Most students rely on financial aid to get them through their schooling. This means that a major portion of educational costs will be paid for by loans, which are required to be paid off with interest after graduation. If you are looking to start your own business you will likely be paying off student loans while trying to fund a startup. On the other hand, you can start a small business with $10,000. If you choose to invest your money in a startup rather than on an education you will have to earn trust in your clients that your services are reliable and efficient. Many of the most successful entrepreneurs are self-educated, but a majority of clients want to see proof that they are spending their money on a credible service. You can also choose to make a budget for yourself and split your funds on education and a startup. Rather than spending $20,000 on a bachelor’s degree you could spend half on an associate’s and half on building a business. The combinations of spending between a degree and startup are limitless.
Put Yourself First
Think about your options and choose the track that is best for you. Though you may be eager to start your own brand right away, it may be wiser to get some higher education under your belt before you venture into self-employment. If you have the funding available to begin your startup and already have a client base, maybe a degree isn’t for you. You could have endless confidence that your business will thrive and that could lead you down a path of both self-education and self-employment. Maybe you know that you want to get your bachelor’s degree before moving on with the next step in becoming an entrepreneur. Choosing to split your budget between school and your business could be the right choice for you if you have a solid business plan but want a cushion before you jump into entrepreneurship with both feet. Weigh the pros and cons of every option available to you, be realistic about your budget, and do your research to create a foundation for your new business. Whichever path you choose will surely be the right one for you.
Lauren Runyon is an up-and-coming interior decorator, business owner and blogger. She is an interior design and entrepreneurship student in Gainesville, FL.
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