Regarding education, only 28% of the business owners surveyed had a Bachelor's degree, and 18% obtained a Master's or PhD. That's not too surprising considering the constantly rising cost of tuition. People are seeking other ways of earning an honest living. The ability to achieve social media fame or attention (even if local) has helped to make that possible.
You're not alone. For those who may feel like their advanced education was a waste, it doesn't have to be that way. Depending on your field of study, it's possible to find ways to utilize your education or skills you developed by taking advantage of the careers social media can create.
For example; with the success of online entertainers, models, neighborhood shops, etc., the opportunity for consulting has also boomed. Individuals with formal education, who have considered starting their own businesses, can offer consulting services. Most businesses need to market/advertise, need a real estate agent (unless home-based), need an accountant, bookkeeper, and should have an attorney. For them, hiring consultants / freelancers is an economical way to get the professional services needed without having to hire full time employees. That's where you come in.
But, determine if business ownership is right for you.
If you prefer to check-out once the clock strikes 5 p.m., or whatever time your shift ends, you may not be ready for the responsibility of ownership. Startups take time to develop before a regular schedule can be realized.
Aside from effort and time, consider the financial strain. You may need to start your business while continuing to work as an employee, at least until you build up your clientele. Expect it to take a toll on your social calendar, and sleep.
But, I just know I have to, I can feel it.
No matter the economy, you have witnessed others prosper, while your position appears stagnant. There's a reoccurring dream, or thought you have about running your business. It's more than just a thought by now. You know what you're passionate about. You've thought of ways to monetize your passion. You may have even seen someone else, in a similar market succeed or fail and you know you can do it better.
Going further...you've had multiple jobs and the outcome has been the same. You're unhappy. You've thought of ways to improve on someone else's dream, and realize by being an employee, you're helping them continue to build theirs. You're so ready to start your own it hurts. After all, the idea has been gnawing at you for months; even years and your current situation may have even taken a toll on your health. The initial stress of a startup may be worth it! You can be your own hero, saving yourself from the way of life you are not comfortable living.
But it takes more than a feeling, it's work, dedication and more importantly, it takes planning. Ask yourself:
What purpose is my business going to serve?
Is the market saturated with similar businesses? If it is, is there something they're not providing that I can, that will make my business stand out?
How will I make achieving my goals a possibility?
Who is my target audience?
Can I live or maintain the lifestyle I want with the profit from my business?
Can I sell myself, how will I grow my business and clients? What networking opportunities or low cost advertising options exist?
Use social media to promote your services. Proper keywords, hashtags and word of mouth can increase your following and potential clientele, free.
Have the common sense to hire a professional when necessary.
It's not necessary or cost effective to control every aspect of your business. In fact, it may cost you more to do it all yourself, than it would to hire someone skilled in that area. Social media is great for getting your name out, and although it's a good place to start, it is not the be-all and end-all for bringing clients to your door. Due to algorithms, not everyone in your target audience will see your posts, sponsored or not. Hire PR experts, marketers, to promote your big news, and offers. After all, there are many ways to attract customers, and some of your potential customers have no interest in social media!