How an MBA Can Help Grow Your Home-Based or Small Business

Posted: 06.17.2019

More post-grad students than ever before are choosing to study for a master’s in business administration (MBA) and it’s not difficult to see why. Graduating with an MBA often provides students and professionals with a distinct advantage over their peers when it comes to landing careers that offer both prestige and a high earning potential. It’s not a degree choice for the faint-hearted, requiring a lot of hard work and dedication in order to complete, but it’s an investment that will certainly pay off thanks to the fact that MBA grads are in higher demand than ever before for a range of highly sought after, lucrative business positions across the world. However, it’s not just a degree that can help you improve your career in the world of business management. More and more small business owners are opting to study for an MBA in a bid to improve their knowledge of the industry, strengthen their entrepreneurial skills and improve the growth and competitiveness of their small brand. Here are some of the best ways in which an online MBA can be useful for home-based small business owners.

#1. Learn as You Earn:

Whether you’ve started an e-commerce website, are working from home as a freelance virtual assistant or writer, offering web design services, or running a small business that offers physical goods and services, it might seem impossible for you to come up with ways to gain an MBA while still being able to uphold your small business commitments and spend just as much time investing in your company as you are used to.
Attending campus-based classes and setting aside regular time for study can be extremely difficult when you are working full-time on your own business. On the other hand, an online MBA offers you an additional degree of flexibility and choice when it comes to managing your time. You can choose exactly when and where you would prefer to study in order to best fit the degree around your business commitments, whether that means doing it during the evenings and weekends, or taking your studies to the office during the day. If you run your business from home, studying from home at the same time also makes sense, as you’ll have the resources that you need for both right there.

#2. Funding Your Business for Growth and Development:

In addition to being a great choice of program for studying and improving your educational achievements without having to put your home-based business on hold in the meantime, earning an accredited online MBA program can also help you when it comes to future company growth and development. This is especially true when it comes to getting business funding; if you’re considering applying for a bank loan for your business in the future, having an MBA to your name tells lenders that you are serious about what you do and that you are highly knowledgeable in the industry, which can seriously reduce your level of risk and convince lenders that you are a good candidate for funding, compared to an applicant who does not have any relevant academic qualifications. In addition, you will learn more during your MBA studies about pitching lenders and investors, alongside further study around business finance that will help you gain a better knowledge of the process and improve your chances of getting the funding that you need.

#3. Build Your Professional Network:

Whether you are heading up a start-up with a team working in an office or you are a one-man band running your small business from home, there’s no denying that networking is essential for increasing your influential connections. When you invest your time and energy into networking, you are able to build up a large list of the names and numbers of people who can bring something to your business; whether it’s advice and mentoring, partnerships and collaborations, or a product or service that could be of use to you for the growth and development of your business. In addition, simply attending networking events can lead to conversations with people who can share their tips and advice with you on the day; it’s a great way to get ideas that you may not have even thought of for business improvement and even your personal development. Online MBA students will often be invited to a range of networking events throughout the academic year; not to mention the opportunities that you’ll have to network both online and offline with your professors and fellow students.

#4. Improve Your Skills:

Finally, studying for an MBA will help you fine-tune your skill-set in order to place yourself in a better position to launch or develop your start-up without the tricky ‘trial and error’ phase that often be highly risky for entrepreneurs who are investing their money and time into a new venture. Whether you’ve just started running your small business or are putting the wheels in motion to launch your brand after your graduate with your MBA, the knowledge that you’ll gain and the new skills you’ll learn as an online MBA student will put you in with the best chance of success.
As an MBA student, you’ll learn how to be objective and separate the facts from fiction, find the truth in any situation and be able to deal with challenges and issues in a pragmatic way. In addition to strengthening your character and developing essential entrepreneurial and business management traits that you can set to work towards your business’s success in the future, an online MBA will also teach you a wide range of practical skills that you will use on a regular basis. You can also choose which aspects of the program to place more focus on depending on what you and your business need the most, whether it’s marketing, finances, business management, IT, or almost anything else.

Whether you’re already running a small or home-based business or plan to launch your brand after you graduate, an MBA can be one of the best ways to help you reach your goals and objectives in your entrepreneurial career.

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