Trade School for Small Businesses
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Starting your own business requires you to wear many hats: accountant, marketing strategist, etc. Attending a trade school, also known as a technical or vocational school, can help you build a solid knowledge foundation, as well as provide various other benefits for your business. Check out the following information to learn more, courtesy of ECM Institute.  

Financial Benefits

According to recent data, the average total cost of vocational school is about $33,000. Although that is not an insignificant amount, it is roughly one-fourth the average cost of a four-year degree.

Additionally, FRANK explains financial aid is available for many programs and schools, which can lower your out-of-pocket even further. And unlike with many four-year degrees that do not translate directly into a career, technical school graduates are often able to begin working in their chosen field soon after graduation and begin repaying any debt quickly. The more quickly you pay off the debt, the less you pay in interest.

The financial benefits of trade school are especially important for those who are looking to start their own business. Having lower student loan repayments translates to less financial strain during your business’s early years when your profit is likely to be lowest. What’s more, being in a better financial situation with less debt and a higher credit score makes it easier to secure startup funding.

Educational Benefits

In addition to the financial benefits of trade school, there are many educational benefits. Unlike with a typical college degree that requires you to take a wide range of classes, most, if not all, of the classes you take at a technical school will be directly related to your future career. Many of the courses are hands-on and based on real-world experiences. This means you will have the skills necessary to keep your future customers happy — something which Survicate explains is critical to your ultimate success.

Most vocational schools offer courses in a variety of trades. This is helpful if you want to open a multiservice business. For example, if you want to open a plumbing business but also offer your customers basic electrician services, you can enroll in a plumbing program and take electrical courses as well.

Some vocational schools also offer business-oriented courses, such as bookkeeping, sales or other classes, that can help you improve your business skills. If you know of certain software programs that you will be using in your business, look into courses that teach you how to use them effectively. If you are taking a course for your personal edification rather than course credit, consider auditing the class. Most schools require the student to pay for audited classes but do not assign a grade for the course. This means you can take the class and learn without stressing about your GPA.

Scheduling Benefits

Trade schools generally offer a lot of flexibility in scheduling. For example, they may have more start dates than four-year schools so that you do not have to wait until September or January to begin. Many also offer evening courses so that you can continue your education even if you are working full-time.

This scheduling flexibility also gives you time to work on the other necessary tasks that must be completed when starting a business. You will have to choose a location, secure funding, choose a business structure and complete other important tasks. Choosing a business structure is particularly important because it affects your business’s taxation and liability status. There are services available that can help you with the necessary paperwork.

For many people, attending trade school is the first step in starting a business. Although entrepreneurship is complex and often stressful, it can be very rewarding. With the right skills, careful planning and hard work, you can be successful in your chosen field. Connect with ECM Institute to learn more about how a trade school can help you prosper. 

Written by Marcus Lansky
October 23, 2020