When you earn an MBA, a number of opportunities open up for you. There’s the promotion at work or getting hired at another company that offers better advancement opportunities. However, after honing your drive and getting used to being independent as you earn your online degree, you may want to strike it out on your own. Choosing between becoming a business owner and becoming a consultant involves looking at your goals, your funds, and your aptitudes.
Choosing the Right Program
Check out the variety of MBA programs available at https://onlinemba.mason.wm.edu/. There are some that focus more on the skills you’ll need as a business owner – including business management, business planning, and marketing – and others that will focus on skills that will benefit you as a public speaker. Either way, you’ll need to choose a specialization that will come in handy as you become an expert in the field for consulting work or your work on innovative products in the industry. However, general MBA programs will serve you well regardless of the path you choose.
You can’t become a business owner unless you have enough capital or good credit and an outstanding business plan that you can present to a banker to secure a business loan. Even then, many business owners operate in the red for the first few years and take minimal salaries so they can invest most revenue into their business. However, the potential for a greater salary is there – if your business is one day a success. You could even channel experience as a successful business owner into a career as a consultant, using your company’s success on your resume.
Consultants typically draw income per engagement, so your level of success depends on how many jobs you can secure. There are a variety of ways to approach consultant work, including both as a lecturer and an expert who works more closely with an individual or business to work toward improvement. Being a consultant requires little to no initial investment and provides less risk than owning a business.
Both owning a business and working as a consultant allow for a level of freedom you might not have experienced before during your career – and both could lead to higher salaries. However, you don’t need to necessarily choose. As an independent consultant, you can actually experience the benefits of both business ownership and consultant work, although you may find it easier to book clients if you have the experience of working with an established consulting company first.