How Trade Schools Help Produce Business Owners
Learn how attending a trade school can have its advantages.
Image via Pexels
How Trade Schools Help Produce Business Owners
More and more students are opting to attend trade schools instead of traditional four-year universities. While this may surprise you, there are clear benefits to those who decide to learn a trade. Not only do trade schools generally take less time and cost less to complete than most colleges, but they can also empower students to become entrepreneurs with their own businesses.
If you’re considering a trade school for your future, read the following information courtesy of Link Educational Institute.
The Link Educational Institute offers tutoring services that empower students of all ages to achieve academic and emotional success. Call 909-766-0405 for a free consultation!
Learned Trades Often Turn Into Businesses
One of the reasons trade schools help produce business owners is because learning a trade often becomes a business opportunity. Instead of simply teaching students to become employees, trade schools help students develop skill sets they can take anywhere. Examples of trades that often turn into businesses include the following:
Welding
Plumbing
Electrician
Massage Therapist
Barber
Mechanic
These trades allow students to work for themselves in the future, not just other people. As Lifehack points out, this alone is loaded with stellar incentives, like making your own hours, choosing with whom you work, and self-fulfillment.
Less Student Debt Equals More Opportunity
It's no secret that staggering student debt payments are a hardship for many young adults entering the workforce. Compared to a four-year degree, learning a trade is about one-fourth of the cost. Considering that the average student loan takes around 20 years to pay off, trade school graduates spend much more time debt-free than their degree-wielding counterparts.
This means when you get out of school, you can quickly make the jump to funding your venture. The most common type of business financing through commercial lenders is debt financing. This type of financing looks at people's personal credit and debt-to-income ratio to see if they are likely to pay the loan back. People who have lower student loan payments, or none at all, are in a better position to receive the funding they need to start their business.
Some Trades Are Recession-Proof
Another advantage of learning a trade is that most of them are in demand no matter what shape the economy is in. Electrical and plumbing services, for example, are always needed. While people may shop less during a recession, requiring many companies to lay off employees, core trade services still experience demand that makes them virtually recession-proof.
Business Formation Is an Important Consideration
There are different types of business entities, and choosing the right one is an important step for new business owners. The type of business structure selected determines important factors such as the owner's personal liability, tax opportunities, administrative costs, and other relevant details.
Many entrepreneurs choose an LLC, which stands for limited liability company. This provides certain advantages, such as limiting personal liability, tax perks, and flexibility for growth. When establishing an LLC, it’s important to follow the state of residence’s guidelines. While new business owners can research how to file on their own, there are also affordable online services that can make the process quick and easy. This can be a relief for someone overwhelmed with the idea of starting a new business.
Entrepreneurship Begins With Early Education
Proposify notes elementary schools rarely encourage entrepreneurial thinking. Often, grade schools are focused on teaching children how to fall in line instead of thinking for themselves. Many of the traits found in successful business owners are discouraged and met with punishment.
Teaching children about entrepreneurship starts with choosing the right foundation for their education. It is important for parents to research schools available in their area to determine if the curriculum is in alignment with their values.
For generations, most children have been told to do well in school and attend college if they want to achieve success in their professional life. The world has changed, however, and a four-year degree no longer ensures that alumni will land a good job. Between student debt and competition for jobs, the traditional model is failing students who believed that college was their best option. By attending a trade school, however, students can set themselves up for taking control of their lives by starting a business.
