Nowadays, the job market is tough. There’s a high amount of competition, and if you’re a recent graduate, or even a qualified professional, vying for certain jobs is tough at the best of times. Therefore, in today’s climate, many of us are looking for ways to become our own boss. Doing so can offer job security, progression and achievement many industries and professions can no longer deliver.

Launching your own startup, though, is no easy feat. You need the knowledge, ambition, finance and demand to become a triumph, and heading back to school could provide you with the tools and business practices for success. Here are five reasons why you should return to education if you want to start your own business.

It’s not rocket science, but different jobs require different qualifications. Depending on the industry you wish to break into, you may have to return to education because you graduated in a different field. For example, if you wish to open a digital marketing agency but you have a degree in English Literature, you should enrol in classes focused in marketing and business. Of course, you may already have the right qualifications and knowledge, but before you take the plunge, you may wish to further your knowledge. Therefore, a Masters in Project and Program Management degree or equivalent could become a great asset to running your future business.

For you to launch your startup, you will need to create an effective business plan. The job of a business plan is to detail how you’re going to build your business, the tools you need, your goals, and how you’re going to reach them. It will also detail your finances, and where the money will be spent. A business plan is incredibly important, especially if you need to secure funding from mentors or banks. Completing a business course can, therefore, provide you with the information and skills to produce a successful business plan.

You’ll find that there are many other individuals in a similar position to you. By heading back to school, you’ll not only gain credentials, but you’ll also be able to network with like-minded people who either have knowledge and success in a similar field, and who could become useful in your business endeavours.

Starting your own business means you have many competitors, and because you’re new in the industry, you have a lot of ground to catch up on. This can be especially difficult if there is a household name and corporate giant in your field of choice, but by returning to school and furthering your education, you can learn business practices unheard of to them. Not only can this make your business more attractive to your demographic, but can also provide you with the confidence to succeed.

Returning to education tests your commitment and perseverance to your field of interest. If it turns out your chosen industry is no longer attractive to you, then you can save yourself a lot of heartache and money. To open a business, you need to be sure of your choice. If you are not, then it can yield many problems – some of which could ruin your finances and quality of life.