Should I Study a bit before starting? Where? What?

[Stas]

Hi, I'm considering leaving my career and opening a small business instead. Would you recommend that I take a managerial or a business course before I start? Mini MBA? Basic business accounting? Any recommendation on where and what sort of course I should do?

Also -would you recommend an industry specific courses or do you think a generalised course would do better?

Are there any specific skills like Accounting and financial planing that I must have?

Any thoughts on the subjects are much appreciated.

[Wozcreative]

Industry specific courses would be your best bet. You would learn what are pros and cons of doing certain things in that industry.
Regarding accounting and financial planning.. you need to pretty much know all of the major basics, you can get a tutorial from your accountant, but a business course will tell you what you need to look out for in your specific career/industry.

You will also need to figure out all the types of softwares you will need to run your business that is a must. Anything accounting, POS systems, merchant accounts, business banking etc.

Then you will need to have specific contracts, have a business registered etc. You will also need to learn about sales, and have basic things like a logo, branding, business card, letterhead etc. A lot of this stuff can be taught on what you need in an industry specific course/program.

I work with a lot of clients who are start-ups, and there are a lot of hurdles you will need to go through before you can open up your business.

[Sasbury]

Congratulations on wanting to start a business. Before leaving your current career, you need to know that this is what you really want to and are willing to put in the hard work no matter what comes your way. I also think keeping your current job is good so you can have income. If possible, see if you can do part-time or work from home. This way you have time to work on your business.

Know accounting/finance is good but you don’t have to become an expert. Learn to read statements, budget and so on starting off but hiring someone to do that work for you eventually will be a better option if you plan to run a bigger operation. I have degrees in Management and International Business but I beleive self-study is a great way to go. Taking a short course can be helpful but if you're disciplined then learning from reputable online sources such as entrepreneur.com (which has helpful guides) or inc.com. I'm sure there are other sources if you search for them. There are also online courses offered free by some of the top universities about being an entrepreneur, here’s a starter list (http://under30ceo.com/20-free-entrepreneurship-courses-online-to-check-out/).

I’m not sure where you are located but look for small business associations as they offer workshops that will be helpful. Also, eventbrite.com and meetup.com can be helpful for events and finding like-minded individuals. Look into local universities/colleges for classes, workshops and seminars.

You need to think about the type of business you want to start and all the legal elements involved as well as if it’s needed in the market. Also, get connected with business owners where you are currently by going to networking events.

I could continue but I have to stop myself. Hopefully this has given you a few things to think about. If you need me to further explaining anything or need help with anything else, feel free to contact me.

[huggytree]

I took some business classes (night school) at a local tech. college....worthless.......
I read a bunch of business books which were specific to my type of business....worthless

everything is just so general that its of no help

find a good accountant who will take the time to set you up and explain things...

ask specific questions here is my best advice for where your at

[nealrm]

There is a good book out called "Quitter". It is about leaving a job and becoming self employed. I suggest you read it.

[Brian Altenhofel]

find a good accountant who will take the time to set you up and explain things...

This.

Bonus points if the accountant regularly works with clients in your industry.

[billbenson]

Learning accounting and business management is always good. It doesn't It doesn't mean you need to be an accountant or have an MBA though. Learning sales and becoming an expert on the product or service you want to to provide is the most important. Sales classes / seminars are ok, but a better route is just getting a similar sales job for what you want to do for 6 months or a year. Product or service knowledge is paramount. In most cases you should be able to do that online.

[Twhansbury]

There is no way to be fully repaired to start your own business. you will have to learn as you go. However its important to have a good base and be realistic about what that means.
With regards to Accounting and Management. Accounting you can learn and is best to develop good habits, If you do not have a good base and have not worked with AR, AP, Taxes, i strongly suggest that you hirer a bookkeeper in addition to your accountant, they can work together for you. You want to run a business not be an accountant.
Management will come to you naturally and you will either be good or bad. Learn on the way and develop you skills.

[gregcooper420]

There is nothing wrong with taking a few accounting and management courses to learn the basics. But you must understand that nothing beats hands on experience. You should do research on how different parts of the business, operates and function that you plan on starting. If your current job is the same type of business this will make it much easier, if not before you start your business, you should get a job in the same business you plan on starting. Combining these real world experiences, with academic knowledge will be of great benefit.