6 answers
Bella
Student
Eyota, MN
4
Questions
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Owning a small business and teaching?
I have wanted to be a teacher for a long time. Recently, I have been interested in opening a small retail store or restaurant. Would it be possible to teach in the school year and have a business open in the summer? What degrees would be good to have to open a restaurant or retail shop?
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6 answers
Katherine Avery
Run a music studio and teach private music lessons; teach college-level religion classes
222
Answers
Spanish Fork, Utah
Updated
Katherine’s Answer
You might not necessarily need any more education or credentials to do either of these! Check out something like this workbook (https://www.churchofjesuschrist.org/bc/content/ldsorg/topics/self-reliance/2017/14678_sgmb_book_eng.pdf?lang=eng) or Dave Ramsey's book EntreLeadership for ideas on how you could work out your plans. You might also like Ken Coleman's book From Paycheck to Purpose.
Helena Cubas
Solution Associate
4
Answers
New York, New York
Updated
Helena’s Answer
This is a great idea! It will be challenging to manage a business at the same time as teaching, but doing so during the summer sounds like a great way to do this. A few suggestions that might help make this a bit smoother:
1) Learn as much as possible about the retail store or restaurant you would want to open! (for example - how many other stores are doing this near you? how are they doing? how do they market themselves to the community? what would make your business distinctive? what are important considerations to keep in mind when opening a business) This will give you a huge advantage ahead of any concrete moves you might take and save you some headaches down the road
2) Learn from others that have taken a similar path (this could be on social media, for example!) and ask questions. Learn from their experiences and take what is helpful
Hope this helps and wishing you the very best of luck!
1) Learn as much as possible about the retail store or restaurant you would want to open! (for example - how many other stores are doing this near you? how are they doing? how do they market themselves to the community? what would make your business distinctive? what are important considerations to keep in mind when opening a business) This will give you a huge advantage ahead of any concrete moves you might take and save you some headaches down the road
2) Learn from others that have taken a similar path (this could be on social media, for example!) and ask questions. Learn from their experiences and take what is helpful
Hope this helps and wishing you the very best of luck!
Thank you, Helena for the advice.
Bella
Rebecca Tang
Banking
1514
Answers
Hong Kong
Updated
Rebecca’s Answer
Thank you for your question. I am glad to hear hear that you would like to be a teacher and an entrepreneur. Have you thought what to run a education centre? You can be both a teacher and entrepreneur.
Below are my suggestions :
1. Think about the industry you really have interest, e.g. education, catering, etc.
2. Explore more on these industry and do some analysis, e.g. your entry criteria (initial investment), competition status, etc.
3. Take the industry relevant courses. E.g. You may need to take education related courses if you want to run education centre. Similarly, if you want to run restaurant, you would need to take culinary courses. Also, attend some management courses.
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if it is feasible
Hope this helps! Good Luck!
Below are my suggestions :
1. Think about the industry you really have interest, e.g. education, catering, etc.
2. Explore more on these industry and do some analysis, e.g. your entry criteria (initial investment), competition status, etc.
3. Take the industry relevant courses. E.g. You may need to take education related courses if you want to run education centre. Similarly, if you want to run restaurant, you would need to take culinary courses. Also, attend some management courses.
4. Work in the industry some time to understand the operating model and establish people network
5. Start the business online first if it is feasible
Hope this helps! Good Luck!
I never thought about running an education centre, that is a great idea! Thank you
Bella
Callie Talbott
Elementary School Teacher/Admin
2
Answers
Snoqualmie, Washington
Updated
Callie’s Answer
Being a teacher is great! Many teachers have summer jobs and as a business owner, you may want to be open year round. I would suggest starting one at a time and see how it goes! If you have a teaching degree already, I would recommend finding someone in the restaurant industry to talk to and seeing what it all entails.
Akiti Kohli
Senior 5G Program Manager
1
Answer
Morristown, New Jersey
Updated
Akiti’s Answer
It's always great to have multiple sources of income, especially as an entrepreneur, in case the industry you're in changes in ways you cannot control (ie. pandemic). It's definitely doable and many teachers hold other businesses or side hustles as entrepreneurs. It's important to make sure you have the appropriate teaching degree and dedicated time for teaching, especially if you plan on teaching K-12. If you're looking to teach graduate and post-grad, you can get a PhD and many institutions will accept that expertise in the field and only require some teaching classes for how to manage the course creation and management work.
For the seasonal aspect, I recommend figuring out what restaurants/retail stores tend to be seasonally attractive or ones that you can hire good management for. If you're able to find a niche type that only needs to be open during the summers, then you can create a demand with the limited availability. Although, you would have to factor in the cost of owning the business, retail location, and inventory during the off-season months. If you can't keep the business solely to that season, you should look to hire a good management team that you can rely on to manage the restaurant/business during your Teaching months, and then you can be more heavily involved during the summer season. I highly recommend shadowing both restaurant owners and retail store owners to see what the day-to-day operations look like.
Figure out the degrees you need
For the seasonal aspect, I recommend figuring out what restaurants/retail stores tend to be seasonally attractive or ones that you can hire good management for. If you're able to find a niche type that only needs to be open during the summers, then you can create a demand with the limited availability. Although, you would have to factor in the cost of owning the business, retail location, and inventory during the off-season months. If you can't keep the business solely to that season, you should look to hire a good management team that you can rely on to manage the restaurant/business during your Teaching months, and then you can be more heavily involved during the summer season. I highly recommend shadowing both restaurant owners and retail store owners to see what the day-to-day operations look like.
Akiti recommends the following next steps:
Thank you for the advice.
Bella
Brijesh Vashishth
Technology Consultant
10
Answers
Denver, Colorado
Updated
Brijesh’s Answer
Running your own small business while also being a teacher can be a rewarding and exciting blend. Juggling both roles, though, calls for thoughtful planning and good time management. During the school term, it's important to devote enough time and energy to teaching, making sure your students get the support and direction they need. When summer rolls around and schools are usually on a break, you can shift your attention to your little retail shop or restaurant business. This seasonal strategy helps you make the most of your time and chase both dreams.
When it comes to qualifications, to start a restaurant or retail store, it's helpful to know the basics of business management. This includes things like marketing, operations, and financial planning. While you don't always need a specific degree, studying Business Administration or Hospitality Management can give you useful knowledge and skills. I believe it's a great idea to find relevant courses or workshops in areas like food safety and handling (if you're opening a restaurant) or how to manage inventory (for a retail store). Don't forget, practical experience and a love for your chosen field can also play a big part in the success of your business venture.
When it comes to qualifications, to start a restaurant or retail store, it's helpful to know the basics of business management. This includes things like marketing, operations, and financial planning. While you don't always need a specific degree, studying Business Administration or Hospitality Management can give you useful knowledge and skills. I believe it's a great idea to find relevant courses or workshops in areas like food safety and handling (if you're opening a restaurant) or how to manage inventory (for a retail store). Don't forget, practical experience and a love for your chosen field can also play a big part in the success of your business venture.
Thanks for the help.
Bella