How do I start a business in a field that I don't have much knowledge about?

• I have decided I want to be an entrepreneur. I studied business with a concentration in supply chain management. I will be a senior in the fall. So far, the classes I've taken are boring to me. I am also doing an internship as a strategic sourcing/supply chain intern and it does not interest me at all or seem like something I would enjoy doing.  I am more interested in the beauty and fashion industry and I will like to start a business in that field. The problem is I didn't go to fashion or skin care/beauty school. The only knowledge I have about the beauty industry is from experience and YouTube videos.  I don't want to take out loans to go to fashion design or beauty school. Is it possible to start a business in the beauty industry without going to school for it? Should I go to grad school for it? I'd rather not because I don't want to loan money to study for a degree that might not be necessary and doesn't pay well.  I plan to get a job after college and save up to create a skincare product line or clothing line. I just don't feel like i have enough knowledge or I'm creative enough to start one.  Please give me advice on what you think I need to do. Thanks in advance :)

• Answer:

  The successful start up companies I have witnessed are excellent at 2 major building blocks: 1. Strategic Planning 2. Developing a marketing plan. STRATEGIC PLANNING Consider   downloading the free Biz Info Library article entitled, "Are You   Prepared to Succeed in Business" from the second vertical, "References"   Box Net Cube in the left margin of the site linked below. Here is an extract: "The long-term success of a business is dependent on its long-term strategies. It has been said that a company can overcome inefficient use of internal resources if its basic strategy is brilliant, but not likely to get by with the wrong strategies even with excellent production and distribution capabilities. Past success formulas might not work in the future. Therefore, a company must periodically reexamine its situation as objectively as possible and determine the best course of action for the future in order to meet its goals and objectives. Many companies get stalled on a flat growth plateau. Strategic planning methods can be used to realistically develop and evaluate growth options. Management needs to address the issues that affect long term growth, and position the company for outstanding performance. In  order to be effective, planning should become an integral part of the   business' culture and needs to be a continuous process." http://www.smalltofeds.com DEVELOPING A MARKETING PLAN TASTE, TRENDS AND TECHNOLOGY What   does your research indicate is the trend in your field? Will it stay   the way you are currently offering supplies and services or will it   change? This item covers the developments you expect for the next few   years. Evan a 'perfect' business can become obsolete overnight due to  future developments. Specify a 5 year forecast of your field in your  area. SALES REVENUE FORECAST Have you developed these targets?  This section shows your estimates of future sales revenue for your  business. Your strategic plan, needs to spell out the specific actions  you will take to achieve your forecast sales revenues. DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION How  does your business differ from the competition's strong and weak  points. Again, remember to carefully look at your business from the  customer's perspective. If you're not sure how your pricing policies  compare to the competition, here are some  guidelines. Most people  associate high prices with high quality and  extra service, while they  associate low prices with low or average  quality and minimum service.  Make sure you provide extra quality and  service if your prices are  higher than your competition or make sure  that your prices are lower if  your quality is average and your service  is minimum. DECIDE HOW TO REACH CUSTOMERS Once   you describe your target customer, it's easier to create a list of   possible ways to reach that person. One of your jobs as a  businessperson  is to decide which of all the possible methods of  communication will  give you the most exposure for the least cost in  money or time. EVALUATE THE RISKS FACING YOUR BUSINESS      COMPETITION: Most businesses have competition. How will your business   differ in significant and positive ways from your competition? If your   competition is strong, don't minimize that fact, but figure out ways  you  will adjust to or use that strength. For example, if you plan to  open a  restaurant next to an extremely popular one, part of your  strategy  might be to cater to the overflow. Another might be to open on  days or  evenings when the other restaurant is closed.      PIONEERING: If you anticipate no direct competition, your business  probably involves selling a new product or service, or one that is new  to your area. How will you avoid going broke trying to develop a market?      CYCLES AND TRENDS: Many businesses have cycles of growth and decline  often based on outside factors such  as taste, trends or technology. What  is your forecast of the cycles and  trends in your business? For   example, if your forecast tells you that the new electronic product you   plan to manufacture may decline in three years when the market is   saturated, can you earn enough money in the meantime to make the  venture  worthwhile?     SLOW TIMES: Every business  experiences ups and downs. Is your business small and simple enough, or  capitalized adequately enough, to ride out  slow times? Or do you have  some other strategy, such as staying open  long hours in the busy season  and closing during times of the year when business is slow.     OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on? Write  your risk analysis by first thinking of the main dangers your business   faces. This shouldn't be hard, as you have probably been concerned  about  them for some time. Some of these may be on the list set out  above;  others will be unique to your business. Once you have identified the  principal risks facing your business, write out a plan to counter each.  But don't bog yourself down worrying about all sorts of unlikely  disasters.