Working for Yourself: Upskilling through Postgrad Study
Today’s unstable job market has contributed to new employment trends and an increase in job mobility rates in Australia. Whilst many professionals are taking a traditional career route, there are others taking the leap and turning to self-employment – whether as a side hustle or as a full-blown operation.
With more people turning to self-employment, you will eventually find yourself asking the same question – “Should I also take the leap, and finally have something of my own?” Don’t worry, you’re not alone. In 2020-21, there was a 3.8% increase in the number of businesses in Australia, with 365,480 new entrants. This trend can also be backed by the fact that Millennials tend to steer toward entrepreneurial opportunities.
Working for yourself comes with a lot of advantages, especially when considering flexibility around work hours and location of work. But like the age old saying, “the higher the risk, the higher the reward” – this too, comes with its unique set of challenges. When working for yourself, it’s important to understand that you’re not just leading one area of the business. Naturally, you will find yourself wanting to be prepared before taking the leap.
Preparing for Self-Employment
There is no “one size fits all” solution to this. There are several ways to prepare depending on availability of time and other resources.
Learn the basics
An important starting point is to research the general aspects you will need to complete to start a business in Australia.
Take short classes
Whether you need to brush up on your excel skills or learn how to take professional photos for your website, there are online free and paid classes you can take to boost your knowledge fast. Look into sites like LinkedIn Learning , edX, or Skillshare to find a suitable match. If you want to study an individual course the University offers without enrolling in a degree, you can undertake non-award study.
Gain specialised skills
If you want more specialist knowledge and skills, one way to do so is via postgrad education. Postgrad studies have become increasingly popular for a range of different reasons – but it can also prepare you for successful self-employment.
As an example, the University’s Master of Data Science is designed to produce career-ready graduates that can fill positions outlined in the World Economic Forum’s The Future of Jobs Report 2020. These jobs are identified based on the skill requirements of current and future business needs. Some job examples include:
- Data Analysts and Scientists
- Big Data Specialists
- Database and Network Professionals
If this is your field of interest, you could upskill through this program and present your service-based business on a global scale. Or perhaps you need to understand the mounds of data your business receives to best succeed, so a shorter Graduate Certificate in Data Analytics or Data Science is more your style.
Another study area that is often overlooked when considering self-employment is Business Psychology. Graduates of the Master of Business Psychology will develop an advanced understanding of human behaviour and how this can be applied to manage workplace relationships. Additionally, you will also gain specialised skills in applied psychology and organisational behaviour in the workplace, such as psychological assessment and interviewing. This knowledge can be crucial to your success as a business owner.
Depending on the scale and size of the business you’re looking at starting, you also have the option of choosing between a range of business-related qualifications that can help you arm yourself with updated and relevant knowledge. You can choose from a wide variety of study areas that can provide generic and niche knowledge about the traditional side of owning a business. The Newcastle Business School offers postgrad short courses and full Masters degrees that are fully accredited by various bodies like EQUIS and AACSB in the below fields:
- Marketing
- Accounting
- Business
- Finance
- Human Resource Management and Law
A full list of Business and Management postgrad degrees is available here.
The Master of Marketing was very complementary to my role at the time and helped forge a new career path upon my completion, giving me the confidence to start my own business as a specialist marketing consultant to the arts and creative industries.
Rebecca
Master of Marketing Alumna
Getting Started
Not sure how you are going to fit study in around your daily commitments? Many students choose to start with a Graduate Certificate and go from there. Graduate Certificates are shorter in duration (typically 6 months) and give you a basic level understanding of the relevant study area. Those who wish to pursue more specialised education in the field can then choose to continue their studies into the Masters program, completing it in less time.
For example, you could commence your study by enrolling in the Graduate Certificate of Business Administration, which is available in full-time and part-time study modes and is offered face-to-face, online, or a combination of both. From here, should you wish to continue your studies and obtain more in-depth knowledge, you have the option of entering other programs, such as the Master of Business Administration, which offers credit exemptions – meaning you can graduate quicker! You also have the option to defer a term when you need to, just make sure you check the maximum time you have to complete the degree so you can ensure you graduate.
Pursue the career you really want. Now is the time.
The University of Newcastle acknowledges the traditional custodians of the lands within our footprint areas: Awabakal, Darkinjung, Biripai, Worimi, Wonnarua, and Eora Nations. We also pay respect to the wisdom of our Elders past and present.