By Miles Young
The business analyst role has evolved from what was once a junior position into a senior leadership position. Currently, many businesses struggle with upgrading the role that the business analyst plays. What that means for qualified business analysts is that there is a huge need for people with your skill set. However, the need is not just for joining a firm as a business analyst, but also to start your own company as a service provider for all of those companies that still need analytic help.
Why Start Your Own Business Analytics Business?
Problem-solving is a service that many businesses need. There are businesses, such as IT companies, that struggle making the leap between production and analytics. As more companies are monetizing IT as a service, the need for business analysts becomes critical, and that means marketable. Key skills involve excellent communications, problem-solving, rational goal setting, and facilitating ideas and projects.
Why Do Businesses Need Analysts?
The business world is part of the global economy, and that means that online business becomes critically important. Technology changes rapidly, and businesses lose billions of dollars each year because of inefficiency. Business analysts work with the systems and processes to create an efficient process that reduces the cost of producing a product or service.
Business analysts also work to expand the use of existing products or services. They use hard data as supporting facts as they overcome common problems that often derail design and production. For those reasons, business analysts offer an indispensable service to businesses.
What Kind of Businesses Can You Start With a Business Analytics Degree?
You have earned your MBA in Business Analytics; it is time to put it to work for you. One of the easiest and perhaps the most attractive business skills that business analysts have is the ability to understand cost and efficiency models. Those are skills that every business needs. Here are a few examples of easy-to-set-up analytics businesses:
- A cost reduction analyst business is cheap to set up, usually for under $10,000. This business is highly flexible, so you can work part-time while you grow your business. Such a business does not need a lot of overhead, and a home office setup works well.
- An assurance analyst manages the contracts of vendors. It is also a business that is easy to set up with as little as $2,000. It is perfect for a home-based business, and it is in demand.
- A customers satisfaction business is one that focuses on the relationship between products and services, and the customers who buy them. The role is critical in helping other businesses grow or improve market share. The setup costs run under $5,000. A customer satisfaction analyst is an ideal business for home-based analysts or those who want to start a small firm. The key to success is talent, and the most highly prized business analyst has earned at least an MBA in Analytics.
As the needs of businesses continue changing, the role of the business analyst becomes more critical. That demand is the fuel that drives small businesses forward.