Business development can be defined as the plans and activities that help a business function better. It includes business growth and increasing business profit. You can build your career by working as a business development manager, business developer, or in other related roles. But, you might be wondering, is business development a good career choice?
In this blog, you will get to explore if business development is a suitable career for you. You’ll learn about the qualifications and skills needed for a career in business development.
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Is Business Development a Good Career?
Is business development a good career? To answer that directly- business development is an excellent field of work. Businesses have a high demand for expert business developers in the UK as well as throughout the world.
Business development has significant job growth. To illustrate, the job growth rate of the business development manager position is +7.5%! And that is assumedly leading to 37,209 new jobs by 2027.
Here is a list of regions and opportunities there to work as business development managers.
Source: National Careers Service
So, business development undoubtedly is a great career choice. After all, it promises a handsome pay scale and lets you exercise your skills. Moreover, this career has many advantages. You’ll find the salary range and advantages of building a career in this field below.
How Much Does a Business Development Manager Earn?
An important metric to answer the question ‘Is business development a good career?’ is the monetary returns. So here’s your answer.
At the beginning of your career, you may earn £25,000 yearly. However, your salary will increase as your expertise and experience keep growing. To elaborate, the average yearly salary of a business development manager varies between £25,000 to £60,000. Although, you’ll have to work 38 to 40 hours a week. Additionally, you may have to work till evening to attend various events.
What are the Advantages of Building a Career in Business Development?
There are many advantages of becoming a business developer. The perks of working in business development are given below:
1. You can build your career from any background. Irrespective of your academic background, you can be a business developer.
2. You will earn very well in this profession. You’ll never regret it in terms of how much you make.
3. Most businesses need a business developer to improve their operational activities. They are also instrumental in expanding a business. So, you will be a highly demanded professional.
4. Your interventions can make or break the deal for your company. In other words, you will be in charge of important business decisions.
5. It will give you a great way to exercise both your analytical skills and creativity.
6. You may get the opportunity to travel across the globe to collect data and business resources.
7. You will undoubtedly enjoy your job. Business development is never dull!
To sum up, this career is very rewarding. As can be seen, there are many benefits that you can enjoy as a business development professional.
What are the Disadvantages of Building a Career in Business Development?
There are a few cons to this profession. They are the following:
1. You’ll be in charge of important business functions. So, you may have to work under pressure. Also, this excessive pressure may stress you out.
2. Sometimes you have to take responsibility for the other employees and your subordinates.
Are you still asking – ‘Is business development a good career?’?
Well, in light of the yearly salary, advantages and disadvantages, we have a clear answer. Evidently, business development comes with a lot of promises.
Qualifications Required for a Career in Business Development
You need some educational qualifications to be a business developer. For example, you have to be a university graduate or a college graduate with working experience. Additionally, you can join an apprenticeship to make a career in this field.
Study at a University
Generally, you will need:
- 2 to 3 A-levels or equivalent, for getting admitted to a university degree
In university, you have to study the following:
- Business administration
Also, recruiters prefer someone with experience in business development, sales or marketing.
Study at a College
Generally, you will need 4 or 5 GCSEs, with the grades 9 to 4 (A* to C) equivalent to the level 3 course.
You can study a college course in business study. Although, if you’ve already started working in an entry-level position, you can think about achieving some extra credentials. For example:
- Level 3 Certificate in Business Development
- Level 3 Certificate in Sales or management
Generally, you will need the following:
- 4 or 5 GCSEs at your grades 9 to 4 (A* to C).
- In addition, you will need your A-levels or equivalent tests completed for applying to an apprenticeship programme.
You can go for a direct approach by applying to become a business development manager if they don’t ask for any specific requirements. In that case, you may need the following:
- GCSE grades 9 to 4 (A* to C) in mathematics and English
- An academic degree
- Management, marketing job or sales job experience
If you are a fresh graduate, you should try to join a business development team. Although, many companies don’t prefer hiring a candidate without prior experience in managerial positions. So, apply for an entry-level position to gain job experience. In the beginning, you may work as a business development representative. However, with time and experience, you will work in managerial and eventually in leadership roles.
7 Essential Skills Needed for a Career in Business Development
You will need some special skills to make a career in business development. They are as follows:
1. Business Insight
Business management skills and operational insights are necessary to work in the business development sector. To elaborate, if you don’t have a great understanding of how businesses function, you can’t improve the existing scenario.
2. Analytical Ability and Intelligence
To optimise the business process, you will have to smartly allocate resources to yield the highest profit. To put it another way, analytical skill is a must in this job.
3. Ability to Research
For business development, you will have to research the industry, competitors, suppliers, buyers, customers, etc. Therefore, a good ability to analyse will be your plus point.
4. Problem-solving Skills
In this profession, you have to be a problem solver. Because sooner or later, a ton of problems might arise while developing the business. So you will have to be patient while solving them cautiously.
5. Communication Skills
As a business developer, you will have to communicate with internal and external people. To elaborate, you will have to interact with management, colleagues, other employees, suppliers, and clients every day. So, great commutation skill is required for doing this job.
Sometimes, you will have to think out of the box and show your creativity. Therefore, being creative will be a bonus skill that can make you stand out from others.
7. Team Player
Business development is not a one-person job. So you may have to work in a team. Therefore, a great team player can become a good business person.
Pro Tips: You can join this Business Management course with enriched modules to get a solid understanding of business development and management. Moreover, at the completion of this course, you’ll get a certificate that will upgrade your resume.
What are the Day-to-Day Tasks in Business Development?
In business development, you will have to do a wide range of tasks every day. The day-to-day tasks of a business developer are given below:
- Identifying what your company needs and planning accordingly
- Launching new methods and opportunities for the company
- Researching the company competitors to find new clients
- Organising meetings with your clients
- Joining company meetings and other events
- Building positive relationships with your clients and negotiating with them
- Making different reports and presentations to the clients as well as the management
- Providing training to other business developers
In short, these are some common day-to-day tasks in business development. If you are still thinking- ‘Is business development a good career?’ then consider the list. It is indeed an important position in any office. And that evidently makes it a great career.
Who should Build a Career In Business Development?
Are you a business trend observer? Or, are you smart enough to solve business problems? Then this profession is definitely for you. Also, if you want to perform a challenging role and like to take risks, then you’ll love working in this field. Moreover, you have to be highly ambitious as well as a visionary. If these qualities match yours, then your answer to ‘Is business development a good career’ is a big yes!
So, if you have all these attributes, then don’t think twice. Grab the opportunity and be a business development professional. Eventually, if you combine the right skill set and mindset, there is eventually no stopping you!
Hopefully, this discussion answered the question ‘Is business development a good career?’
You might already be working in business development or thinking of getting into it. Regardless, you’ll need a strong knowledge of business management and development.
To learn more about business development, check out this Business Management course. Because learning more is the way to stay ahead. The thorough syllabus of the course will eventually give your resume that extra boost.