i have a duel BS and am working on both a MS and MBA.
I don't think a degree is 100% necessary for a good business, but it does definitely help. Having a business, or business related, degree will definitely help with the behind the scenes of a business. Like tony said above, even if you don't go for a full degree, taking a few basic classes such as communications, writing, low level business and accounting classes will definitely go far at helping you and the business.
I'll add this, college is more about the learning process than the subjects you actually learn. This is why companies will prefer any type college degree for basic positions over someone with out a degree. College shows that you know how to learn and can learn different topics/subjects. I can also say, 90% of the time I talk to someone for a few minutes, I can clearly tell if they have a college degree or not by how they talk and present themselves. If you do not think this effects your business, it does.
Why do people not respect us as they do other tradesmen? Because every Tom, Dick, and Harry doesn't think he can be a plumber or electrician!