Cyst? Nose now red

Hi, like many others here, I have developed a bump on the side of my nose just under my eye.  I believe it is a cyst because it seems to be under the surface, and if I rub it, it's a little smelly (gross).  I squeezed it pretty gently today to see what would happen.  Nothing really, a tiny white head perhaps next to it, but now, 12 hours later, the whole side of my nose is red.  I've never had this problem before, and I'm in my 30s.  I'm wondering 1) why it developed? 2) did I do any permanent damage by squeezing it (although gently), and 3) what is my best bet for getting rid of it safely?
Thanks for any advice, reasons, treatment.  I'm not sure if I should see a dermatologist, shower more, wait it out, buy some product?  Thanks!!!!