How to Become a Business Owner in Simple Steps

In this age and era, we have seen a lot of people leave the conventional job structures and make up a business 🈺for themselves. What do these people study and do for them to be able to make their own business?

If you are someone who has thought about situations and wants to solve all of your queries related to businesses just like I did, then this article I have written is the right one✅ for you!

Business owners are people who have complete control of a business that they might have set up by themselves or might have become in charge of at a later stage in life.

The earnings of a business owner depend on how the business is wearing, but mostly, they can earn up to $104,835 per year 💰 if the business is booming.

Question and Answer

There might be some questions on your mind before you decide to become a business owner permanently, and that is completely valid. It can be a risky job for people who have not really done anything business-related before.

But don’t worry, I’m here to help you out. I have mentioned a few questions below, and all you have to do is answer them honestly. They will help you become more sure about becoming a business owner.

Do you have a backup plan?
Do you have a clear business idea?
Have you prepared for the risks?
Are you capable of finding your business on your own?
If not on your own, then are you aware of any potential sponsors?
How are you going to advertise?
Do you have anyone who can act as a mentor?
Will you be able to handle the workload?

If the answer to most of the questions listed above is yes, then I’m happy to tell you that you will be a very successful business owner.

Who is a Business Owner?

Business Owners are people who build and then take care of business structures. These can look like corporations as well as small businesses. But managing both of these can be equally tiresome. You would have to build 🔺 a business from scratch!

There are even more types of business structures that you can think about and then implement for your dream business gig. You don’t have to worry about finding these elsewhere, though – I have made a list for these and attached it in one of the sections below.

Business owners have to be mindful 🧠of the market and work according to it. Their whole business depends on what the market wants.

For example, you open up a scented candle 🕯️small business because it is very popular and in demand. Business is booming for the first few months. Then, suddenly, people don’t want it anymore, and your business just drops.

Scope of Business Owners

More and more people are opting to step into the world of entrepreneurship and business as the years go by.

According to stats published by Hubspot, nearly 5 million new businesses were registered in 2022. This was a 42% increase in comparison to what it was like before the pandemic hit.

66% of the small businesses in this number are profitable and employ nearly 62 million people.

A lot of these people became entrepreneurs because they were dissatisfied with corporate America, and 47% of them said that they wanted to be their own boss. So, after we do the math, we find that the US has nearly 543,000 new businesses created every month.

And since there’s no age limit to becoming an entrepreneur, you can always start when you want to. 22% of entrepreneurs in the United States started a business because they didn’t want to retire.

Currently, there are 31 million entrepreneurs in the US, and they account for 16% of the workforce.

Skill Set required to become a Business Owner.

A business owner needs to be good at some very specific skills in order to expand their business and become successful. This skill set is very important to master and promises good results.

You need to have good leadership skills.
Try to be good at strategic thinking.
Communication and problem-solving skills should be there as well.
Learn more about entrepreneurship.
Also, try to study financial management.
Networking is also important.
You’ll also have to learn more about risk management.
And lastly, time management is also a very good skill to have.

You can learn more about entrepreneurship in this article.

How much can a Business Owner earn?

The salary 💰of a business owner is not fixed. I say this because your salary as a business owner will depend on your business and how it is faring in the market. If your business is booming, then you will surely get good money. If not, then you need to work harder to pay the bills.

Still, after looking at the statistics and asking around, I have found that the average business owner’s salary in the United States as of July 2023 was $104,835 per year.

This is how much a business owner can earn on average in the United States, and if you want to earn more than this, then the highest-paying cities are going to be Tucson, San Diego, and Brooklyn. You can earn up to $161,413 per year here.

We also tried to find out about the hourly wages of a business owner in the US. According to the data, a business owner earns about $17.42 per hour as of July 2023. 💸

Since the salary trends are not fixed, we have tried to find out the data by taking surveys. Every number here has been proven statistically, and all of the salary trends are up to date.

How to Become a Business Owner? (Tips)

To become a business owner, getting a degree won’t be the end of it. To be honest, it’s not even the start. And this is because becoming a business owner is so much more than just getting a degree.

I have compiled a few steps for you that are very necessary to become a business owner. I have explained them to the best of my abilities so that you’re able to understand what to do. ⬇️

Think about it

The first step is to think about why you want to become a business order and what you would do after becoming one.
This might seem like a silly step, but what we are going to do through this is that we are going to understand whatever our goals 🥅 are.
Thinking about your business as the first step will help you understand where you want to go with your ideas and what sort of planning you should do from now on. Find an idea for your business.
As soon as you do, we can start with the next steps.

Choose your products

It’s a given that since you are going to be a business owner, your company is going to have some specific products or goals. There are three types of businesses you can try for.
In the first type, you can gain ownership over an already existing business. What this means is that you’re going to become the owner of a company that was established by someone else but now needs new leadership.
In the second type, you can start a franchise 🏪of sorts. What this means is that you can bring out new products from an already established company.
And in the third type, you can launch your own company, and I think it’s clear as day what this means.
Once you are done deciding what type of business you want to make. Start thinking about the specific type of products or company you would like to have.
For example, do you want to work for a company operating in the food industry or a company in the cosmetics industry?

Research about it

The next step ↗️ is to start researching the type of industry you want to make stuff for. This research includes learning more about what already exists in the market as well as the strategies that other companies use.
You can also find out about the products that are not that popular and which can bring you profits if you market enough about them.

Make a business plan.

Now it’s time to write down everything that you have thought up till now about your business.
This is called drafting a business plan, and it’s an important document of sorts that has the details about your company, its goals, and all of your strategies.
A business plan 🗒️must have a description of the business, a list of the goals of the company, a marketing plan and a financial plan, information about the funding, and a summary.
If you want to learn how to make a business plan, use this guide.

Find funds

Where will you get the money💰 to make your products and market them as well? You will get money when you secure funds.
There are two steps to secure funds that you should take note of. In the first step, you have to calculate and see exactly how much money your business needs. Be thorough about it.
The next step is to think about all of the funding 💳options properly. Finding options can look like seeking funds from investors, providing your funds, and applying for loans.
Use this article to learn more about finding funds.

What structure is your business?

After this, you must pick out a business structure. A business structure is basically how your company is organized.
There are five common types of business structures. The first one is a corporation, which is a large company where the business and the owners are separate.
The second type is S corporation, which is more of an option if you want to open up a small business because this structure is a separate entity as well.
The third one is a sole proprietorship in which one person completely owns the company, and they are the ones operating it as well.
The fourth option is a limited liability company, which is a hybrid structure where the business owner has some sort of rights. And lastly, there is a partnership🤝 in which two or more people own the company and are operating it.
Read more about business structures in this article.

Name it and get a license.

It’s time to pick a name for your business.
It should be something catchy and something that people might not forget about easily. Take your time⏰ to think about it, but make sure that whatever name you pick is not a common one; otherwise, it will get lost in the market.
After this, you must start applying for licensing for your business. You would have to register it, and you would have to get a license.

Get a team

We need people to work in the company to make it flourish. Become active on the job platforms online as well as offline, and try to hire as many people as you can.
This doesn’t necessarily mean that you take up anyone who wants to apply for the job.
Interview them🤝 and understand if they’re good enough for the job position you are offering or not, and then give them the job.

Start marketing

Now your business is ready. But how do you get people to buy your stuff? It is done by marketing whatever you are making or the services that you are providing.
Make a good marketing team in the business, and then make sure that, depending on your business and your products, you roll out good marketing strategies that get you a good audience. 🛍️
There are a lot of social media platforms that are great for marketing, like Instagram, Facebook, and even Pinterest.

Top Business Owner Courses in the United States

Online educational platforms can help you get some online courses that can provide more insight into this career option and help you learn more core concepts, tricks, and tips in business. ⤵️

Creating a Business Plan

LinkedIn Learning is an educational online platform that is connected to LinkedIn. I think we all know about LinkedIn because it is a very reputed and well-known job-hunting 🧳 platform, which means that whatever course it provides on LinkedIn learning is going to focus on job prospects and provide insight on such topics.

This course is all about making your business plan and is very helpful for all of the beginners who have just thought about opening up their own business.
It has about seven lessons, which are divided into more audio-visual content for you to use.
The course is a lengthy one but didn’t show that you are learning interactively.
The teacher for this course is Mike Figliuolo, who is the founder and managing director of thoughtLEADERS, LLC. The course is free to use.

Grow Your Business with Pinterest Analytics

SkillShare is another very famous educational platform ✅that offers this course about growing business with Pinterest analytics.
We talked about marketing the business and services earlier. This course is all about that. It is going to help you understand how you can market your business and grow it by using the very famous app Pinterest.
It is beginner level, which means that you will be able to understand the scores even if you have no prior knowledge about business plans, etc.
Topics include illustration, design, and methods of marketing using Pinterest.

The Complete Business Plan Course (Includes 50 Templates)

Udemy offers this course about making business plans, which is going to be very useful for you since we talked about business plans being one of the first steps to becoming a business owner.
This course is taught by Chris Haroun, who is a finance professor and has taught a lot of kids before. You will have to pay $94.99 for this course.
The course includes 9 hours of on-demand video 🖥️which you can access using your mobile or your television. It has downloadable resources and four articles for you to read.
All of this is going to be available to you once you purchase the course, and upon completion, you will get a certificate of completion as well.

Business Foundations

The last program we will talk about is provided by Coursera and has six courses as part of the specialization program.
It is taught by eight instructors who are all professionals at the University of Pennsylvania.
The courses that you will learn under the specialization program are Managing Social and Human Capital, Introduction to Operations Management, Introduction to Financial Accounting, Introduction to Corporate Finance, Wharton Business Foundations Capstone, and Introduction to Marketing.
The course will go on for seven months🕰️ and you have to study 2 hours per week minimum. It will cost you $49.

Top Business Owner Schools in the World

A business program would be the best for you as someone who wants to make it big as a business owner. This course will help you get introduced to different concepts in business.

INSTEAD

INSEAD is a global business school that celebrates diversity and fosters a spirit of exploration.
It is located in France and Singapore, attracting students from all corners of the world and hence creating a rich and multicultural experience for aspiring businessmen.
The school’s faculty consists of world-class experts and experienced individuals who inspire and challenge students, which helps them to excel in this field.
INSEAD opens doors to exciting job opportunities and entrepreneurial ventures due to its collaborative🤝 community cultivating lifelong friendships and a supportive network of alumni.
INSEAD’s unique approach to educating people about business helps them prepare to become agile, forward-thinking leaders who are ready to tackle the challenges of a rapidly changing world.

University of Oxford

The University of Oxford is the home of Saïd Business School in Oxford, England. This business school promises that its role is not just limited to helping only one student, but instead, it is to help all of society.
Here, Entrepreneurs and scholars 👩🏻‍🎓work on the edge of possibility, filled with a passion for shaping tomorrow’s world.
Oxford motivates its students to become businessmen.
It is a hub of global minds where students come from across the globe, and this exposure helps them to understand how business is done not only in their country but everywhere in the world.

Cornell University

Cornell University is located in Ithaca, New York, USA, and is another Ivy League institution known for its comprehensive educational offerings for aspiring businessmen. Cornell’s Samuel Curtis Johnson Graduate School of Management is Known for its business programs.
Its curriculum makes the student’s concepts clear about finance💰, consulting, and entrepreneurship and promises academic excellence. It emphasizes that students should apply them in the real world as their projects.
The Johnson School’s master’s programs help out students a lot. These are students who are pursuing full-time and executive MBA, MPS, and Ph.D. degree programs.

Columbia University

Columbia University has the Columbia Business School situated in New York, United States of America, and is an Ivy League institute famous for its business school.
It’s situated at the Financial hub of New York City, which offers many corporate connections and internship opportunities.
This school🏫 focuses on building an analytical mindset in a student, which helps the student to understand the concepts of economics and accounting, and they can then apply them to real-world situations.
They have this teaching plan in which they provide the chance to learn using tools and learnings needed to function properly in the business world.

Massachusetts Institute of Technology

Even MIT has a school of business. It is the Sloan School of Management, which provides a curriculum oriented to developing business skills.
This school offers cutting-edge business programs that make a person an expert in the business world.
The school’s collaborative🤜🏻🤛🏻 learning environment fosters creativity and critical thinking, preparing students to tackle complex business challenges.
This school is near Boston, which provides ample connections and opportunities available for students to develop business relations and pursue internships related to the field of business they are interested in. ➕

Where to find Business owner opportunities online?

While it is true that becoming a business owner means opening up your own business and not needing any job opportunities from someone else, it is still good to be active on different job platforms.

A lot of people can apply for work in your company through these sites, and you can find some people, too.

Indeed

You can even make an account on Indeed, which is another powerful website for finding jobs.
They will also help you build up your profile; for example, ➡️, if you have trouble making your CV, their support team will make the best CV that will get you as many jobs as possible at a minimal cost, and you can even boost your profile page with their plus subscription to make your CV reachable to a greater number of companies.
But since you are the employer this time, make sure that you post about job openings regularly so that people can keep on applying actively.

LinkedIn is going to be like a boon for you.
This is because this site is used for connecting with other people.
An expert business owner knows that building a network 🤝is going to be very beneficial for the business, and hence, they won’t let go of the chance to utilize this platform and its resources to the max.
Make your account on LinkedIn as soon as you can and start reaching out to people who irk your interest.

Freelancing options

Freelancing is also a great way in which you can get the job for the time you prefer, which requires the skills 🗣️you have mastered.
This way is considered to be better than part-time jobs as they have more freedom and even have the option to interact directly with the consumers so that the consumer can get the ideal product/service that they have in mind.
What you are going to do is freelancing only in a sense.
Upwork and Fiverr are apt websites to find these Freelancing opportunities as this can help you get more customers to whom you can provide your product/service at a reasonable pay scale.

Conclusion

It takes a lot of courage to become a business owner. This is because the likelihood of success is not guaranteed at all.

It can either become a booming business like Amazon or Tesla, or it can fail. Still, a lot of people have made their dreams come true and have become business owners who are masters of their craft. So, don’t be disheartened and give your dream your all.

Ask away in the comments if you have any other questions. I promise to answer as soon as I can.🐥