How To Become a Business Owner in 10 Easy Steps

group discussing a project

Health Crisis

By the age of 14, my mild health issues evolved beyond nuisances, and by the age of 19, they grew debilitating. I was brushed off by every doctor who either told me, “There is nothing actually wrong with you” or “it is all in your head.”

Living 20 years with no answers, going in and out of the hospital sometimes numerous times a week, and the constant gaslighting by the medical community was very destabilizing and isolating. The loss of support over time from family and friends who started to believe I was neurotic or a hypochondriac felt crushing.

My disease is rare, complex, and hard to pin down. I do believe doctors at times tried to help but often gave up. Others doctors did not even give me a chance and brushed me off almost immediately when they could not figure me out and I was not a simple patient. Real doctors don’t like a good mystery like they do in the show “Grey’s Anatomy.”

Choose a Business Structure

Successful business owners understand the importance of choosing the right business structure. The type of business you’re starting will dictate the legal structure you should choose. This will further determine the legal and financial liability of your business. The most common business structures include sole proprietorships, partnerships, limited liability companies (LLCs), and corporations.

Sole Proprietorship

Partnership

A partnership is a business structure that involves two or more people. Before we delve deeper into how to become a part-owner of a business, we should explain that partnerships can be either general or limited. In a general partnership, all partners are equally liable for the debts and obligations of the business. In a limited partnership, there is at least one partner who has unlimited liability and one or more partners who have limited liability.

A limited liability company (LLC) is a business structure that offers personal liability protection to its owners. LLCs can be either single-member LLCs (owned by one person) or multi-member LLCs (owned by two or more people). Choose one of the top-rated LLC services and outsource LLC formation and ongoing compliance to experienced agents.

Corporation

Finally, if you’ve been wondering how to become a business owner within a corporation, you should get familiar with what a corporation is. A corporation is a business structure that offers limited liability protection to its shareholders. Corporations can be either for-profit or nonprofit. Additionally, an S corporation is a special type of corporation that offers tax benefits to its shareholders.

Do I Need A Business Degree To Start My Own Business?

Many business owners find it better to learn from practical experience. The cost of attending a UK university is very high these days, and students who hope to be entrepreneurs one day consider skipping college altogether.

Sure, a university degree isn’t necessary to be a business owner, but there, you will learn things like time management, ownership, accountability, and prioritising. It will also help you grow emotionally.

As a student, this is the time where you can make mistakes without them ruining your life. As you study, you grow in your ability to learn and reason. If you aren’t emotionally mature, you aren’t going to be very successful in business.

learning financial management skills analytics

learning financial management skills analytics

Technically, you don’t need a college education to start a business, but you might want one. If you don’t know much about business operations or what it takes to start a business, a few college courses can be beneficial.

Most young people don’t have a nest egg to put up the capital to start a business. If you have any chance of starting a business, you will need a source of income to pay your bills and save the capital to get your business going.

You can, however, start your business and take a course or two at a time. This will allow you to give your business the attention that it needs while learning the necessary skills to make your business a success.

Every person is different and everyone’s situation is different. If you have time to wait to start your business, by all means, attend college full-time. if not, you can find a college schedule that will allow you to have it all.

Resource:

https://themighty.com/2022/07/becoming-proud-disabled-business-owner-eds/
https://www.smallbizgenius.net/knowledge-base/how-to-become-a-business-owner/
https://independentlearningschool.com/skills-required-for-a-business-owner/