When people think about starting a business, they’ll probably have an idea in mind of someone coming up with an idea, building it all up from scratch, and then working on it to grow it over time. It makes sense. And that definitely can be the way to go about it, but it’s certainly not the only way to become a business owner, and the truth is that people come at it in all different ways, depending on their experience, finances, and what they want from their working life. With that in mind, keep reading to find out more about the different ways people get into business ownership. 

Starting Something From Scratch

For a lot of people, the familiar route into business is just to start completely fresh - you come up with an idea, register a company, and slowly build it into something from nothing. And that can work well because you’ll have full control over what the business becomes, from the brand and branding, to how it all operates. 

Of course, the downside to that is that it’s going to take time - sometimes a lot of time. There’s usually a period when money is tight, systems aren’t working, and you’re always learning as you go (often from mistakes). So it can be rewarding, but it also needs plenty of patience and a willingness to be flexible and deal with uncertain situations a lot of the time. 

Turning A Skill Into A Business 

Some people become business owners without actually meaning to because they’ll find they’re good at something, like design, cooking, repairs, or pretty much anything else, and people start paying them for it. Over time, that turns into a business just because it makes sense to go down that route. 

This way of doing things can often feel very natural because it grows out of something you already do, but it can still be a challenge when you move from being a worker to being the one in charge of everything. Plus, monetising a hobby is always risky because it might stop being fun when you’ve got to make it pay. 

Buying An Existing Business 

Another pretty common route is buying a business that’s already up and running. This can be an appealing idea because there’s already a customer base, staff, and systems in place, so instead of starting something from scratch, you get to just continue with something that’s already working. 

Some people choose to use a business broker to help find the right opportunities, handle negotiations, and guide them through the process, which can make buying a business a lot easier, especially if it’s your first time. 

Joining A Family Business 

Many people decide to get into business ownership through family (although sometimes it’s not a decision and more of an expectation, but that’s a different matter). You might have a parent, partner, or other relative who runs a business, and over time you become more and more involved until you end up running it yourself - you might take over or become a co-owner or partner, for example. 

This can work out well, but it’s wise to think about the potential challenges as well, especially because you’ll be mixing personal and professional lives. However, the built-in knowledge and the trust that’s already there can often outweigh the more negative bits. 

Franchising

Franchising is another way to become a business owner, and it’s one that a lot of people think is the best of both worlds. You buy into an established brand and follow a proven system, which means you don’t have to reinvent the wheel, and people already know exactly who you are and what you do. Of course, to get all that you will need to give up some control (big decisions will be out of your hands) and you’ll need to pay an upfront fee as well as a monthly percentage of your profits in most cases. 

However, for people who are looking for structure and support, a franchise can be a fantastic middle area between starting from scratch and buying an independent business. 

Growing Out Of Employment 

Sometimes ownership comes from inside a company. For example, an employee might be given the chance to buy shares, take over a department, or eventually buy the whole business outright. You’ll often find this happening in smaller companies where the owners are ready to step back, and they know there’s someone on the team who can take over and keep things running smoothly. 

What’s great about this idea is that it’s usually an easy transition because you already know exactly how the business work and what the future goals are, and if you’re in a position where you’re being considered to take over, then you’ll probably have a good idea of all the internal politics and structure too. That way, there won’t be any surprises when you take over the role. 

Accidental Entrepreneurs 

Something else to think about is the fact that not everyone actually plans to become a business owner - sometimes it just happens out of necessity because a job ends, or perhaps a side hustle really takes off, or there’s a problem that needs solving and you work out how to do it. 

If that’s the case for you, you’re in a good position and you should be able to fit your business around your life rather than having to do things the other way around. That means things should be more successful, you’ll have more motivation, and you’ll grow at a pace that suits you. 

Choosing The Right Path

There’s no right way to become a business owner, and what really matters is choosing a path that suits your situation, how willing you are to take a risk, and what your goals are. Some people love the challenge of starting fresh, and others prefer to take on something that already exists because of the safety net, but whatever you choose, putting in hard work is non-negotiable - nothing’s going to happen without it.