How to Become a Business Owner in 9 Steps (without a degree)

Want to become a business owner and leave your 9-5? Then, you’re in the right place. 

Today, I’ll share a clear plan for becoming one whether you have a 9-5, a family, or both. You’ll learn how to use your unique skills to create a successful business from scratch.

So, if you want results like these…

Read on!

Biggest takeaways: 

• Use your existing skills to start a business without needing funding or business building experience 
• Find a business model that works for you (coaching, consulting, and freelancing are profitable and relatively low-risk businesses)
• Focus on ONE marketing strategy and a couple of daily sales activities to get your first customers

How to become a successful business owner in 9 steps

Here’s the thing: You can become a successful business owner with no experience and earn a good income relatively fast. 

Yes – it takes some trial and error. But it can be done.

I started a consulting business as a side hustle that freed me from my day job in just four months. (That’s not to say those results are typical. I had tried starting an online business for a few years prior to starting the one that eventually took off. But starting a business that lets you quit your job is completely doable.)

Here’s what you need to do to become a business owner, too:

• Find the right business idea and model
• Research your market  
• Create a business plan 
• Take care of your finances  
• Set up your business 
• Get clients
• Develop an entrepreneurial mindset 
• Focus on the right things 
• Build a team

Step one is the most important to your success, so let’s start there.

1. Find the right business idea and model 

To start a successful business, you need a successful business idea. But good news – it doesn’t have to be a revolutionary idea like Amazon or Facebook. 

Instead, I recommend my students choose a business model with these two things in mind: 

• Easy to start: In short, what skills do you already have that you can sell?
• High profit margin: If you want to quit your corporate job, you need a business that can replace your income. And that’s way easier with a high-profit business. Examples include coaching, freelancing, and online courses.

I talk more about how I chose a business idea in this video:

To get started, think about what you already do well. If that’s too difficult, consider what your friends and family come to you for. 

Examples include: 

• Helping people with their fitness goals
• Advising couples on navigating tough conversations
• Teaching colleagues how to de-stress

These are all good bases for a specific niche. 

And niches are powerful. 

They help you focus your marketing and create a brand that resonates with the people you want to help. 

The best niche for you is at the intersection of:

• Your skills
• Profitability
• Market demand

Action steps:

✅ Understand what skills you already have – what do people ask you about? 

✅ Choose a skill that is in demand and people are willing and able to pay for 

Let’s talk about how to figure out market demand in the next section.

2. Research your market  

Question: Does the market need what you’re selling? 

A great business idea is only great if someone wants to buy from you. 

But guess what? Market research is super simple. 

Try:

• Talking to your network
• Joining online forums and groups
• Connecting on social media platforms
• Hosting free coaching/consulting sessions with potential clients

You want to find out who your ideal clients are and what they want from a business like yours. 

Note: Don’t skip this step! Getting to know your audience is one of the most valuable things you can do as a business owner.

Action steps:

✅ Go to where your audience hangs out and offer a free coaching or consulting session in exchange for a market research call

✅ Ask questions that help you understand exactly what your audience wants (in their own words) 

Once you’ve validated your business idea, you can put it all on paper AKA build a business plan.

3. Create a business plan 

Do you really need a business plan?

Yes and no. 

You don’t need a 50-page document with your market analysis, double-spaced in Times New Roman. 

But you do need to know:

• What you’re selling
• Who you’re selling to
• How you’re going to sell it

Honestly, you can create a one-page business plan, and that’s enough. Here’s a guide on creating a business plan to help you out.

Action steps: 

✅ Create a one-page business plan that outlines your market research 

✅ Focus on your audience’s needs and wants – understanding this key piece is what will help you sell your product/services

4. Take care of your finances  

Look, entrepreneurship is risky.

There are no benefits like PTO or health insurance. And you’re not guaranteed a paycheck, so it’s essential that you take care of your finances.

But this doesn’t have to be complicated.

Number one is to keep track of your expenses – both personal and professional. Separate your business and personal accounts to make this easier.

That’s just the money side. What about the other metrics you need to track?

I recommend focusing on three defining numbers for your business: 

• Number of leads
• Sales inquiries/calls
• Actual sales

I explain how to track them here:

Getting to know these benchmarks will give you a snapshot of how well your business is doing at any time. (I still use them for my multi-million dollar business!)

Action steps: 

✅ Open a business bank account so that you can separate your personal and business finances 

✅ Set up an Excel spreadsheet to track your numbers (leads/sales calls/sales)

5. Set up your business 

The top three things to focus on to get your business off the ground are:

• Choose a structure: The most common business structures are limited liability (LLC) and sole proprietorship. LLCs are harder to set up but offer benefits like legal protection and tax breaks. A sole proprietorship is simple to start and is what I recommend for most new business owners. (You can always change it later.)
• Register your business: Contact your local government to register your business. In some cases, you can do it online in under an hour. 
• Look up certifications and licenses: Depending on where you are in the country (or the world), you’ll need to consider different licenses, certifications, and even tax rates. So, check the requirements with your local government before you get started.

Need help? Try the SBA website.

Action steps: 

✅ Choose a business structure 

✅ Research your state’s regulations to understand whether you need to register your business or not 

6. Get clients  

Here’s the scary part: Finding your first clients. 

Luckily, this doesn’t have to be scary. I like to keep things as simple as possible. 

Try these strategies:

• Create consistent content targeted to your audience on one social media platform
• Pitch yourself as a guest host on industry podcasts
• Reach out to potential clients on LinkedIn
• Write guest posts for industry blogs

To make things even simpler, try one strategy and work with one client at a time. 

That way, you can master one marketing channel and streamline your workload. 

And when you start working with clients, you can hone your services and use good testimonials to get more sales.

Action steps: 

✅ Research your audience to understand where they are hanging out online

✅ Decide on one marketing strategy you want to use to find your first client

7. Develop an entrepreneurial mindset 

Mindset is a core part of becoming a business owner, and not enough people talk about it. 

Because it’s not always easy being an entrepreneur and you’ve got to be in it for the long haul. 

Here’s a Luisaism: Overnight success is a fairytale.

It took me two years of hard work, giving up, and un-giving up before I created a business that made six figures in four months. 

And, hey, if I can do it, you can, too.

To make things work, focus on: 

• Building a beginner’s mindset: There’s always more to learn. 
• Embracing failure: My failures have been my greatest teachers. 
• Learning how to sell: You can sell without being salesy. (Here’s how!)

Action steps: 

✅ Understand where your mindset is holding you back

✅ Work on reframing your limiting beliefs to ones that will help you take action

8. Focus on the right things 

So many of us in business fall for this one trap: Focusing on the wrong things. 

It’s super common to try so many different techniques but not get anywhere in the beginning. 

I know that was the case for me. When I started my first career coaching business, I felt like I was doing so much work but not getting any clients. 

Why? It was the WRONG type of work.

Now, you’re probably wondering: Luisa, what is the right type of work?

For a start, forget about designing an amazing website and fancy logos. It’s not important right now. 

Instead, focus on the activities that bring in clients. 

That could be:

• Guest hosting on industry podcasts
• Going live on targeted social media platforms

Basically, you want to identify the basic activities that make sales.

More on that in this video:

And remember, streamlining your tasks makes managing your business way easier while you’re handling things on your own. 

Action steps: 

✅ Define the exact steps that will help you get your first few clients (such as sending out podcast pitches and doing podcast interviews) 

✅ Schedule in those tasks every day in 15-minute increments three times a day

When you’re ready to uplevel, it’s time to outsource.

9. Build a team 

You have two ways to build a team to scale your business.

1. Hire in-house service providers: For example, if you’re a coach, hire more coaches to work with more clients. 

2. Find freelancers for specific services: Virtual assistants, content writers, and social media managers can take over tasks you might need help with.

Because I’ve built a strong team, I can work just four hours a day on my business.

👋 High five to that! 👋

Caution: Don’t outsource too soon. I built my business to six figures in revenue before I made my first hire. 

That doesn’t mean you need to wait till you hit six figures. But it is important for you to understand your business inside and out before hiring team members. 

That means you know:

• How to reliably get clients
• The areas of business you’re best at
• How much you can spend on outsourcing
• Your mission, your audience, and your services

Action steps: 

✅ Identify a task that takes up a lot of your time and you could outsource to someone else 

✅ Go to a platform like Upwork and search for the right type of freelancer 

So, those are the steps to becoming a successful business owner, but there’s still more to know before starting your journey.

What are the pros and cons of being a business owner?

Like anything, owning your business has its pros and cons. 

And if you want to become successful at it, you need to know both sides.

Pros

Here’s why it’s worth becoming a business owner: 

• Higher income potential: Instead of waiting for your boss to give you a raise, your income is in your hands. Market yourself the right way, and there’s no limit to how much you can earn.
• Freedom: You’re in control of your business decisions, including who you work with, how, and at what price. 
• Flexibility: You set your schedule. That means you can work anywhere and anytime for the ultimate work-life balance.
• Impact: You get to create a business around your mission. Entrepreneurship allows you to build a fulfilling work life around your purpose.

Cons

Now for the challenges:

• More responsibilities: You’re not just a business owner. You’re also an accountant, designer, marketer, salesperson, and so much more. Eventually, you can outsource tasks to streamline your business, but it can be a lot to take on until then.
• No steady paycheck or benefits: Entrepreneurship has no job security. But if you focus on minimizing risk and increasing profit, you can create your own security.
• Hard work: You need to put it in, but you don’t have to work 24/7. As a business owner, you can design your life intentionally. I talk about this more in this video.

5 low-cost business ideas that you can start 

Ready to get started? These business ideas are low-cost and simple to start with the knowledge you already have.

Freelancing

As a freelancer, you perform similar tasks to an employee but on your terms. You can work with various clients, giving you way more flexibility, income, and freedom than any 9-5. 

Some sought-after freelancing skills include: 

• Coding
• Graphic design
• Customer service 
• Copywriting

Consulting

Want to help individuals or businesses achieve their goals? Consulting might be for you. 
For example, my student Mara Freilich helps people get accepted into top law schools with her consulting business.

Other popular consulting niches include HR, PR, tech, finance, and so on.

Coaching

Coaches help guide and advise their clients to achieve their goals. Not only is the coaching industry growing, reaching over $20 billion in revenue, but it’s also one of the most flexible businesses out there.

I’ve helped hundreds of people become coaches using the knowledge they already have.

Want to know more? Here’s how to start your own coaching business.

Online course

Selling an online course is one of the most profitable business models. Why? Because you only have to create it once and then you can keep selling it.

That’s how I transformed my business into a multi-seven-figure one.

This video will tell you more:

Ecommerce

Ecommerce is when you sell physical or digital products online. Because you have no storefront, you can get started on a smaller budget than most stores.

Plus, you can create a highly lucrative business if you find the right market for your products.

Next steps 

And there you have it: a step-by-step plan to become a business owner and quit your day job (along with some ideas to help you get started). 

If you’re ready to try entrepreneurship this year, my Employee to Entrepreneur course is for you. 

It’s the ultimate guide to building a Freedom Business that will free you from your 9-5.

Click here to learn more. 

Read more:

How to Be Your Own Boss

How to Start a 6-Figure Business While Working Full-Time