How to become a business owner: Lauren's story
Meet Lauren, 24, and find out about her life as the owner of Fodilicious, a food company making products for people with irritable bowel syndrome (IBS). Part of our Bitesize world of work series.
"From a young age, I always struggled with my diet and this is what encouraged me to start up my business."
- Lauren has irritable bowel syndrome (IBS), which makes it more difficult for her to digest food
- This inspired her to start her own business so she could make products for people just like her
- Lauren studied Business Management at university which gave her the skills to develop the business.
What to expect if you want to become a business owner
The salary and working hours when you own a business can vary enormously but what's most important is that you work hard and love what you do.
Working for yourself looks different for each person and each business, but in general it means you:
- run your own business and are responsible for its success
- can decide how, when and where you do your work
- charge an agreed, fixed price for your work
- sell goods or services to make a profit
- can hire people at your own expense to help you or to do the work for you.
You can be both employed and self-employed at the same time. You can work for your employer during the day, for example, and run your own business in the evenings and at weekends. It’s important to contact HMRC for advice if you’re not sure if you’re self-employed.
You can get help with setting up or developing your business, through the government’s business support services, for example, for advice about tax or about how to find funding to start your business.
This information is a guide (source: GOV.UK)