It always sounds like a noble thing to own a business. Imagine settling things under your own supervision with no concerns that your boss might actually scold you (yay - you feel me?). Everyone wants that. But let's minimize the fantasy because no matter how much everyone wants it, only a few could really have what it takes. Great things don't come easy, they say.
Aside from the fact that you need to have strong critical-thinking skills, leadership is equally important, too. Handling a business wouldn't only mean implementing decisions for your benefit, but also for the people who work for you. You need to sacrifice so many things, even your usual weekends and holidays, just to negotiate offers, meet with clients, and finish reading a mountain of papers (right, you should love reading, too!). Being a co-owner of a business means having tons of responsibilities... you can't drag them on for too long, or you'll end up losing clients, business, and money. Of course, you wouldn't want that.
Some tried and got through the hard times. Some failed and discovered what they really wanted. Wherever the path leads you, it's still a good thing to try. Who knows? You may see yourself doing interviews and having your face shown in tabloids. There are endless possibilities. But none of it can happen, unless you make it.
What is a Co-Owner?
What Does a Co-Owner Do
There are certain skills that many co-owners have in order to accomplish their responsibilities. By taking a look through resumes, we were able to narrow down the most common skills for a person in this position. We discovered that a lot of resumes listed management skills, problem-solving skills and time-management skills.
How To Become a Co-Owner
If you're interested in becoming a co-owner, one of the first things to consider is how much education you need. We've determined that 53.8% of co-owners have a bachelor's degree. In terms of higher education levels, we found that 7.3% of co-owners have master's degrees. Even though most co-owners have a college degree, it's possible to become one with only a high school degree or GED.
Co-Owner Career Paths
In addition to switching up your job search, it might prove helpful to look at a career path for your specific job. Now, what's a career path you ask? Well, it's practically a map that shows how you might advance from one job title to another. Our career paths are especially detailed with salary changes. So, for example, if you started out with the role of president you might progress to a role such as executive vice president eventually. Later on in your career, you could end up with the title executive vice president.
Average Salary for a Co-Owner
What Am I Worth?
Roles and Types of Co-Owner
There are several types of co-owner, including:
Owner
Role:
Sure, you can still hire people to help carry out tasks, but you also need to be reviewing sales, coming up with marketing strategies, and even overseeing operations. The biggest role you have is finding new opportunities to grow or expand your business.
Many business owners who are just starting out typically work really long hours. It takes a lot of work to get an idea off the ground. In general, a 50-60-hour workweek isn't uncommon, especially in the beginning. Once the business takes off, then you can start to afford little luxuries, like working less hours.
- Average Salary: $90,334
- Degree: Bachelor's Degree
Vice President
Role:
The average vice president spends a lot of time at work. I mean, we're talking, a lot of time, like upwards of 65-80 hours a week. Since the majority of the company falls into your hands, you'll likely spend a lot of that time making sure everything is running as efficiently as it can.
As a vice president, it's easy to assume you've have a lot of experience in your field. In addition to experience, it's likely you have also earned at least a bachelor's degree, if not a master's degree as well.
- Average Salary: $158,637
- Degree: Bachelor's Degree
President
Role:
The president works alongside the company's board members to set goals, plans, and strategies for moving the company forward. By setting an example of what good leadership looks like, you'll be able to set your company up for success.
Some of your work as the president may revolve around managing budgets. You want to make sure that you're able to keep up with expenses with the amount of cash that's flowing in and if there should ever come a time when your budget is out of whack, you may have to make some tough budget cuts.
- Average Salary: $192,329
- Degree: Bachelor's Degree
States With The Most Co-Owner Jobs
Number Of Co-Owner Jobs By State
Top Colleges for Co-Owners
1. University of Pennsylvania
Philadelphia, PA • Private
2. Northwestern University
Evanston, IL • Private
3. University of Southern California
Los Angeles, CA • Private
4. University of Texas at Austin
Austin, TX • Private
5. SUNY at Binghamton
Vestal, NY • Private
6. Northeastern University
Boston, MA • Private
7. Bentley University
Waltham, MA • Private
8. George Washington University, The
Washington, DC • Private
9. Lehigh University
Bethlehem, PA • Private
10. Pennsylvania State University
University Park, PA • Private
Top Skills For a Co-Owner
The skills section on your resume can be almost as important as the experience section, so you want it to be an accurate portrayal of what you can do. Luckily, we've found all of the skills you'll need so even if you don't have these skills yet, you know what you need to work on. Out of all the resumes we looked through, 39.5% of co-owners listed customer service on their resume, but soft skills such as management skills and problem-solving skills are important as well.
Choose From 10+ Customizable Co-Owner Resume templates
Zippia allows you to choose from different easy-to-use Co-Owner templates, and provides you with expert advice. Using the templates, you can rest assured that the structure and format of your Co-Owner resume is top notch. Choose a template with the colors, fonts & text sizes that are appropriate for your industry.
Co-Owner Demographics
Co-Owner Gender Distribution
After extensive research and analysis, Zippia's data science team found that:
- Among co-owners, 46.8% of them are women, while 53.2% are men.
- The most common race/ethnicity among co-owners is White, which makes up 76.8% of all co-owners.
- The most common foreign language among co-owners is Spanish at 54.5%.
Online Courses For Co-Owner That You May Like
Payroll calculations - federal income tax, social security, Medicare - Payroll journal entries posted to ledger accounts...
A toolkit for making small business operations effective and efficient...
Operations Management Training Program (Course 4 of 8)...
How Do Co-Owner Rate Their Jobs?
Top Co-Owner Employers
Most Common Employers For Co-Owner
| Rank | Company | Average Salary | Hourly Rate | Job Openings |
|---|---|---|---|---|
| 1 | A & A | $132,755 | $63.82 | 9 |
| 2 | Allstate | $128,588 | $61.82 | 9 |
| 3 | eBay | $124,938 | $60.07 | 14 |
| 4 | T&M Services | $121,413 | $58.37 | 10 |
| 5 | Subway | $101,619 | $48.86 | 10 |
| 6 | C&S Engineers | $99,261 | $47.72 | 12 |
| 7 | Extreme Networks | $95,815 | $46.06 | 10 |
| 8 | Jani-King | $92,796 | $44.61 | 12 |
| 9 | B&M Stores | $91,270 | $43.88 | 9 |
| 10 | M&T Bank | $90,807 | $43.66 | 11 |
Co-Owner Videos
Becoming a Co-Owner FAQs
How Long Does It Take To Become A Co-owner?
It takes 6 years of professional experience to become a co-owner. That is the time it takes to learn specific co-owner skills, but does not account for time spent in formal education. If you include the normal education requirements to complete a college degree, then it takes 9 to 11 years years to become a co-owner.