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Co-owner vs business owner

The differences between co-owners and business owners can be seen in a few details. Each job has different responsibilities and duties. While it typically takes More than 10 years to become a co-owner, becoming a business owner takes usually requires 4-6 years. Additionally, a co-owner has an average salary of $86,704, which is higher than the $50,934 average annual salary of a business owner.

The top three skills for a co-owner include customer service, financial statements and business plan. The most important skills for a business owner are customer service, payroll, and financial statements.

Co-owner vs business owner overview

Co-OwnerBusiness Owner
Yearly salary$86,704$50,934
Hourly rate$41.68$24.49
Growth rate6%6%
Number of jobs52,915107,663
Job satisfaction--
Most common degreeBachelor's Degree, 54%Bachelor's Degree, 52%
Average age5244
Years of experience-6

What does a co-owner do?

A co-owner is responsible for ensuring smooth business operations, searching for the best industrial opportunities to drive revenues and increase profitability. Some of the business co-owners' duties include planning activities for business promotions, monitoring current market trends, establishing a reliable workforce, developing product specifications, managing financial goals and cost estimates, strengthening marketing strategies, and keeping records of business papers and documents. A co-owner should have excellent leadership, communication, and decision-making skills to secure business growth and success.

What does a business owner do?

Business owners, also known as Entrepreneurs, are responsible for their company and brand's success. There are many areas of responsibility when you're a business owner, such as in the aspects of planning and budgeting, arranging finances and legal documentation, and even hiring the workforce essential for the business to grow. However, these responsibilities will vary according to how a business owner will uphold them. Moreover, building a business from the ground up requires dedication and a vision and mission for the brand.

Co-owner vs business owner salary

Co-owners and business owners have different pay scales, as shown below.

Co-OwnerBusiness Owner
Average salary$86,704$50,934
Salary rangeBetween $63,000 And $118,000Between $27,000 And $94,000
Highest paying City-Seattle, WA
Highest paying state-Washington
Best paying company-BD
Best paying industry-Retail

Differences between co-owner and business owner education

There are a few differences between a co-owner and a business owner in terms of educational background:

Co-OwnerBusiness Owner
Most common degreeBachelor's Degree, 54%Bachelor's Degree, 52%
Most common majorBusinessBusiness
Most common collegeUniversity of PennsylvaniaUniversity of Pennsylvania

Co-owner vs business owner demographics

Here are the differences between co-owners' and business owners' demographics:

Co-OwnerBusiness Owner
Average age5244
Gender ratioMale, 53.2% Female, 46.8%Male, 51.4% Female, 48.6%
Race ratioBlack or African American, 3.7% Unknown, 3.9% Hispanic or Latino, 7.5% Asian, 7.4% White, 76.8% American Indian and Alaska Native, 0.6%Black or African American, 6.3% Unknown, 4.3% Hispanic or Latino, 15.5% Asian, 6.4% White, 67.0% American Indian and Alaska Native, 0.5%
LGBT Percentage12%10%

Differences between co-owner and business owner duties and responsibilities

Co-owner example responsibilities.

  • Manage inventory, profit and loss analysis, ROI, staff training and health department standards & safety regulations.
  • Manage budget and financial operations, including payroll and inventory.
  • Manage the day to day operation/financial operations of Medicare certify home health agency.
  • Acquire LLC, zone compliance, city business license and all other necessary documentation for a new business.
  • Complete all paperwork necessary for LLC, business license, insurance requirements, audits and home improvement license.
  • Photograph, edit (Photoshop) and upload pictures on website for new items or for products with new look.
    • Show more

Business owner example responsibilities.

  • Manage the budget and insure operations run smoothly.
  • Create, own and manage a LLC for grind pet transportation.
  • Establish and manage a beading boutique via the Internet by utilizing Photoshop to post designs on a personal website.
  • Manage sales, customer service, billing, A/P, A/R, vendor relations, negotiations, repairs, and maintenance.
  • Manage end to end business operations including hiring, scheduling visits, conducting customer consultations and performing pet visits.
  • Handle all aspects from A/P to A/R, payroll, ordering and dealing with all distributors and city officials.
    • Show more

Co-owner vs business owner skills

Common co-owner skills
  • Customer Service, 39%
  • Financial Statements, 13%
  • Business Plan, 4%
  • Real Estate, 3%
  • QuickBooks, 3%
  • Inventory Control, 3%
Common business owner skills
  • Customer Service, 31%
  • Payroll, 12%
  • Financial Statements, 9%
  • Business Plan, 7%
  • Business Model, 3%
  • Real Estate, 2%

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Updated January 8, 2025

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