Businesses are used to generate income. Most formal or conventional businesses require merchant cash and capital to get off the ground. You can be self employed without actually being in business per se. Both activities generate income, but one can run itself while the other is meant to provide a living based on hours worked.
Get Into Business
If you are self employed it does not necessarily follow that you are qualified to run a business. On the other hand, many self employed persons have transitioned their occupation into a profitable business. A more formal business structure allows one to expand their efforts. You can hire employees and eventually a manager to run the business for you should you decide to retire or move on to something else. A formal business can provide an income even if you are not there on a daily basis.
Get a Mentor
One way to make the transition from a self employed person to a formal business is to find a mentor. Someone who has already succeeded in doing what you want to do. Using a mentor is considered one of the very best ways to learn anything.
Buy Your Way In
Some people do not like to start from scratch. If you are one of those people, then perhaps you should consider buying an existing business or a franchise. An existing business, if it has been in business for at least five years, can provide one with a stable and predictable return on investment. Most franchises have a successful business model that can be followed. In either event, buying your way in can eliminate a lot of the risk associated with being in business.