Welcome to the Community @womeninspiringwo.

The option to create a local QBO company backup file is only available for the Advanced plan. 

To know what plan you have, here's how:

1. Click the gear icon.
2. Go Accounts & Settings.
3. Choose the Billing & subscription. 
4. From there, check for your QBO subscription. 

If you're an Advanced plan user, here are the steps on how to create a backup file for your QBO company: 

1. Go to the Settings menu. 
2. Select Backup company.
3. You will be prompted to sign in with your Intuit account. 
4. Select Authorize to proceed.
5. Next, click Add Company.
6.  Under the Search for company dropdown, choose the company you want to back up. 
7. Click, Next.
8. Then, Connect.
9. Look for that specific company name again.
10. Select the Action dropdown. 
11. Finally, click Run full backup.

Moreover, you might want to check these articles for future help.

• Restore your data from a backup
• Upgrade or downgrade your QuickBooks Online edition

Feel to reply down below if you have further concerns about backing up QBO company data. We'll be happy to assist you. Have a great day. 

@womeninspiringwo 

If you are not using QBO Advanced, you can use a 3rd party backup restore app.

https://partnerwithus.rewind.com/quickbooks

Another option, convert your data to QB Desktop file. You can use the trial version of QB Desktop to open it later.

Why is QBO holding my data hostage? The data does not belong to QBO, it belongs to my company. Why am I unable to create my own local backup on my personally owned server unless I double the cost of my subscription or purchase some other app developers subscription? 

@Akervin  While I'm sure there could be a prolonged conversation about this, it really comes down to three things.

First, Intuit and the rest of the the commercial world are quickly learning how much more lucrative subscription-based commerce is.

Second, Intuit knows that hardly anybody reads the terms and conditions they agree to.

Third, Intuit put it into the terms and conditions all of their customers agree to.