Ontologies are one of the main current formalism for modelling real world. But there are always reasons for that choice, among them, domain properties and characteristics.
An ontology is a formal description of knowledge as a set of concepts within a domain and the relationships that hold between them. ... There are, of course, other methods that use formal specifications for knowledge representation such as vocabularies, taxonomies, thesauri, topic maps and logical models. In the context of computer and information sciences, an ontology defines a set of representational primitives with which to model a domain of knowledge or discourse.
Unless you are developing an ontology (or more generally a domain model) for demonstration purposes or teaching, you are rather faced with a problem of modeling of a particular domain that is set earlier. The actual language to do so can be ERD/database schema, UML or one of the ontology languages.
However, if a domain is selected, a decision should be made about
the scope of the model -- where the useful knowledge describing the domain ends, e.g. does ontology of cars should include tyres
the level of detail: the ontology may comprise properties that are relevant, but are rarely or never used