Retail Business Owners


Overview

Introduction

Retail business owners are entrepreneurs who start or buy their own businesses or franchise operations. They are responsible for all aspects of a business operation, from planning and ordering merchandise to overseeing day-to-day operations. Retail business owners sell such items as clothing, household appliances, groceries, jewelry, and furniture.

Quick Facts


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Median Salary

$67,779

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Employment Prospects

Fair

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Minimum Education Level

High School Diploma


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Experience

Retail experience required


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Skills

Business Management


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Personality Traits

Organized

Earnings

Earnings vary widely and are greatly influenced by the ability of the individual owner, the type of product or service being sold, and existing economic conditions. Some retail business owners may earn less than $15,000 a year, while the most successful owners earn hundreds of thousands of dollars or more. PayScale.com reported that owners/operators of small businesses earned median salaries of...

Work Environment

Retail business owners generally work in pleasant surroundings. Even so, ownership is a demanding occupation, with owners often working six or seven days a week. Working more than 60 hours a week is not unusual, especially during the Christmas season and other busy times. An owner of a large establishment may be able to leave a manager in charge of many parts of the business, but the owner stil...

Outlook

The retail field is extremely competitive, and many businesses fail each year. The most common reason for failure is poor management. Thus people with some managerial experience or training will likely have the best chance at running a successful business.

The retail industry is directly affected by the economy and is negatively affected by financial downturns. In addition to overcoming ...

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