Store owners serve as backbones of an economy. From large corporations to small store, owners provide services, employment and goods. Whether businesses are sole-proprietorship, corporation or partnership, starting businesses entails expertise, hard work and a great stamina. For those people with inner drive, desire and dream, owning your own business can be a lucrative and rewarding experience.
What is a store owner?
Store owners are persons who oversee the daily operations of a business including management and clerical duties. Store owners are responsible for firing, managing and hiring employees.
Duties of a store owner
- Store owners are generally responsible in managing their own businesses which include not only small retail stores like bookstores and gift shops but also advertising, self-service laundry, manufacturing firms and franchising operations like gas stations and fast-food restaurants. In addition, many freelancers and consultants in various fields run their own businesses.
- Although various standards are applied to different companies, small business administrations are classified as the most basic service and retail operations. The duties and responsibilities of store owners greatly depend on the type and nature of the company.
- In most cases, store owners’ foremost functions include planning, marketing and money management. In order to keep their businesses, store owners should know when they are required to take some financial risks. They also need to be knowledgeable on the market size of the services or products that they provide and should adapt to varying business conditions through creating new services or products, improving services or promoting the company in an innovative and new way. Store owners should also offer their services and products at great and competitive costs by keeping the prices down and buying equipments and series that are within the budget.
Condition of work
Store owners usually handle stressful job as they are responsible in the entire business operation and should ensure that the business runs smoothly and profitable. They are also found inside the store observing the works of their employees.
Store owners should possess a good knowledge regarding the type of industry that they desire. It is very helpful that store owners have formal trainings in their preferable field. A bachelor’s degree in business administration, finance, sales and marketing is also helpful in running a business.
Occupation and Progress
The salary of business owners generally depend on the number of sales as well as the profit gained. A business either small or large typically takes about 3 years to show progress or profit.