What is a store owner? It is a person who actually owns a store as opposed to someone who manages or oversees it. A store owner may choose to have an active part in running a store by being present and working at the store, or may simply be someone who finances the store and hires someone else to manage it. The latter is is often the case for franchise stores such as clothing stores, shoe stories, personal care stores, furniture stores, etc. Those that own an independent store such as a convenience store are often much more hands on, ordering products, stocking, cleaning, accounting and running the register.It is important for a person who plans on owning a store to have a background in or at least have a keen interest in the services or products they are providing. They should also have some educational background or experience about owning a business and stores in particular. They should get to know exactly what demographic they plan to target and serve and design their store accordingly. According to
www.franchise.com, the person has to be involved in “sales, marketing, human resources, customer service, quality assurance, operations, legal compliance, accounting, and much more.” Investing in a business is a huge commitment, financially, physically and emotionally. Those that chose a franchise at least have a blueprint to follow and will receive training for a business system that has proven to be successful for others.
Store Owner Salary
According to simplyhired.com, a person who owns a store earns an average of $42,000 a year. However, the website goes on to point out that the “average store owner salaries can vary greatly due to company, location, industry, experience and benefits.” Another website, www.payscale.com, shows a higher pay rate. The average on that site is $72,000, with a low end of $45,000 and an upper end of $115,000.
Store Owner Responsibilities
As stated above, owning a store takes a lot of time and responsibility. You have to maintain the physical property, enjoy sales, keep your customers satisfied, make sure you provide quality products and service, hire employees who share the same pride and vision as you, order products and stock them… the list goes on and on. Choosing to buy into a franchise helps alleviate some of this burden of responsibility as you have a backer who wants to help you succeed.
Store Owner Requirements
Owning a store is possible through a number of opportunities. It can be a family business that is inherited or bought by a manager who has taken an interest in owning the store he or she has worked for. Franchises are sometimes purchased after the potential owner has had an experience at that particular business. Other times, people are simply looking to invest in a business and choose a franchise or independent store to put their money in. To invest in a store, you need capital. It helps to have others that are willing to invest their money in your store, too. You also need to decide what type of store most appeals to you. You would not want to invest in a family-friendly store if you do not care for children, for instance, nor would you want to own a pet store if you have pet allergies. You need to have a commitment to fully involve yourself in the development of the store and its business in order to make it a great success!
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