Retail Small Business Owner
By far the riskiest, most exciting job in the retail world is that of the small business owner. Owning your own retail store is challenging, but the rewards can be great when your hard work pays off. Anyone with time and some money to invest can open a retail store, and your success as a store owner will vary according to a number of factors, including the market, your concept, and the time you devote to your business.
As a small business owner, you’ll serve as your own boss, meaning that discipline is extremely important. You’ll play the role of retail store clerk, retail loss prevention officer, retail buyer, retail stocker, and so forth – all of these jobs are your responsibility. You’ll also have ultimate say over every aspect of your business from which lines are included for sale to who gets hired to work in each job position.
The key to success with a small business is to grow slowly. Most small businesses fail within the first five years of opening, unfortunately. Look at your community – is there really an audience for the product you want to sell? For example, opening a kite shop makes more sense if you live in Virginia Beach than if you live in Philadelphia. Although you should do what you love first and foremost, make sure that you business plan is sound, so that you’re sure to make a profit.
To open a small business, you must have a substantial sum of money to pay for start-up costs like inventory, rent, employee wages, insurance, and so forth. In most cases, this requires a small business loan. To get a small business loan, having a solid business plan is crucial.
Most importantly, becoming a small business owner takes time. You have to be fully devoted to making your business work, which means working around the clock in some cases. Even after the business is up and running, it is your responsibility to be there when employees have problems or if the scheduled employee is ill. You can’t call in sick if you’re the owner!
How much can you expect to make as a small business owner? Be prepared with savings, because during the first year or two, you probably won’t see any profit at all after paying bills and employee wages. However, over time, a small business can become quite profitable. If you build it up to be profitable enough, you may even be able to open other branches, create a corporation, or sell the business for a huge sum to investors. It doesn’t happen to everyone, but don’t give up on that dream!