Retail store owners usually fall into one of two categories. Either they are a franchisee or an independent store owner. The freedom allowed between the two varies vastly. As a franchisee, owners pay a substantial amount of money to a parent company in exchange for opening and operating a retail location. Franchisees have little decision-making power when it comes to inventory, items for sale, advertising, sales, and general operations. Independent retail store owners open on their own, and they have total control over their store and its concept. This freedom has a trade-off, however. Independent retail is more risky than franchises, because as a franchisee you are working with an already established, well-known brand.
Either way, retail store owners should expect to be in charge of hiring and firing their staff as needed. Some may choose to have managers operate their store, while others may want to be at the store most or all of the time. Responsibilities often include doing an inventory and regularly ordering goods to replace lost or sold stock. Advertising campaigns are another part of the job, but how much depends on whether the store is independent or franchise. Deciding how much to budget on inventory, advertising, employees and payroll are a key part of being a retail store owner. There are also less glamorous duties like accounting, maintaining insurance, making sure the store is up to code, and dealing with complaints. Retail store owners often have at least a bachelor’s degree in a field related to business, but this is not a requirement. Most store owners have a considerable amount of experience with business management.
Retail Store Owner Tasks
Ensure compliance with licensing, taxation, and insurance regulations and completion of required paperwork.
Develop and execute store's business and marketing plans and manage store finances.
Oversee acquisition of store merchandise, communication with suppliers, and design displays.
Hire, train, and supervise store employee team.