Small Business Owner Salary
Job Description for Small Business Owner
Small business owners are the financial and/or executive heads of small business. Their duties can be as simple as serving as the profit-maker of the business and delegating authority to a management team; however, many small business owners are constantly engaged in growing and operating their business.Read More...
Becoming a small business owner does require capital to begin, and/or finding investors and raising capital. Small business owners must either develop their own plans, or, in other cases, pay a franchise fee and use the franchised name and business model. Small businesses operate in almost every industry, from financial and legal to education and hospitality; due to the wide variety of industries and levels of engagement, the regular working hours and tasks are often determined by the type of business and how its owner chooses to participate in its development.
Many small business owners will work a few times a year to solve specific problems related to the business, while others will be fully-engaged during regular business hours and perform executive tasks during non-business hours. The work location, employee structure, and number of employees varies greatly. A small business owner can, however, always expect to be their own boss.
There are no educational or training requirements for small business owners, but having a degree in Business Management, Finance, or a related field is useful for securing investors and, of course, having the know-how to develop and execute a business plan.
Common Career Paths for Small Business Owner
Although some Small Business Owners become Marketing Director, this progression is not the norm. However, the latter position does pay a little more at $80K. Small Business Owners most frequently become Office Managers and Administrative Assistants even though median compensation is $33K lower and $40K lower, respectively.
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Pay by Experience Level for Small Business Owner
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Small Business Owners, more experience generally translates to higher pay. Average salaries for inexperienced employees average out to around $49K, but folks who have five to 10 years of experience earn a higher median of $60K. Small Business Owners see a median salary of $71K after reaching one to two decades on the job. Seasoned workers who boast more than two decades of relevant experience enjoy a median salary of $99K, which is substantially larger than the medians reported by folks with fewer years on their resumes.