Small Business Owner / Operator Salary
Job Description for Small Business Owner / Operator
Small business owners and operators work in a variety of industries such as retail goods, auto repair, home inspection, and many others. Their primary duties (outside of their respective skill or trade) include managing employees, providing customer service, promoting their business, filing and documenting appropriate business accounts, and ensuring their business meets any local, state, and federal requirements. Small business owners may work from a storefront, office space, or even from their home. Depending on the type of business, trade, or service they practice, their hours can vary; however, many organizations operate during daytime hours.Read More...
Small business owners and operators generally must have experience in their field, and experience running a business is often beneficial. These professionals are required to have knowledge of tax law, payroll accounting, employee rights, and employee management. Depending on local, state, and federal guidelines, they may have to file their taxes and expenses for themselves, their business, and their employees in ways that differ from common individual taxes.
Small business owners and operators may run their own business for a variety of reasons. Their work experience could qualify them to be self-managed. They may have time, financial, and/or personal constraints that make the flexibility of a small business preferable to that of a subordinate position at another business. Small business owners and operators may also like the challenge and potential rewards of operating a small business.
Common Career Paths for Small Business Owner / Operator
Small Business Owners and Operators sometimes assume positions such as Construction Managers. That role pays $73K per year on average. With an annual salary of $70K, Construction Project Manager is the most common role for Small Business Owners and Operators to subsequently assume on their way up the ladder. Transitioning into an Office Manager role — which usually pays $38K — is also typical for Small Business Owners and Operators, though less common by comparison.
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Popular Skills for Small Business Owner / Operator
Survey takers working as Small Business Owners and Operators report using a large range of professional skills. Most notably, facility with Construction Estimating, Social Media Marketing, and Project Management are correlated to pay that is significantly above average, leading to increases of 20 percent, 7 percent, and 5 percent, respectively. Those listing Cleaning as a skill should be prepared for drastically lower pay. Bookkeeping and Customer Service also typically command lower compensation. Most people skilled in Leadership are similarly competent in Customer Relationship Management (CRM) and Strategic Planning.
Pay by Experience Level for Small Business Owner / Operator
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Small Business Owners and Operators with a lot of experience tend to enjoy higher earnings. Folks with fewer than five years of experience take home $43K on average, and those who have worked for five to 10 years see a bigger median salary of $51K. Small Business Owners and Operators with one to two decades of relevant experience report an average salary of approximately $63K. Individuals who report more than two decades of experience seem to make only slightly more than folks in the 10-to-20 year range; the more senior group sees median earnings in the comparatively modest ballpark of $71K.
Pay Difference by Location
Surpassing the national average by 105 percent, Small Business Owners and Operators in Oklahoma City receive some of the highest pay in the country. Small Business Owners and Operators can also look forward to large paychecks in cities like Austin (+66 percent), Houston (+61 percent), New York (+54 percent), and Indianapolis (+34 percent). Small Business Owners and Operators in Charlotte make 40 percent less than the national average, proving that location is a major factor in pay. Employers in Tampa and Las Vegas also lean toward paying below-median salaries (28 percent lower and 6 percent lower, respectively).
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