Store owners/operators are typically small business owners who maintain one or two shops which participate in sales of goods or services. The store owner typically has a financial stake, if not full ownership, of the store and is ultimately responsible for all decisions which affect the business, from large financial matters related to capital improvements to personnel decisions, purchasing, and marketing/advertising.
Store owners typically have a small staff that may include assistant managers or key holders to assist with supervisory duties. In most cases, the owner helps to set inventory and purchasing decisions for the store, and thus needs some experience and/or expertise in the type of business they oversee. The owner also sets budgets for inventory and labor costs, arranges all utilities and fixed costs with the property's landlord, and oversees the store's maintenance and cleanliness at all times. They also establish the standards and procedures for handling customer service, store upkeep, and opening and closing duties.
For many store owners, finances are a large part of the job, and they may work with key personnel or hired managers to close out daily sales, prepare deposits, and reconcile receipts with store sales and inventory for the day. The store owner must carefully monitor revenues and balance them with costs to avoid damaging red ink, debt, and needs for business-saving loans.
Most store owners/operators go into business in an area in which they have some knowledge or passion, and this is generally the only loose requirement for the job aside from the necessary startup capital to start a small business. Experience with business management, accounting, purchasing, and personnel management are highly beneficial, and while store owners are typically their own bosses, which is one of the perks, this career usually requires very long hours each week.
Store Owner / Operator Tasks
Hire, train, and supervise store employee team.
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.