What is the Annual Average Income of Small Business Owners?
If you have ever dreamt of being your own boss, becoming a small business owner may be worth checking into. Small business owners in the United States can work in a wide variety of industries, depending on your particular interests. According to a June 2010 survey by Payscale.com, small business owners can earn above average incomes, often topping $75,000 in the first year.
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Job Definition
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As a small business owner, you will wear many hats throughout the course of each workday. Often referred to as small business managers, these professionals not only greet and take care of customers, but supervise any company staff as well. According to Education-portal.com, small business owners are often responsible for their own marketing, accounting and purchasing of stock. There is no mandated education requirement in the United States for small business owners, although some do hold degrees in business or business management.
Industry
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Small business owners can be found in a variety of different industries. According to a June 2010 finding by Payscale.com, those small business owners in the industry of construction are earning top salaries of up to $100,562 annually. Their counterparts in the industry of retail are closely matched, reporting earning up to $100,229 annually. Small business owners working in the landscape industry report earnings of up to $79,327 a year, and those working in the cleaning services business report top earnings of $65,060 each year.
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Average Sales Price
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As a small business owner, the average sales price in your establishment can determine your profit and annual income. According to a June 2010 survey by Payscale.com, in businesses where the average sales price is below $50, the annual income ranges from $34,517 to $89,779 each year. The next jump in annual earnings lies with small business owners whose average sales price per customer is more than $3,000. Those workers report earning between $30,000 and $99,208 a year.
Experience
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For many small business owners, it often takes awhile to get the business up and running. According to a June 2010 report by Payscale.com, those professionals just starting out earn between $34,392 and $75,076 yearly. After at least five years, small business owners report income ranges of $36,233 and $80,736 annually. After 10 years, professionals report earning up to $93,530, and small business owners with at least 20 years on the job make up to $118,107 each year.
Special Skills
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Small business owners with special skills or training can sometimes earn more, according to a June 2010 survey by Payscale.com. Those entrepreneurs with training in accounting report salary ranges of between $39,305 and $83,542 a year. Small business owners with experience in project management report earnings ranging from $42,450 to $99,377 a year. Sales skills can be particularly helpful in the field, with business owners talented in this area reporting earnings up to $88,337 each year. Small business owners with training in sales management top out at $104,762.
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