Retail Business Owners

High School

A high school diploma is important in order to understand the basics of business ownership, though there are no specific educational or experiential requirements for this position. Course work in business administration is helpful, as is previous experience in the retail trade. Hard work, constant analysis, innovation, and evaluation, and sufficient capital are important elements of a successful business venture.

If you are interested in owning a business, you should take courses in mathematics, business management, and in business-related subjects, such as accounting, typing, and computer science. In addition, pursue English and other courses that enhance your communications skills. Specific skill areas also should be developed. For example, if you want to open an electronics repair shop, you should learn as much about electronics as possible.

Owners of small retail businesses often manage the store and work behind the counter. In such a case, the owner of a meat market is the butcher as well.

Postsecondary Training

As the business environment gets more and more competitive, many people are opting for an academic degree in order to get more training. A bachelor's program emphasizing business communications, marketing, business law, business management, and accounting should be pursued. Some people choose to get a master's in business administration or another related graduate degree. There are also special business schools that offer a one- or two-year program in business management. Some correspondence schools also offer courses on how to plan and run a business.

Other Education or Training

The National Retail Federation offers classes and other continuing education opportunities. Topics include customer service, management issues, sales training, buying, store operations, merchandising, and marketing. The Retail Design Institute provides workshops and seminars that educate participants about industry trends and developments in retail store design. The International Franchise Association offers continuing education classes, webinars, and workshops such as "Marketplace Fundamentals," "Cash Flow: How to Prevent Your Cash Flow From Going South," and "How to Text with Customers Effectively." The U.S. Small Business Administration provides online classes in starting, funding, and managing a business at its online Small Business Learning Center (https://www.sba.gov/learning-center). It also offers in-person seminars and workshops at locations throughout the United States. Contact these organizations for more information.