Retail Business Owners

Employers

Retail is the largest private sector employer in the United States, employing more than 52 million Americans, according to the National Retail Federation. Nearly 99 percent of all U.S. retailers have fewer than 50 employees.

Starting Out

Few people start their career as an owner. Many start as a manager or in some other position within a retail business. While developing managerial skills or while pursuing a college degree or other relevant training, you should decide what type of business you would like to own. Many people decide to buy an existing business because it already has a proven track record and because banks and other lending institutions often are more likely to loan money to an existing facility. A retail business owner should anticipate having at least 50 percent of the money needed to start or buy a business. Some people find it helpful to have one or more partners in a business venture.

Owning a franchise is another way of starting a business without a large capital investment, as franchise agreements often involve some assistance in planning and start-up costs. Franchise operations, however, are not necessarily less expensive to run than a totally independent business.