Being your own boss can be incredibly fulfilling. You get to decide how much to earn, what projects to take on and if you have time for a holiday. This can be a dream for many but is it the reality? The average salary for a business owner is $84 678, according to the Small Business Administration. Let’s explore some other facts about what is the average salary for a business owner.
According to the Bureau of Labor Statistics (BLS), the average salary for a business owner in the United States is $74,070.
However, this number can vary greatly depending on factors such as industry and job title. For example, the BLS reports that the average salary for a business owner in the construction industry is $55,180; in banking and finance it’s $85,370; and in education and health services it’s $77,720.
What is the average salary for a business owner
Introduction
The median annual wage for business management occupations was $104,240 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $57,650, and the highest 10 percent earned more than $186,850. In May 2017, the median annual wages for business management occupations in the top four industries in which these occupations worked were as follows:
Professional, scientific, and technical services -$117,810
Management of companies and enterprises -$109,860
Manufacturing -$103,340
Finance and insurance -$102,310
The states and areas with the highest level of employment in this occupation are New York, California, Texas Illinois and Florida.
Workers in business management occupations earned a median annual salary of $104,240 in May 2017, which was higher than the median annual salary for all workers of $37,690.
There are some key differences between the two. The average salary is what you’d expect to make if you were paid the same as everyone else in your industry, whereas the median salary is what most people actually earn. It’s helpful to know both numbers, but just because your industry has a high median doesn’t mean you will always make that much—it means that about half of workers in that field make more than that amount and half make less.
The US Bureau of Labor Statistics (BLS) reports on average hourly wages for business owners from 2014 through 2017 below:
- 2014 – $26.08
- 2015 – $27.77
- 2016 – $28.31
- 2017 – $29.17
The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $57,650, and the highest 10 percent earned more than $186,850.
The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $57,650, and the highest 10 percent earned more than $186,850.
The following table lists average annual wages for a variety of business occupations:
The states and areas with the highest levels of employment in this occupation are New York, California, Texas, Illinois and Florida.
The top five states with the highest concentration of business owners are New York, California, Texas, Illinois and Florida. These states have a high concentration of large companies that tend to employ many people. In addition to these five states, there are several other areas where business owners can earn a good income.
An average business owner makes around 100k per year
If you’re thinking about becoming a business owner and you want to know how much money you can make, the average salary for a business owner is around 100k per year. The average business owner is a man, college educated, white and married.
Conclusion
Overall, we can see that business owners make a lot of money with the median salary being around 100k. There are many factors that influence if you will be in the top 10% so it’s impossible to guarantee success, but it is possible with hard work and perseverance.
