Small Business Owner salary in Iceland

Average Yearly Salary of Small Business Owner in Iceland is approximately 11,815,536 ISK (82,073 USD). Data is for 2025 and indicates a pre-tax value. The salary itself depends on multiple factors such as seniority, job performance, certifications, experience or any other bonuses. The value indicated is an average amount based on records we have in database. Real values may vary. The data is for orientational purposes.

What does Small Business Owner do?

A small business owner is an individual who operates and manages a business on a small scale. They are responsible for all aspects of the business, including planning, organizing, and overseeing daily operations. This occupation requires a diverse skill set as small business owners often wear multiple hats and handle various tasks such as marketing, finance, human resources, and customer service. They must possess strong leadership and decision-making skills to effectively manage their team and make strategic business decisions. Small business owners must also be adaptable and able to navigate challenges and uncertainties that arise in the dynamic business environment. Overall, this occupation demands a high level of dedication, hard work, and entrepreneurial spirit.

Skills: Small Business Owner, Entrepreneur, Manager, Leadership, Decision-making, Adaptability
Job industry: Entrepreneurship

How much does Small Business Owner make?

Difference in salary year over year or average salary increase is approximately 4 %


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Salary comparison to National average

Is Small Business Owner a well paid job?

Yes, our data shows that Small Business Owner is a well paid job. With years and experience the salary might increase even further, resulting in higher satisfaction.

What is considered a high salary for Small Business Owner?

High salary for Small Business Owner would be somewhere between 12,997,090 ISK and 17,132,527 ISK. However this is an estimation based on Gaussian Distribution.

How much can you save working as Small Business Owner in Iceland?

Living in Iceland the approximate monthly expenses are: 2,729 USD. This amount covers basic needs such as food, housing, clothing, healthcare and education costs for a single person. No luxury expenses such as traveling, leisure, hobbies are included in the estimation.

Estimated Yearly Salary: 11,815,536 ISK
Estimated Monthly Salary: 984,628 ISK
Estimated Weekly Salary: 227,222 ISK per week
Estimated Hourly Salary: 5,681 ISK per hour
By working as Small Business Owner a person can save up to 4,111 USD per month or 49,327 USD yearly. Values are pre-tax.

NOTE: These values are estimates and are averaged for the whole country. Furthermore the value is likely exaggerated as no other expenses are taken into account in the projection. Unessential expenses are very subjective and are difficult to assess. Most likely the previously estimated number is significantly lower for majority of people. Expenses in different cities across the country may vary. Above values accuracy is low and is based on limited set of data obtained.

For more information regarding expenses in Iceland, see costs of living in Iceland.

Salary comparison to region and neighbouring coutries

Country's neighbours are: Norway, Faroe Islands, United Kingdom.
To make it easier for comparison a conversion from local currency to USD has been made (conversion rates may vary).

Estimated Yearly Salary for Small Business Owner

Last revision of data: 2025-01-04

Salary increase per years of experience

Based on data available the salary increase per years of experience is as following

0 years (beginner) equals base salary

1 to 5 years of experience yields +12% salary increase

6 to 10 years of experience yields +25% salary increase

11 to 15 years of experience yields +16% salary increase

16 to 25 years of experience yields +9% salary increase

more than 25 years of experience yields +10% salary increase

NOTE: Details based on limited set of data. Percentages may vary. The salary increase over years of experience can vary widely based on factors such as job industry, job role, location, company size, and individual performance. To gain even larger increase in salary one is advised to switch jobs and / or employer.

Top 10 highest salaries in Iceland

Data as of 2025

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