Are you a micro business?
Micro businesses are officially a small business employing 9 or less people. They are an important segment of any growing economy – providing local products and services, creating community spaces, promoting tourism and are role models and support for future entrepreneurs. However, they often get swept up into the same tide of information that applies to small businesses in general, which is not always relevant.
So, what makes a micro business?
A person is self-employed if they run their business for themselves and take responsibility for its success or failure. Someone can be both employed and self-employed at the same time, for example if they work for an employer during the day and run their own business in the evenings. There are many attractive benefits of being self-employed including a creative freedom in running your business and making decisions. You’ll also be able to set your own hours and fit your work around other commitments, and work on a range of projects with a number of clients. also gain experience in the different areas of setting up a business, including overseeing the finances and administrative work.
These refer to skilled individuals who provide a service to a number of clients. With a flexible schedule, a work-life balance, freedom to work wherever you want and the opportunity to have some time to concentrate on self-development, freelancing is a great choice for those wanting to dip their toes in the entrepreneurial sector. They’ll need a certain amount of business acumen to find clients, manage an unpredictable income flow, make allowances for taxes and insurance, and getting clients to pay!
The definition of a “start-up” is fairly broad, but typically would be a young company in the early stages of development founded by one or more entrepreneurs in order to develop and unique product or service and bring it to market. They are problem solvers in search of enough financial backing to get their solutions off the ground. Small businesses may be more than happy to stay the size they are, whereas start-ups are small companies with big ambitions (think Apple, Uber, Facebook) – and are focussed to grow and scale as fast as they can.
Home based businesses
Two out of three companies begin in a spare bedroom, dining table, garage or even in the garden! Technology makes operating a virtual company from home more feasible and popular than ever. Running your company out of your home allows for flexibility regarding working space, working hours, overhead costs and brings freedom to grow your business at your own pace.
Possibly one of the oldest forms of business organisation, which is defined by any business in which two or more family members are involved and the majority of ownership or control lies within a family. If you own a family business, you probably worry even more than the average entrepreneur about ensuring that your company not only survives, but also thrives to nurture the next generation.
Challenges for the micro business
Starting from scratch– it will take time to establish your business and brand, and this part is often unpaid! Growing a client base requires perseverance, resilience and a growth mindset.
Long hours–building your own business may lead to longer working days, and business commitments may need to take a priority over time with friends and family. It can also be difficult to switch off from work life.