Why do people think Micro Business is a Good Idea?
Micro Business Definition – A business that operates on a very small scale
I wrote about Micro Business in Australia back in 2014 and small business owners and ideas have kept growing since that time.
The Statistics
Small Business Statistics – According to the ABS the number of small business registered had dropped but there were fewer businesses that closed. This means 2014-2015 had a 1% increase in small business numbers.
Interestingly – Construction continues to have the most businesses operating, with 345,479 in operation in 2014-15.
Health care and social assistance have the highest rate of business survival, with nearly 75 per cent of businesses surviving over a four-year period.
It is tricky to look at Small Business Statistics though because this covers business up to 19 employees – to me this is not Micro Business.
A true Micro Business
Micro Business are the solo operators, who may have one member of staff or who outsource to other solo operators. This outsourcing may be a virtual assistant, bookkeeper, graphic designer etc.
BUT – Why do people think Micro Business is a Good Idea?
- You get to run your own show
- You build and set your own level of income
- Often you can operate from anywhere in the world
- Your overheads are low
- You provide amazing service and people love that
- People know they are dealing with the business owner
- Shop Small is a wonderful initiative
- You are building your own empire not someone else’s
- The mission is not to own the world, just your own world
- Freedom to be available for kids
- Work outside of normal business hours
- Be passionate to jump out of bed and do what you do
- Meeting and finding new opportunities
- Meeting new people
- Collaborating with others
- Some of the most amazing people I know are Micro Business Owners
And many more – Tell me in the comments your reasons
Why do people think Micro Business is not a good idea?
- It can take 2 years or more to generate a regular income
- It is incredibly hard work often without reward
- It can be lonely
- It can be boring
- It can be difficult to have all the responsibility
- It can be stressful if things aren’t going well
- It can be stressful if things are going well
- You may work 7 days and nights each week
- You may never take a holiday while you own your business
- You may get taken advantage of by people who don’t pay you or value what you do
- If you work at home people may think they can call in anytime unannounced
- It may be a struggle for friends and family to take your business seriously
And many more – Tell me in the comments your reasons or struggles
For me (Kelly Robinson), I love Micro Business, Small Business and everything in between. It is all I have ever known and I am extremely passionate about seeing others be successful.
The journey, itself has its own rewards and yes, it is very hard work but the rewards are there and I don’t just mean financially. I have received far more rewards being in a small business that just financial ones.
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