There is small business. And there is micro business. Enterprise is over a thousand employees. Medium size is anywhere between 100 and 999 employees. Small is less than 100. If you are a business of 1 person, you are technically a small business. But let’s get real: What you really are is a micro business. And there is nothing wrong with that. The reason you should be aware of those numbers is because when you read articles about technology and strategies for small to medium sized businesses, you should know they are not actually relevant to you for the most part.
If you want management tools to manage your 1 to 5 person business, you need to think small. Forget about MDM, HRM, ERP, BI, or any other 2 or 3-letter acronyms you would have to look up to understand. You’ve got to think even smaller. For the most part, consumer options are the solutions that will make the most sense of your business needs. If you run a vending business, you might have a route with 10 locations. Depending on the locations, you could make a usable income. But it is highly unlikely that you will need more than consumer-grade accounting software to keep up with it. Here are some more of those small ideas that will be big for your micro business:
Personal Financing
You are not going to get venture capital for your 1-person vending business. If your credit is challenged, you can forget about a bank loan as well. You will have to start your micro business on a micro budget. You can use something like a credit builder card to help revive your damaged credit and get the ball rolling. Once you get some stability, you can use that good credit for a proper business loan when it is time to expand.
There are a number of businesses you can start on a personal micro budget. You do not have to sell your house to start a business. Affiliate programs are pretty easy to get into and incur very little upfront cost. If you have marketable skills, you can be an independent contractor or consultant. You can be a private tutor, piano teacher, or tax preparer. These are all small businesses that have paid the rent for millions of people. When you are setting up a micro business, think personal financing.
Employ Employment Services
If you find that you need some extra help in your micro business, don’t hire. That is too big of a risk with too small of a return. You are still in the phase when you are unsure of your business future. When managing your micro mobile business, be smart about bringing in help. Use an employment service rather than hiring.
If you need office help or someone to answer the phone or do customer service or technical support or any of a number of things that you can’t do yourself, there is a good chance that the local temporary employment service has someone who is equal to the task. You will pay the service rather than the person. The fee you pay to the service will also cover any employment taxes that are applicable. If you find someone who is working out well for your business, you can always hire them when your business is stable. But as a micro business, don’t hire. Use staffing agencies, freelancers, and contractors.
Slow Growth
Don’t try to jump from a micro business to a medium business just because you picked up a large round of funding. When you are very small, take it slow. As with a lot of things, slow and steady wins the race. Don’t try to get it all in one shot.
Growth is expensive. You have to bring on more staff. Additionally, you might need extra vehicles, more office space, and more legal help to stay compliant with regulations. You might be perfectly able to address the amount of business you have, plus a little more. But one of the worst things you can do is grow it faster than you can manage it. Micro businesses need micro growth.
Mind your micro business with personal financing, staffing services, and slow growth.
Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.