Starting a Micro Business: 3 Tips To Get You Off The Ground

Category: Business

Tips on Starting a Small Business Whether you’ve considered working for yourself for a while or just caught wind of the entrepreneurial spirit, there’s no time like the present to get started. One way to dip your toe into entrepreneurship is through a micro business & micro-market. Microbusinesses contribute great value to this country’s economy and can be a good way to put money in your pocket and on your terms. If you’re a budding entrepreneur looking for the next step to kickstart your business, this post will help you get going. How To Distinguish Between A Small or Micro Business? All micro businesses are a form of small business, but not all small businesses are micro-businesses. In order for a small business to be considered a micro-business, it must meet three specific criteria. The first is relating to company size. A micro business consists of less than ten employees total. This means that either the employees are taking on multiple roles or that they also outsource a portion of their work. The second factor deals with the number of annual sales. A micro business must make less than $250,000 in gross revenue yearly. The sales growth of your company will determine your status as a micro business. The last characteristic is the start-up requirement. Microbusinesses should require less than $50,000 to get going. In business, this is a relatively low startup amount that allows you a certain level of flexibility that a small or even medium-sized business might not have. For business advisory services and company http://bit.ly/3HwIMGI