Welcome! The great news is that there has never been a better time to start a micro business.Starting and keeping things small also has many advantages, which you will see explored in forthcoming posts.
Why micro business? I’ve been running my writing business completely alone for the past 25 years. Of course, from time-to-time, I will bring in other freelancers who have specific skills I need. But guess what? They too tend to be one-person micro businesses!
It’s a club anyone can join easily and affordably. What’s more, keeping things small means you stay in control, which gives you the ultimate power to craft your perfect work/life balance.
Taking the UK as an example. Over 95% (that’s 5.5 million) of all the businesses in the UK are defined as small enterprises with 10 or fewer employees. If you look at little closer at these businesses, you soon realise that many consist of just one person.
Research from Vistaprint clearly shows that micro businesses are massively popular.
Measuring the impact of micro businesses around the worldVISTAPRINT
MORE FROM FORBES
More Opportunities
Turning to the EU (European Union), self-employment and micro business ownership continues to be a major component of the economies of these countries. According to the annual report from the European Commission, over half (56%) of small businesses operating across Member States are defined as micro enterprises.
When you think about what kind of micro businesses are in existence today, many will think of the creative industries. Writers, photographers, graphic and web designers to name a few are often micro enterprises. If you have creative skills, the obvious step is to use these in your own business.
Research by Vistaprint also revealed that women are a major force behind the continued expansion of micro businesses. The report concluded:
“62% of women micro business owners in the U.S. and U.K. expect their businesses to do better financially in 2016, with approximately 60% of respondents from both countries expecting to grow their business over the next five years. Women micro business owners in the U.S. (69%) have higher expectations for their business in general than their U.K. counterparts (54%).”
And AXA Business Intelligence earlier this year revealed that their research concluded that eight out of ten people surveyed wanted to move into self- employment, with 66% citing better work/life balance as their main motivation.
Gareth Howell (no relation), Managing Director, AXA Insurance said:
“Some people are attracted to self-employment as a route out of a damaging workplace situation. Whatever your motivation, timing is crucial to success or failure in self-employment. It’s a fine art recognising when you’re ready: mentally strong enough, financially able and enthused enough. We know people often suffer loneliness, fears of inadequacy, money worries and long hours when the first start up, so you do need to be battle ready.”
So, what does the landscape currently look like if you want to start a new micro business? The UK of course is a special case as we are leaving the EU in less than a year. However, small business owners are bullish that this radical shift won’t necessarily damage their current businesses or their ability to trade post Brexit. Indeed, the agility that micro businesses inherently have places them in a strong position to take advantage of new opportunities that larger enterprises perhaps can’t.
If you have just started your new micro business – welcome! If you have been thinking about making the move what’s stopping you? The art of the micro business is the fact you can start with low cost and risk. It’s up to you how fast you grow, as you have the control.
In these blog posts I will share with you, insights and practical advice you can put into practice, and connect micro business owners together. With support for new businesses expanding, and a new-found acceptance that business ownership, freelancing or embracing the gig economy is a choice anyone can make to transform their life, if you want to make a change now is the time to act.
