Is Your Business A Micro-Business?

March 17, 2018

 

 

 

Are you seeking to build a business or create a job for yourself?  What is a Micro-Business?  The characteristics of a Micro-Business are a sub category of a small-business which is under 10 employees normally it does not have any employees or under 5.  It normally is under $375,000 in annual revenue on the balance sheet.  The "micro-business" category A person working alone, or essentially alone, is a business category we call a "micro-business." The defining characteristic of a micro business is that the owner or principal is doing the primary work of the business, whether that means providing PR services or baking cookies. He or she may have helpers in the form of other freelancers, vendors or assistants, but the preponderance of the revenue comes directly from the work of this principal.

 

The key to the success of a micro business is how well the principal does its primary work, which includes selling. We find that the biggest challenge in a micro-business is finding a steady stream of work. Many entrepreneurs elect to stay this size.  Why, because its comfortable for them and in most cases everything is under their control.  In order to delegate, a entrepreneur MUST have systems & processes in place.  Most entrepreneurs "Wing It", so they have a challenge with setting up systems & processes, so they keep the business a Micro-business instead.  

 

However, if you want to build a business, you will need to grow, at least to what we call a small business structure, where the primary work is delegated to others but the owner keep his or her finger on the pulse and  the owner likes keeping his or her hand in it, but others do the preponderance of the work. At this point, how well the principal does the primary work of the business is not nearly as important as it was when the enterprise was a micro business.

 

So in order to work "ON" the business, instead of "IN" the business the first step is to get your business systems & processes in order.  When I speak towards building an 8-Figure Business, your business must have this step accomplished in order to ever be in the position to delegate.  Being in the portion to automate, delegate or delete is only way to scale your business.  So take some time right now to set up your business in the correct way. Ready to get the most out your business?  Sign-up for a weekly dose of free business resources...

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