What is a Micro Business?

A micro business is smaller than a small business. Micro business is usually defined as a business with five or fewer employees, small enough to require initial capital of $30,000 or less; the average microloan is about $5000."

Business Categories:

  1. Micro businesses
  2. Small businesses
  3. Medium businesses
  4. Large businesses

Where Micro Business owners come from:

  1. Got out of Corporate – An individual unsatisfied with corporate work/life, and wants something else (may be different, smaller, simpler, and more personally gratifying).

  2. Hiring issues – They are either overqualified, or under qualified in the corporate sector.

  3. Retirees - Retired yet still wants and/or needs to be a productive citizen, stay business and make additional income.

  4. Unemployed - Unemployable for reasons of age, education, credentials, health, or physical limitations.     

  5. Lifestyle / Entrepreneurial - A dreamer, a thinker, an independent spirit, a risk taker. They have an idea for something lacking or better (product or service). Need have more control of their life, autonomy, operate by their own rules, and have the freedom of schedule.     

  6. Home Business – The need and want to earn an income, either as a secondary or primary revenue source while staying home.     

  7. Downsized Entrepreneurs - The owner was downsized, laid off, or otherwise. Forced to use their ingenuity to create an income independently.