People keep telling me I run a small business. I tend to disagree. As far as I’m concerned I run a microbusiness. The term ‘microbusiness’ sounds sexier. It sounds nimble and a lot less frail than ‘small business’.
According to the only decent definition of microbusiness I could find online, a microbusiness is:
A small business, that together with affiliates, has an annual gross receipts of $2 750 000 or less over the past 3 years, or a small business manufacturer with 25 or fewer employees – source
To me this is a bit clinical, and it’s American, so I don’t know if the same criteria apply in the UK. If you asked me what defined a microbusiness, I’d say that it’s a very small company (managed by the owner), with little time to do marketing and little or no budget to spend on advertising. In most cases a microbusiness is a traditional bricks-and-mortar establishment or service oriented business.
What makes a microbusiness successful is not the amount of profit it makes (although that always helps) but rather the number of long term, profitable relationships the owner is able to forge with vendors and clients, ensuring the long-term survival and growth of the business.
Microbusiness owners know that every client is their best PR opportunity, and they’ll do their best to make sure they make, and keep their clients happy.
So, do you run a microbusiness? If you do, welcome to the club.
{ 3 comments… read them below or add one }
Hi Dave,
Yes you are right a real accurate micro business classification is needed. Its funny all government classifications always expand the scope of the business category way beyond there actual scope. I guess there must me a reason for this.
I make micro business, run them and then sell them. This creates a community of micro business owners . I am really keen on developing the community.
http://www.thesmallbusinesspartnership.com
Thanks Sarah, I think governments try to cover their bases by being ultra-conservative. That’s why I decided on an emotive classification rather than a numerical one.
I guess you just know when you’re a microbusiness…
Here’s a brand new definition of microbusiness, although it certainly won’t suit bureaucracies. http://tinyurl.com/6bbujd
Thanks.