If you’re a budding entrepreneur looking to get started in business, it can be a little less daunting to start off small. One way to dip your toe in is to have a side hustle, but that may not satisfy your entrepreneurial spirit. If you’re interested in starting small but going all in, a micro-business may be right for you.
To help paint a picture of what a micro business is, it’s useful to recall the saying that all squares are rectangles, but all rectangles aren’t squares. Using the same logic, all micro-businesses are a form of small business, but not all small businesses are micro-businesses. In order to be a micro-business, you have to meet the following three criteria:
- Have less than 10 employees
- Require less than $50,000 to start your business
- Earn less than $250,000 in sales annually
Based on these requirements, micro-businesses are great options for those with small budgets and who want to own every step of the process. If you have a great business idea that meets these criteria, check out the infographic from The Zebra below for steps to kick start your business today.