Have you been thinking about starting a micro business? If so, you’re like many professionals, working people, students, stay-at-home parents, and retirees who consider the idea of starting their own tiny enterprise. Why do they do it? Contrary to popular belief, it’s not just for side income. Budding entrepreneurs and college students go the micro route to test out ideas that might later turn into large-scale enterprises. One of the world’s largest social media platforms began that way. So did one of the biggest franchise pizza operations.
The point is if you’re thinking about becoming the founder, CEO, president, and CFO of your own minuscule business enterprise, it’s important to know what the advantages are, because some are not so obvious. Then, once your molecular-sized entity is up and running, you’ll be able to steer it in any direction you choose. Here are the main advantages of starting a micro business.
They’re Perfect for College Students
For young adults chipping away at their studies, starting a business makes sense for a couple of reasons. First, it’s a clever way to bring in income while you’re tied to the books and academic schedules. Second, you’ll actually gain valuable experience running your own company, no matter how diminutive it is. Many graduates have beefed up a resume with an entry like, “operated my own online graphics-editing business while in school.” Never underestimate the power of an attention-grabbing resume.
Many college students research what their student loan proceeds can be used for. They do this in order to make sure they’re staying within the bounds of their loan agreement and to learn whether funds can go toward anything other than books and tuition. For example, many people are surprised to discover that they can usually spend loan money on transportation to and from class, living expenses, and meals. Of course, each person should check their own loan contract to see exactly what is allowed. But a micro-job can help cover other, non-allowed expenses like travel and entertainment.
You Can Run Them from Anywhere
Like most online companies, micro businesses can be run from virtually anywhere. If you offer a limited lineup of products or services, as most owners do, it’s simple enough to use a smartphone to check orders, respond to customers, transfer income to a bank, and more. There is no business more mobile than a micro.
Startup Expenses are Minimal
Depending what type of items you intend to offer, it’s entirely possible to start with zero money. Others might have minimal costs associated with getting up and running, but for the most part, you won’t need to apply for a Small Business Administration loan to open your doors.
There are Unlimited Niches
Whatever your special area of interest is, you can start a company that builds on the idea. Like to design websites? You’re ready to go with a service-based route doing just that. Are you a decent writer? Sell your services as a freelancer on dozens of platforms. No matter your skill set or preferences, there’s a niche-based concept you can leverage to start your own for-profit venture.