What Is a Micro Business?
Micro businesses are a vibrant and profitable segment of any growing economy, but they often get swept up into the same tornado of information that applies to small businesses in general. However, as more members of the workforce become self-employed, the growth of micro-businesses has increased significantly.
Micro businesses are companies with annual sales and assets valued at less than $250,000 per year and with fewer than five employees, including the owner. A subcategory of small business, micro enterprises develop in a variety of industries; they may later grow beyond their original foundation, or stay the same size for the life of the company.
Some of the most common micro businesses include catering, childcare, photography, computer services, house cleaning, event planning, accounting, and cosmetology. Yet, regardless of the industry, all micro businesses require many of the same skills to thrive as their larger business counterparts.