Definitions vary, but typically a micro business is a type of small business that employs fewer than 10 people. Size and scale are the main differences between a micro business and small business—micro businesses often function as sole proprietorships and earn less than $250,000 annually.
Financing and marketing can be more of an issue for micro businesses versus small businesses, but they operate with less capital and enjoy a closer relationship with customers than small businesses typically do.
If you’ve started a business, you probably identify as a small business owner, but are you actually a micro business owner? Solopreneurs, freelancers, side hustlers, and business owners in any industry employing fewer than nine people would qualify as the latter.
If that’s the case for you, it’s important that you understand what a micro business is, the difference between a micro business vs. small business, and the challenges and…