Micro business is the specific term for a small business that has less than 9 employees and we know that in the UK, about 60% of them will not employ at all. There are approximately 5.2 million micro businesses out there (& growing!) who are largely running their businesses alone.
So what is the key to success? What elements are required to help a micro business survive? Of course, there are 100s of elements to consider and think about, but how about we gather together 5 of the best.
I’ve worked with 100s of small and micro businesses across the UK and am one myself. Simply GB is a business of two with a handful of exceptional experts that work with us and over the years, I reckon the same 5 same elements crop up again and again as the key markers of success.
A super focussed purpose really really matters. In a pool of over 5 million micro businesses, it’s vital that any micro business is completely clear about why they are in business and why their business is operating. There is a world of difference between a business that bakes great cakes and a business that bakes delicious cakes only using their Grandma’s heritage recipes and local ingredients for example.
Getting the brand right. A great micro business is never just a name and a logo. They will very clearly understand what the values are, what the relationship with their customers is and how customers see the brand fitting into their lives.
Knowing customers like best friends. When starting out in business, it’s all too easy to try to attract any paying customer. A deeper relationship is what works. Focussing in on just a few segments that you get to know intimately and can be in relationship with for a long time is key.
Community is everything. Doing micro business alone is fine, but feeling alone is an entirely different thing. Connecting with other micro business owners, sharing knowledge, co mentoring & feeling part of a group of like minded people is not only uplifting and supportive but actually results in a much better chance of survival.
Every day is a school day. This cliche couldn’t matter more for a micro business owner. Understanding and learning about all the elements of your business (even if you outsource the daily grind) is an essential activity that needs to be built into each week. Digital know how, understanding your market better or learning new skills to improve your products or services – stay in school every day.
If you’re a micro business owner, running a side hustle or thinking about building a new life and work you love, then consider the Simply Club. We’re here to help transform more lives through micro business, understanding first hand, what running a little business we love is life fulfilling. We provide the easy access support, ideas, mentoring, coaching & community that really matters.