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Value Creation Blog

Microbusiness – A New Term I learned

Posted by Josh Patrick

micro business

For years I’ve used the term “lifestyle business” to describe a small business that was not likely to have enterprise value or ever able to be sold.  There is a whole group of businesses that fit into that description.

Recently I’ve heard a new term that describes these types of businesses, “micro-business”. 

A micro-business is one that employs less than five employees and is not designed for transfer.  It is designed to benefit the owner and often is a second or third career.  People who start micro-businesses are providing a product or service that requires few people and is simpler to run than larger businesses.

People who are attracted to micro-businesses are often pursuing a passion.  In my own particular situation I have a passion around helping to make private businesses more valuable and to make the life better of the owners of the businesses better. 

The research that I do and the advice I give is aimed at middle market businesses (those that do $5,000,000 to $50,000,000 in sales).  I’ve spent years learning what drives these businesses and what general issues business owners in this demographic need to concentrate on.

My business does not require a large group of people.  I could put together a large consulting group that concentrates on this business demographic, but at this stage in my life I’m not interested in building a large business from scratch.  Instead I’m looking for a small group of customers who are interested I making their lives and businesses better.

A micro-business is a great way to wind down a business career.  It can be done as a full time occupation or as a part-time when circumstances move you in that direction.  It often is run by someone who has a high skill level but has decided to take a step back and pursue other activities as well. 

In my particular case I’ve decided that there is no good reason for me to build a large business.  I work with larger businesses and have owned ones with a fair number of employees.  Now I’ve decided that a micro-business serves me better than a larger organization.  Having a micro-business affords me the opportunity to spend time writing and researching about what makes my business customers companies work better. 

Having a micro-business allows me time to think about what’s important for other’s business instead of how to solve people problems in my own business.  For me, it’s a more comfortable way to live.  The few companies that decide to work with me receive more attention and thought from me.  This feels like a good deal all around.

So, instead of having a lifestyle business, I really have a micro-business:  A business that serves both my customers and me in an efficient and effective manner.

Josh Patrick

I’ve written a report on the financial life of a private business owner.  Pursuing some of these strategies might help you move into the realm of being a micro-business owner.  Click on the button below to get your report.

click-here-to-getyour-special-report

Securities and Investment Advisory Services offered through NFP Securities, Inc. (NFPSI), Member FINRA/SIPC. Stage 2 Planning Partners and NFPSI are not affiliated.

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Topics: mission vision values and goals, for business owners, private business owners, vision, Customer Service

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