<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=275610486160139&amp;ev=PageView&amp;noscript=1">

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.


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

This article is published for residents of the United States only.  Registered Representatives and Investment Adviser Representatives of NFP Securities, Inc. may only conduct business with residents of the states and jurisdictions in which they are properly registered.  Therefore, a response to a request for information may be delayed.  Not all of the products and services referenced on this site are available in every state and through every representative or advisor listed.

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

Posts by Tag

See all

Subscribe Here!