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What’s a Micro Business?

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By Carol Topp, CPA

Most of my small business clients operate micro businesses. What is a micro business?

  • Sole proprietorship (one owner)
  • No employees
  • Low or no start up costs
  • Frequently a service business with no inventory
  • Home based to keep costs low
  • Usually the first business a individual starts
  • Sometimes a starting place to launch a bigger business
  • Sometimes started for a specific financial goal such as a college fund for their children, a vacation, or to fund another business
  • Run extremely efficiently-everything must bring in more benefit than it costs
  • A wonderful learning experience!

PianoHow about you? Do you run a micro business? I know many homeschooling families that operate very small businesses.

My 17 year old daughter has a micro business teaching piano lessons. She had almost no start up costs except a few piano books (if you don’t count 11 years of piano lessons!), home based, service oriented and funds her entertainment expenses. She is also learning a lot about billing customers, record keeping and preparing a tax return.

If you or your teenager would like to start a micro business, visit my website, MicroBusinessForTeens.com There you should find some great ideas and advice to get you started.

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