Many small businesses are feeling a lot of pressure and uncertainty right now with the various stay at home orders. There has been a lot of chatter on social media about supporting small businesses during this time with various suggestions about how to do that. As I was looking into ways to support local businesses because they are good for the economy and honestly they are my future customers, my business needs other businesses to succeed, I found some interesting facts I wanted to share.
What is a Mico Business
I call Blue Shutters Web Design, LLC a small business, and it is, however, the reality is that it is a micro business which is defined as:
All micro businesses are small businesses. The only difference is a micro business is a subset of the small business community based on the number of employees within the company. While your company can technically be considered a small business even if it has dozens of employees, your business is a micro business if you employ less than six people. If you are a sole trader, self-employed, or have no employees, you operate a micro business. There are other guidelines that can also define whether your company is micro or small. If your company required less than $50,000 to start or if your company does not access traditional capital loans, you are running a micro business.
Does that sound like your business? Now lets look at some of our impact as micro and small businesses.
This image is a bit old it is from 2012 data, so the numbers may have changed a bit but take a look at the impact of an Indie restaurant verses a Chain restaurant. Click the image to go read more about the multiplier effect of local independent businesses.
If you are:
- house cleaner
- event planner
- work in the gig economy
The Fundera article also lists the three major challenges for Micro Businesses and the second challenge mention they mention is “Attracting potential customers” and and three things they recommend as a solution are:
- Business Website
- Social Media Marketing
Where Micro Businesses Excel
Despite the challenges we face as micro businesses we should keep in mind where we excel. Because of our size, we can capitalize on lower overhead expenses, flexibility, ability to specialize, independence. We also need to remember that our micro businesses have a lot of power in the economy.
Despite their small size, micro businesses have considerable clout in our economy. According to U.S. Small Business Administration Mid-Atlantic Acting Regional Administrator Steve Bulger, “Micro businesses are the foundation of the creation of our nation, and continue to be an important part of our economy and the strength of our communities. Many of our founding fathers and early Americans could be considered micro business owners, and as more Americans become self-employed, micro businesses have grown to be a significant sector of our small business economy.”
I have recently attended a Crowdcast hosted by the Rising Tide and one of the items they were talking about is how to change up you business to find new opportunities and be able to bring in revenue of some type. This is one thing I have been thinking about and I know that I am not alone, and this is where micro businesses can excel by virtue of our flexibility. John Jantsch from Duct Tape Marketing describes it like this:
Small businesses can get new data from a market, or even a client or two, and dramatically change their business model to align with a new opportunity. This flexibility is the prime driver of innovation.
What Can Be Done?
This time is challenging for me because my potential customers are having a challenging time, so it is forcing all of us that are affected by the current situation to get creative and try to plan for the long haul. There are a limited amount of things I can do but I am doing what I can to prepare for what is to come. Some of what I am doing to prepare is crossing things off the “When I Have Time List” (see last week’s blog), I am going to networking meetings, I am doing some extra Facebook Posts to up my exposure, I am writing blog posts ahead of time.
I am also looking to move forward to offer a new service to include in my offerings, social media graphics. Perhaps your business is still able to operate or maybe you have had to put your services on hold, either way, you will still want to provide content to keep your business’ information relevant and current. Each social media site has optimal image sizes and I will focus on Facebook and Instagram graphics. By purchasing some social media graphics it will allow you to easily supplement your social media posting schedule. If you are wondering what these graphics would look like or cover here are some examples.
- Tips for customers such as a checklist for before you perform your services
- Silly holidays or even regular holidays
- Previous customers' testimonials
- Announce new hours or services
If your business is still able to operate at full or reduced capacity make sure you get the word out via your website and social media about what you CAN do.
- Maybe you cannot paint someone's living room but you can paint or stain their deck, fence or outdoor shed.
- Maybe you cannot do indoor construction but you can add or replace a porch or deck.
- Maybe you cannot add recessed lighting inside someone's house but can you install outdoor lighting for a pathway, deck, or patio.
- Now might be a good time to get people to think about installing a patio with a fire-pit.
Those are just some examples; if you have other ideas and need assistance making them happen please contact me directly I would love to solve this problem for you. You can learn more about this product on my New Product Announcement page.
Comments can be left on my Facebook page and tell us about the changes you are making to keep your business going.
NOTE: I am not being paid for my mentions of people, articles, products, or books I used above nor do I receive referral compensation. The links I provide are for your convenience only.
Unless otherwise indicated I sourced the links provided while researching a post. Links that I provide at the request of another person/business will be noted, and if I am paid to provide a link I will disclose that information on the post in which it is applicable. All opinions are mine, regardless of whether or not I am compensated, and are not in any way influenced by the requesting party.
DISCLAIMER: This advice is general in nature and not to be taken as personal professional advice. This blog does not provide legal advice if you need legal advice, please contact an attorney directly.