Did you know that there are over 7 million women entrepreneurs in this country. About 6 million are micro-businesses.
What’s a micro-business?
Glad you asked. This is what the wikipedia said:
A micro-enterprise (or microenterprise) is a type of small business, often unregistered, having five or fewer employees and requiring seed capital of not more than $35,000 . The term is often used in Australia to refer to a business with a single owner-operator, and no employees.
Personally, I’d bump it up to fewer than 10 people, employees or owners. I’m a micro business. You’re a micro-business. Wouldn’t you like to be a micro-business, too? (Ok, that was a random Dr. Pepper reference-sorry)
Here is an absolutely fab infographic created by Vistaprint.
50% of micro businesses earn less than $25K
That’s a startling statistic, isn’t it? First, because it’s easy to imagine that everyone but you is making a mint. Turns out, not so much.
Second, because it tarnishes the shiniest brass ring in online marketing- making six figures…gasp!
Only 7% of micro business owners make over $100k. Think about that the next time a guru promises to take your business to the exalted six figure mark and beyond.
That path is littered with bodies exhausted on the journey to nirvana. I don’t say that to be mean. Just to be realistic. Part of being powerful is recognizing when NOT to make something happen.
This might be sacrilegious but it’s ok not to make six figures with your small business.
That’s where the micro-pricing concept came from
You don’t have to feel bad about not making 100k. You can feel great about adding $1k to your bottom line. That adds up. The more small income streams you add the longer you get to stay around and figure the recipe out.
What recipe? Cooking and business are very similar for me. I think in terms of the recipe for success. And, just like real cooking sometime you gotta tweak the recipe before it’s perfect.
Selling mini-products at micro-prices allows you time (and money) to tweak your recipe for success. To find that illusive combination of ingredients (marketing, sales, message, audience) that makes a satisfying, profitable stew.
As you know, I’m still in the test kitchen myself working on Survey Sherpa, my mini-product. Here’s how it’s going so far.
How would you describe a micro business? Are you one, too?