Micro business are very special and they have one major thing in common with small businesses… There are so many of them.
But what is a micro business and how does it differ from a small business?
Micro businesses are those with no employees, just the business owner.
Small businesses have fewer than 10 employees. (or 20 in the U.S.)
These businesses are almost completely reliant on one or two key individuals to do everything in the company. The accounting, correspondence, marketing, organising of the calendar/appointments and of course the actual work.
To highlight just how important these businesses are to our economies, we have to take a closer look at the numbers… warning – statistics overload
There are 5.5 million businesses in the UK, of which just over 4 million of them have no employees. 3 million of these aren’t registered for PAYE or VAT. ONS Report
In the U.S. there are even more… 27 million businesses without a single employee. A further 5.7 million small businesses employ fewer than 20 people (in 2015). WSJ
This doesn’t include the 9.5 million unincorporated self employed.
Small businesses account for between 56-63% of the US GDP and in the UK it is 50%.
It is no surprise then that this group of businesses is continuing to grow at an amazing rate each year. 4.4% in the UK and 4.6% in the U.S.
Micro & small businesses are expected to exceed 6 million in the UK by 2019 and over 42 million in the U.S.
No wonder that businesses were in uproar when the UK Chancellor announced a rise on National Insurance for small businesses. He had obviously done his maths.
Thankfully there are a large number of resources available for owners to help manage their businesses.
Very soon there will be a new marketing platform designed specifically for these businesses.
The me:now platform.
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