What is a Micro Business and Do You Have One?

by Alison Stapleton

Micro Business

What is a micro business?

A micro business is any little business that makes money. For example when you crochet something and sell the finished product or the pattern. Typically a micro business is a one man (or woman) show.

If you crochet (or knit or craft) and sell your items you have a micro business.

A micro business can also be referred to as a the new word of solopreneur. Like an entrepreneur, but going solo, or on your own.

A micro business can grow to two, three or four people working together but it is usually that one person does it all, all the business things like:

  • The ideas,
  • design,
  • sourcing materials,
  • manufacturer of the items,
  • advertising,
  • production,
  • marketing,
  • promoting,
  • website management,
  • social media, pricing,
  • selling and
  • banking.

Phew!

You may not realize you have a micro business

If you make items and give them to others or to charity then you are not a micro business.

If you do take money for your crafted items then you have a micro business.

Good karma

All income and costs need to be declared to the tax man.

Don’t start pocketing the cash if you do it creates bad karma around money for you in the future.

You want the money to flow towards you and that you will prosper. If you cheat the system you create blockages for the money stream and this stops other good things like prosperity to gravitate towards you.

Start today and get your abundance flowing in

Note every cent in and out from day one. You will likely get a refund anyway if your turnover is low and under one thousand dollars a year.

Do not worry about this now but make records. In and out.

Keep receipts for every purchase for your creations like that ball of yarn from the wool shop or a new paintbrush for your art.

Start today. Let the universe know you are in business.

If you think you may have taken a vow of poverty now is the time to let it go.

Thought, word and deed

First you think of the idea of say, to make a hat. Then you speak about your ideas to make the hat. Then you do the deed and make the hat.

There is a sequence to creativity.

I want to add another step and that is to journal the process and to capture the moment.

Journaling your ideas

Get a notebook.

Open it to the first double page.

On the left hand side draw the image of the item, the pattern diagram the finished garment. Here you can add the color palette and note or scetch any special details.

On the right hand page write “Hat” (or whatever your craft project is) at the top. Write all the details of the yarns, pattern and hook, and instructions to make the hat.

Two thirds of the way down the page draw a line across the page.

In the lower right part express your feelings about the project. Are you excited, scared, happy, overwhelmed, or finally at peace?

Keep your notebook handy.

Over the days and weeks of the project, journal the process and your feelings about the item.

Choosing your Notebooks

photo-1429032021766-c6a53949594f-2I like Moleskin note books. Size A5 which is about 5” wide by 8” long. Get the one with plain blank pages and no lines.

On a side note, they also have a screenwriters design with a story board format which is fun to use for a “How-to” project.

Don’t let another idea pass you by. Note it in your creative journal. You can go back over your many ideas later and weed out what is good and doable, and look at why a project is not going to get done.

Become used to capturing your ideas.

Evernote is a great app for journaling (or note booking) as well, and you can capture images from the web or photos as you go along.

Either or both are good tools to develop your creative side.