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How Do I Choose the Best Micro-Business Ideas?

By M. Kayo
Updated May 17, 2024
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Typically, the best micro-business ideas come from people who have an interest or specific talents or skills that can be turned into a viable business. So choosing the best micro-business ideas means considering where your particular interests, talents, and skills and lie. Businesses are designed to make money, but going into a micro-business just to make money may not be enough to keep you going when times get tough. Select the best micro-business ideas by matching these ideas up with what you like to do with your time, available financing options, your specific skills, and the experience you may have in a particular type of business.

The term micro-business typically refers to a small, one-person business that might be started at home, on a part- or full-time basis. Micro-business ideas that develop from a serious interest have a higher chance of succeeding because the people who own them work with something that is important to them on more than just a financial level. For example, if you enjoy making classical guitars, then you will probably not maintain interest in your Internet micro-business when experiencing tough times. When you work with something you are about, the interest, motivation and commitment pay still be present even when the profits are not.

Once you have decided where your interests lie, assess your current level of experience, skill and talent in that area. If you love to be around children and you have experience in this area, then you may want to start a childcare micro-business in your home. If you enjoy numbers and accounting, a bookkeeping micro-business might work for you. If you love to cook and you have skill in preparing food for people, then you might do well with a micro-business startup like a catering service. The key here is to find out if something you love can be turned into a micro-business.

Even the best business ideas may need financial help, especially in the beginning. As a general rule of thumb you should have about five years of operating costs, including your living expenses, in savings. If that is not possible, you may be able to secure financing from a bank or even a loan from family members or friends. If you quit your current job and go out to start a business, make sure that business can support you fully. You don't want to start a micro-business only to find out it can't support you and your family.

Even with the best micro-business ideas, the importance of creating a business plan cannot be over-emphasized. There are a number of things you need to know before you actually start a business, and a solid, well-thought out business plan is a good place to start. It is hard to be objective about your own idea for starting a micro-business, so it's best to get some help from someone who has been successful in business for a long time and to tap into their wisdom and experience. Talk to this person about startup costs, what's involved in owning a business, taxes, marketing, and any other issues that will help to prepare you for what lies ahead.

WiseGeek is dedicated to providing accurate and trustworthy information. We carefully select reputable sources and employ a rigorous fact-checking process to maintain the highest standards. To learn more about our commitment to accuracy, read our editorial process.
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