More is possible with less because of advancements in technology.

There are different opinions about the definition microbusinesses, but most people agree that it is simply a business run by an individual or a very small group of people.

Why are we using the term ‘microbusiness’ instead of ‘small business,’ ‘sole proprietorship,’ ‘independent contractor,’ or ‘freelance worker?’

While the term ‘small business’ can also be applied to what we’re calling a microbusiness, a small business can have anywhere from 1 to 500 employees, encompassing a much wider variety of organizations than we’ll be discussing.

As you may know, a sole proprietorship is a kind of business entity. We use the term ‘microbusiness’ to describe not a business entity, but a business that requires little or no debt to start while being run by a single individual or by a very small group of people. Although ‘freelance worker’ and independent contractor’ are words we use and are often considered business owners, we prefer using the terms ‘microbusiness owner’ or simply ‘business owner’ because we believe it’s important to be proud of your projects while also claiming your ownership of them.

Since there are many different opinions about the number of employees that constitute a microbusiness, let’s just keep it simple and say that number can range anywhere from 1 – 10 individuals. Note: we will only be using the number of employees to define a microbusiness – not the annual revenue. Although this definition isn’t exactly correct, this approach will help acknowledge the ever-increasing impact a business with a few individuals can make.

If you’re new to the business world, starting a microbusiness is probably your best bet.