Micro-businesses are the lifeblood of the economy, with even more people than ever opening their own small businesses. Micro-businesses are changing the face of the traditional business world in ways we have never seen before. So what’s the secret to success? They are using clever business models and fresh new ideas that have not been explored yet, or at least not on this scale. So how can you use these businesses models and ideas for your own micro-business?
Why Are Micro-Businesses Important?
Firstly what is a micro-business? A micro business is a business that employs up to 10 people and operates on a very small scale. But don’t be fooled by their size, micro businesses are incredibly successful and popular. Being a smaller company brings its own challenges but with the right business model, you can grow and become a very successful company.
At the root of it all, micro businesses are great because they bring new and adventurous ways of working while building upon ideas that are known to be successful. By using, exploring and developing tried and tested methods, micro businesses are able to experiment and try out new ways of working, uncovering a world of interesting business models and ideas. So what are some of these exciting new models and how can you implement them into your business strategy?
Pop Sugar are giving their audience the topics they want to read about in every single format imaginable. This is omnichannel at its finest. Embrace the fact that your customer’s journey extends far beyond the realms of your website or store. Use multiple channels to reach your audience and support them through the whole experience.
- Help your customers – offer online chat functions on your website to assist where you can. But don’t go overboard, as it can put customers off using your website. Find a balance
- Embrace social media – social media platforms are a great way to reach your customers. Engage with them and be quick to respond to any comments, questions or complaints left on your profile to build trust in your brand
- A brand experience to remember – omnichannel means you must provide an emotionally engaging brand experience across the whole of the customer journey. Think of ways you can support your customers more when they visit your website
Make Products Yourself
Lot’s of small businesses have been offering subscription boxes for the products their customers need. Birchbox and Naturebox are both good examples. Their business models work very well because they are making products themselves and cutting down significantly on purchasing costs.
Making your own products gives your business an edge that competitors will find hard to compete with. By including this in your marketing strategy you will set yourself apart from others in your niche, which is all part of building a successful company.
Free Up Your Time
Taking on your own small business means there’s a lot of work to be done. And with fewer people to help you out, you may end up taking on a lot of the workload yourself. Finding ways to cut down on workload gives you more time to spend on the important things.
- Pass tasks over – You don’t have time to become a skilled professional in every single aspect of your business. Instead, make sure you are not spending a long time sorting out menial tasks when someone else could be helping you or doing it for you. If you are not looking to employ anyone new then why not consider utilizing a virtual assistant?
- Find shortcuts – use tools and platforms where you can to get the job done faster. Using a decent CMS platform to build your website is much faster and easier than attempting to build a site from scratch or getting a designer to build one for you. Create your own website using a reliable hosted CMS which will be user-friendly and simple to set up yourself
Invest in User Experience
Companies like Uber and Airbnb are both very good examples of companies that put their customers at the heart of their endeavors. Focusing on UX, these companies have risen up past their competitors and become incredibly successful very quickly.
- Focusing on your user’s online experience will encourage repeat business and a loyal army of customers
- Stop guessing what your customers want and actually find out. Send out surveys or use A/B testing to see where your website could be improved
Reinvent Traditional Ways of Doing Things
Millennials are social entrepreneurs and they will quickly jump on unique and effective new ways to get the job done. If you curate the perfect business model or have original products to sell, they will sell themselves through word of mouth.
- Customisation and personalisation do very well with this target audience
- Stop selling products and start selling value. Why should your customers buy your products? What will they get from you that they wouldn’t get from anyone else? These are the questions you should be answering in order to differentiate yourself
Micro businesses are so important to the world’s economy and even in recent years, the number of people who own their own micro start-up has increased significantly. Being a micro business has its downfalls and equally you will face times of success where big companies may fall short. Challenge ideas and traditional ways of thinking to build a successful company.
Which of these business ideas would you consider implementing for your own company? Tell us why in the comments.