What’s the difference between a micro business and a small business?
In Australia, a small business is defined as one with an annual revenue turnover (excluding GST) of less than $2 million and employs fewer than 15 people. While micro businesses also fit into this category, they typically employ between one and four people.
Micro businesses are also often owned and operated by a self-employed individual with no employees. Freelance consultants, designers, writers, web developers, life coaches, and self-employed personal trainers are all examples of micro businesses.
How do you start a micro business?
Starting a micro business is relatively easy. Creating a business plan is a smart first step. This will basically act as the blueprint for your new business. You’ll also need to register a business name and an Australian Business Number (ABN), and set up a website.
Depending on your industry, you may also need to apply for licences and permits, and purchase appropriate insurance to protect your business against potential liabilities.
(source: quickbooks.intuit.com/au )
How do we define small business?
The Australian Bureau of Statistics (ABS) defines a small business as a business employing fewer than 20 people. Categories of small businesses include:
- Non-employing businesses (sole proprietorships and partnerships without employees)
- Micro-businesses (businesses employing between 1 and 4 people including non‑employing businesses)
- Other small businesses (businesses that employ between 5 and 19 employees)
Micro Business defined by the NSW government is a business run by an individual rather than a corporation or larger company. It can have up to 4 employees before it becomes a small business. Small business can then be defined as 5 to 19 employees.- (secondary source- cant’ find original Government source)
What is a micro enterprise?
A micro enterprise is a very small business that is simple to start, with minimal capital needed. They can have a vital purpose in improving people’s quality of life. They give people a role in their local community providing a service or goods. They are highly individual – able to happen at a scale, stamina and schedule that suits a person. They are about offering a product or service in a local community, based on interests and skills.
Examples of existing businesses
Enabled.vip is a virtual incubator. Contact there is Gary Allen. Enabled.vip – https://enabled.vip/
Matthew Townsend who runs National Conversation on Disability Entrepreneurship. His email address is firstname.lastname@example.org with a link to his LinkedIn profile – https://www.linkedin.com/in/mathewtownsend91/?originalSubdomain=au