So you run your own micro business, congratulations! You may be surprised to learn that you are in the majority – businesses employing fewer than 10 people make up 95.6% of all UK businesses.
So what’s great about being tiny? There are myriad advantages to small businesses, both to the business owner and to the customer. Here are a few of them:
For the entrepreneur:
Independence – be honest, who hasn’t ever wanted to be their own boss? People working for themselves are happier too.
Personal Satisfaction – you’re working in a field you really enjoy, and you have the creative freedom you only dreamed of in the corporate world.
Work/life balance – you can set your own hours, reduce your commute to zero and see as much of your family as you want to!
Learning opportunities – as a cog in the corporate machine you typically only perform a tiny part of the overall function. As a business owner you have to get involved in the whole process, even when you outsource parts of it to other experts.
For the customer:
A narrow focus – small businesses will often service a niche in the market that big business does not cater for.
Flexibility – a small business has more scope to be adaptable, sometimes changing its business model for each client.
The personal touch – in today’s world of technology and automation, customers appreciate the opportunity to speak to the same person each time. The opportunity to speak to the business decision maker will rarely arise with a larger company.
Technology has done much to enhance the natural advantages of small businesses, but technology changes quickly. When you don’t have the internal resources of a large company to call upon, strategic outsourcing to other experts can bring the benefits of a larger business while still retaining the advantages of the small.