Microenterprises can exploit niche opportunities that most businesses would ignore.
A microenterprise can be viable at very low levels of turnover.
It can be very specialised – maybe just making one product well.
It can appeal to customers looking for small quantities.
What’s so good about self-employment?
Firstly and perhaps most importantly it is flexible.
You can work whenever and wherever you want to. Have medical issues, time in hospital or being unwell? – just let your customers know when your available or not or have stock ready for those times.
Maybe you prefer working at night or even early morning. You work when it suits you.
Do I need to take out a loan to start?
No, in fact, it is not advisable to get into debt and have the pressure of payments. Small business can take a short or a long time to start making a profit so this needs to be taken into account.
Most micro-enterprises start very small, selling to neighbours, family and friends. This gives you the opportunity to get their feedback and you can develop a quality product or service.
You may need a small amount of money to say buy stock or hire a lawnmower. Talk to family first and brainstorm alternatives to borrowing money eg. ‘Can I borrow your ……. Until I have made enough money to buy my own ………?”
I don’t know what to do/make/sell
Well, what do you like doing, what are you passionate about, what are your skills? Start there.
Brainstorm: What can I do?
Ask for help. Most people are willing to give you a hand and some advice. If you keep your request to a small specific thing they can help you with then it will be a step forward for you.