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Angela Majette
by on March 19, 2019
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By:  Angela Majette

Owner of Just Write Legal

www.justwritelegal.com

 

I’m a mom, creative spirit, analytical thinker, beach bum, and introvert.  All of these realities contribute to the fact that for the last 17 years, I have been a proud member of the micro business club.  It’s an affordable club anyone with focus and determination can easily join.  If you have just started your new micro business – welcome to the club!  If you have been thinking about making the move, the good news is that there has never been a better time than now.

 

So What Exactly is a Micro Business?

A micro business is a subset of the small business community based on the number of employees within the company.  Generally, if you are self-employed and have no employees or less than six employees, you operate a micro business. There are other criteria that can also determine whether your business is micro or small. If you started your business with less than $50,000 or if your business does not access conventional capital loans and credit accounts, you are operating a micro business.

 

The Future is Bright for Micro Businesses

Self-employment and micro business ownership continues to be a profitable and significant component of the U.S. economy.  According to the Small Business Administration (SBA), there are approximately 3.7 million micro businesses in the US.  In 2011, 62 percent of micro businesses were over five years old.  It is a misconception that operating a micro business is a sign of stagnation or instability. The decision to remain a micro business is usually a conscious choice, made because of the many advantages of this business structure.  Here are 5 Advantages of a Micro Business that influenced my decision to remain “micro”:

1.  A micro business requires minimal capital to start, perhaps as little as $500.

I started my business in 2002 with a computer, printer, fax machine, subscription to a legal database, and business cards.  Total cost - less than $2,000.

2.  Lower overhead (operating expenses)

The nature of my business allows me to operate a home office and I have no employees. These choices minimize or eliminate certain business expenses. Also, some expenses attributable to the use of my home as an office are tax deductible.  Business use of my personal vehicle also provides tax benefits.

3.  Organic Growth:  Focus on understanding your target market and refining your product/service before expanding

I started Just Write Legal with one client - an attorney who specialized in family law.  I joined bar associations, completed continuing legal education and established a rapport with attorneys and judges to understand the needs of my target market and find my niche.  Over the last 17 years, I have expanded my business to include: business law, real property law, criminal law, domestic relations law, and estates law.  I also now manage litigation in 2 jurisdictions - New York and Florida, manage contracts and communications for small businesses, and mediate legal disputes.

As a micro business, I am able to offer my clients a personalized experience, which builds relationships that lead to increased retention.  My “Day 1” clients are still clients of Just Write Legal.  I grew my business organically by using my own energy and resources to attract new clients and retain existing clients. Although not the fastest way to grow a business, organic growth is considered the healthiest kind of growth that a business can achieve, as it is typically a reflection of solid planning, execution, and commitment to the business.

4.  Lower Financial Risk

A relatively minimal monetary investment, combined with low operating expenses, my knowledge of the legal industry, and my plan for growth, made my risk of not operating in the black in my first year of business slim to none.

5.   Control & Flexibility

As soon as you accept money from an investor or take on a partner, you become accountable to another person and start to lose your autonomy.  When you hire an employee, you are responsible for the employee’s supervision, accountable for the quality of their work, and potentially liable for any conduct or negligence of the employee while working on behalf of your company.  I love being able to work from my home office, the beach, or anywhere else I choose.  I set my own schedule and vacation whenever I want.  I work at something I love and I don’t have to interrupt my life to do it.  You can’t underestimate the value of:

• time

• purpose

• flexibility

• freedom

A micro business means you stay in control, which gives you the power to create your ideal work/life balance.

Funding for Micro Businesses

I am thankful to be in a position to help the next generation of aspiring entrepreneurs and business owners.  I’m excited that my company is a sponsor of FeverPitch - the new business pitch competition that will be hosted on BlackConnect.com.  FeverPitch is open to anyone in the country and was created to advance the Black Millennial Entrepreneur Movement.  If you’re a millennial and want to start a business or need financial assistance with your existing business, this competition is for you.  Take advantage of the opportunity to receive feedback on your business idea from business leaders and experts and the chance to win some cash for your business.

A micro business requires a sound business plan and commitment, so be sure to download the FeverPitch Guide to Winning to help you prepare for the competition before you complete the entry form.  If you need help coming up with a business idea, read 5 Tips To Get You On The Path To Entrepreneurship.

The best part of the micro business is the fact you can start with low cost and risk, making it easy for anyone to establish and operate their own business.  You can start your business as a full-time venture or a side-hustle, and you decide how fast and in what areas your business grows. Don’t brush off the micro business model.  It just might be the beginning of life-long economic independence and a balanced life that is professionally and personally fulfilling.

Create your own definition of success.  Let’s go millennials!  You got this!

 

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