Owning a business is often a very rewarding feeling. You have total control of a product and/or service that you are bringing to life through your skills and abilities. However, you may not want to take the full step into owning a traditional small business or leaving a 9-to-5 full-time job.
Enter, micro business. A micro business is a type of start-up that mirrors a small business, but can be completely online, done as a side hustle, or a great option for those who do freelance work. Owning a micro business is often cheaper than a traditional small business as costs associated with business ownership (such as leased store or office space) are significantly less.
A typical micro business would have fewer than 10 employees, most typically operated by a sole proprietor or solopreneur, and make a revenue of less than $250,000. While a micro business mirrors a small business, a micro business is the perfect option for an entrepreneur who is a freelancer or still works a traditional full-time job.
Excellent examples of solopreneurs who should consider owning a micro business include rideshare drivers, people who rent their homes on sites like AirBnB, or independent contractors who provide delivery services like Amazon Prime, DoorDash, or UberEats just to name a few. For those who do work as independent contractors, one way to help protect yourself is to form a company and separate yourself from your assets. Without taking this step, you are operating a Sole Proprietorship and have no distinction between your business operations and your personal assets, like your home, vehicle, and personal savings account.
How to get started?
The process in forming a Delaware micro business is the same as forming any other type of business. Solopreneurs have the option of choosing a Delaware LLC or Delaware Corporation when registering their business in the state. There are six key steps to successfully starting a business in Delaware. By forming your business with Harvard Business Services, Inc. every client gets a free Delaware company name search, one full year (12 months) of registered agent services, and lifetime customer support.
Over 300,000 entrepreneurs have chosen Harvard Business Services, Inc for their business formation needs. With clients all over the world, Harvard can be a registered agent to our clients in any state in the United States and help assist with foreign qualifications (certificate of authority) to operate a Delaware LLC or a Delaware Corporation in another state outside of Delaware. Contact us today to get the process started to own your own Delaware micro business!
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such sourceâ€™s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.
There are 2 comments left for What is a Micro Business?Sarah Lauren said: Thursday, February 3, 2022
Strongly agree with Vincent. Thanks for the great service, HBS!HBS Staff replied: Thursday, February 3, 2022
Thank you, Sarah!Vincent Bozzone said: Thursday, February 3, 2022
I just want to compliment you guys on all the great ideas you share. I appreciate your keeping your registrar fees low and the support you provide.HBS Staff replied: Thursday, February 3, 2022
Thank you for your support, Vincent!