Table of Contents
Assess Finance Opportunities
Finding the appropriate funds to start a venture isn’t exactly easy for any business, regardless of its size. While you can start a business with no money (or a very minimal amount), you might find yourself in need of some extra financing later down the line.
Is it more challenging to secure funding for a micro business? It could be, but don’t let this make you hit the stop button on your entrepreneur dreams. There are plenty of alternative startup funds that you can explore to kick off and grow your business. Several states like Ohio and Vermont have dedicated Micro Business Development programs that can match you with financial resources.
Getting the Right Insurance Protection
All business comes with some sort of risks — it doesn't matter if you're working alone and out of your home basement. Public liability insurance is a good starting insurance option for many micro businesses.
Getting the proper business insurance for your micro business will make your entrepreneurship experience more rewarding, fruitful and stress-free.
Micro Businesses = Small, But Mighty!
We’ve said it before and we’ll say it again, micro businesses are mighty and lucrative. The cherry on top is that you don't necessarily need to learn a new skill set or have a hefty bank balance to dive into it. By starting small and meticulously planning for your business in terms of entity structure and finances, you are actually setting yourself up for a higher probability of success.
A key decision to make is the structure of your startup. A sole proprietorship is great for small beginnings, but if you want to avail tax benefits, gain protection over personal assets, grow and build credibility in the marketplace, it would be wise to consider a different entity structure like an LLC.
Incfile’s Business Entity Comparison Guide lists out the pros and cons of each business structure and can help you discover the right fit.