Size and scale are the main differences between a micro and a small businesses. A micro business is a type of small business that employs fewer than 10 people, according to the Small Business Association, while small businesses can include businesses with up to 500 employees.

Micro-businesses include solopreneurs, freelancers, side hustlers, and many business owners operating in one location. Financing and marketing may be more of a problem for these businesses, although they tend to enjoy closer relationships with customers and require less capital to operate.

Steps To Starting A Small Business

Do Market Research

Market research will tell you if there is an opportunity to turn your idea into a successful business. It’s a way to get information about potential customers and businesses already in your area. Use this information to find a competitive advantage for your business.

Write your Business Plan

your business plan is the foundation of your business. it is a blueprint for how to structure, operate and grow your new business. you’ll use it to convince people that working with you—or investing in your company is a smart choice.

 fund your Business

Your business plan will help you figure out how much money you will need to start your business. If you do not have this amount on hand, you will either have to increase the capital or borrow. Fortunately, there are more ways than ever to find the capital you need.

Select the Location of your Business

The location of Your business is one of the most important decisions you will make. Whether you’re starting a brick-and-mortar business or launching an online store, the decisions you make can affect your taxes, legal requirements, and income.

Choose a Business Structure

The legal structure you choose for your business will affect your business registration requirements, the amount of taxes and your personal liability.

Choose your Business Name

It is not easy to choose the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure that your business name isn’t already being used by someone else.

Register your Business

Once you’ve chosen the perfect business name, it’s time to legalize it and protect your brand. If you are doing business under a name other than your own, you will need to register with the federal government and possibly your state government as well.

Obtain Federal And State Tax Identification Information

You will use your Employer Identification Number (EIN) for important steps in starting and growing your business, such as opening a bank account and paying taxes. It’s like a social security number for your business.