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Do you want to Turn your Idea into a Microbusiness?
Updated: Apr 10
“I have a Dream…….
………that I will have an identity beyond being a parent and a homemaker”
…….that I will be financially independent”
…….that I will create a legacy that will keep me alive much after”
…….that I will make good use of all the hard-earned qualifications that took a backseat with my responsibilities”
…….that I will get back to the hobby I am passionate about”
…….that my life would be more meaningful and I would be chasing new, exciting challenges every day”
“To achieve this dream, I will start a Microbusiness…well maybe…..but I am not sure
How to begin/where to start ?
Am I equipped enough?
What will I need to deal with If I run a Microbusiness?
Is it enough to have a product/service to sell or are there more aspects to a business?
Looking for answers to these questions?! Read till the end…you might find answers to most of your questions!
Can I become a Microbusiness Entrepreneur / Homepreneur at my age?
Does running a Microbusiness add the additional burden of complicated taxation and compliances?
What is a Microbusiness?
A Microbusiness or a Microenterprise is any business that operates on a small scale, has less than 10 employees (including the owner) & has a turnover or balance sheet less than certain amount (this amount varies from country to country). At the time of writing this blogpost the threshold for turnover is less than 1.7million pounds in UK & INR 50 million in India.
Who is a Homepreneur?
Anyone running a microbusiness or a small business from the premises of their home is a homepreneur.
Can I become a Microbusiness Entrepreneur / Homepreneur at my age? Fact check:
Most microbusiness owners/homepreneurs are women
Most successful microbusiness owners/homepreneurs are middle-aged as by that time your experience about the world has matured and you have more time in hand considering your children would be in secondary school or college by then.
Jab man mein passion hai to umar ki baat karna…..ab yeh Doglapan hai!
If you are passionate about your work then thinking about age is kind of …..your double standard
Don’t forget….life starts at 40….maybe a little earlier …Or a little later as well!
Does running a Microbusiness add the additional burden of complicated taxation and compliances?
No, microbusinesses are exempted from most compliances and taxation documents in most countries. However, this might change if you are registered as a pvt. ltd. Otherwise, a micro business registered as a sole proprietorship might rather receive additional support and exemptions from different government schemes as applicable in different countries from time to time. Thorough internet research followed by a Q & A with a tax consultant can help here.
However, product safety regulations will be applicable as and when required, for ex. Food safety certificate if you are a home caterer.
Will I be able to Sustain a Microbusiness?
Let’s Do a Gut Check!
Ho Payega? Will you be able to do it?
Ask yourself these questions:
Are you planning to work on this idea full-time or part-time?
How many hours exactly are you going to work on it every day?
Will you be able to take out time religiously every day from your responsibilities?
Will this daily time block be sufficient for running this business?
Does the idea actually match your skill set?
If you answered affirmative to most of these questions, you are on the right track so let’s move to the next segment.