Grow from a Micro Business To a Small Business On Purpose
Grow from a Micro Business ($50K - $2M Revenue or 0-4 Employees) to a Small Business ($2M - $10M Revenue or 4-20 Employees) in a systematic way.
Many micro to small businesses are survival enterprises, operating out of necessity rather than with intent to grow. The survival rate of businesses over a 4-year period FY15-19 indicates that larger businesses generally survive for longer period compared to micro businesses (inc sole traders). In fact, sole traders have the lowest survivable rate at 60% which is less than the average survival rate of 65% and hasn't changed from the last period FY 14-18 (ABS 8165.0, Table 15, Feb20). Additionally, data from FY21-22 reveals that 81.2% of businesses exiting the market had turnover of less than $200,000.
However, there was a large net movement of surviving businesses into the upper turnover size ranges, with businesses having a turnover at or above $200,000 increasing by 61,627 collectively (ABS, Jun 22).
This demonstrates the inevitability of micro businesses growing into small businesses in order to establish a reliable, sustainable, profitable, and scalable business that can thrive for years to come and leave a lasting legacy.
Transitioning from a micro business to a small business can also contribute to wealth creation. As revenue and employee numbers increase, there is the potential for higher profits and scalability. This growth can lead to increased wealth, as long as the business is effectively managed, risks are mitigated, and growth opportunities are seized.
We have built a Business Factory to guide and develop your business throughout its entire business life journey. We understand the challenges faced by SMBs in today's competitive landscape. That's why we offer reliable, research-based guidance tailored to your specific market needs.
To help you build a unique value proposition that strategically positions your business for success, from start to finish.
With LIFE OF BUSINESS, you can develop a reliable, profitable, and scalable business model. We empower you to create innovative products, services, or systems that precisely fulfill the pinpoint market needs identified through our extensive market research.
Don't let uncertainty hold you back. Take control of your business journey with LIFE OF BUSINESS. Together, we'll unlock your true potential and pave the way for lasting success.