Have you had trouble finding the right job? Or any job at all? Do you want to just create your own job? Have you thought about starting your own small business? Do you believe you have what it takes to be an entrepreneur?
Talk to other small business owners. They may be able to give you realistic advice.
When The Bug Chicks said, “We’re a nano-business” on the TV commercial for Microsoft*, I wondered “What is a nano-business?”
To my understanding, a nanobusiness was about nanotechnology, “defined as an engineering science and technology conducted at the nanoscale (from 1 to 100 nanometers) that studies the application of minute things.”
Those bugs didn’t look that small.
So, I kept clicking around on Google and found;
This is why I’ve coined the term “nano-business” to describe the businesses I’ve started, and continue to run.
That dash makes all the difference. Wikipedia says, “a micro-business is a small business with 5 or less employees, and starting with capital of $35K or less.” A nano-business is a business that is smaller than a micro-business.
Nano-business (noun) – A business made up of 1-3 people, with less than $1,000 initial capital, that targets cash on cash returns, and does not necessarily target long-term capital growth.
Nano-businesses are great for so many reasons. They can be started on a shoe-string budget, they require as much or as little time commitment as you want (ie. you can still work a full-time job, spend time with your kids, etc.), they can be scaled bigger or abandoned with ease, and the potential monetary loss is minimized because of the low investment required to start the business. And, best of all, a nano-business is a great tool that can bridge the financial gap for someone trying to retire early, but lacking the monetary savings to support their dream.
So, I guess every business I ever started was a nano-business. I thought I was just a broke entrepreneur.
This is what makes a nano-business:
(according to the writer, summarized by me)
- Inventory, if you’re selling something
- Outsource any work you can’t do yourself
Flexible Time Commitment
- Work when you can or are motivated
- Take time off to relax
- Set your own hours
- It’s your business and your decision
Scale through hard work over time, advertising, networking, product expansion, and other traditional means or just start another business. You decide if or when to scale, what to work on and when to do it.
- Don’t invest more than you can afford to lose
- If it’s not working, or you’re not enjoying it, try something else!
The writer has some great ideas and real-world examples. Take a look at his blog!