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Inspiration can strike at any time. Many business ideas have started by chit-chatting with a friend or family member. After the initial chat, the conversation may ignite the spark of a business concept. Then the idea grows into a business plan and eventually a business is born. Scores of successful big companies such as Apple, AirBNB and Microsoft were started by friends and family. Here are a few micro businesses that have stayed small and have found success.

Booming Business After Pandemic Pivot

Dawn Andrews started the cosmetic company garb2ART from her apartment. She was producing lip gloss and bath bombs, which she sold in a brick-and-mortar store in Columbus, Indiana. When the pandemic hit, her business pivoted to hand sanitizer. In the first week 50,000 bottles of hand sanitizer were sold, and now the small business is manufacturing 10,000 one-ounce bottles daily for hospitals, pharmacies, nursing homes and jails.

Kid Influencer Is Top Earning YouTuber

Ryan Kaji’s parents started filming Ryan at age 3 reviewing toys and posted the videos on YouTube. Today, Ryan is 8-years-old and makes an estimated $26 million a year posting toy reviews on YouTube for retailers. His business-savvy parents have expanded the business. Ryan stars in shows on Nickelodeon and Roku, and he sells branded products in stores.

Bargain Hunting Becomes a Big Deal

In 2013, Scott Keyes scored a nonstop, round-trip plane ticket from New York City to Milan for $130. He knew the flight was a good deal. After his friends asked how they could find similar bargains, he started sending them newsletters on travel deals. Scott’s Cheap Flight turned into a seven figure business, a five-employee startup and has an email newsletter with 1.6 million subscribers.

Minimize Tax Liability, Maximize Retirement Contributions

 At Dedicated Defined Benefit Services, our job is to help small businesses minimize tax liability and maximize retirement contributions. Do you know someone who believed in their business idea and, lo and behold, it became a viable business? Many of our clients began this way and are now high-income owners who seek larger tax deductions and accelerated retirement savings. We specialize in retirement plans for micro businesses – businesses with five to 10 employees. A Cash Balance plan gives business owners the potential to make very large deductible contributions for themselves while limiting the total cost of benefits for employees.

College Buddies Pour Themselves into Wine Business

One of our clients imports wine. The small business was started by two college buddies who enjoyed hosting wine tastings. The company began as a side hustle and within a few years became highly successful, allowing the two men to quit their day jobs and employ their wives to help with the business. The co-owners wanted to be able to retire more on their own terms, so they opened a Cash Balance retirement plan. With a Cash Balance plan, the business partners can put away $200,000 for themselves and fund their elective deferral into the 401(k). This is in addition to a 6% profit-sharing contribution. The tax savings in the Cash Balance plan alone is $62,000 and the business partners will be able to accumulate more than $1 million over the 5-year life of the plan.

Are you an owner or partner of a micro business? Download our illustration request form and we’ll design a free customized illustration.