Red round formation on skin

So my dog of 2 years is a male miniature poodle mix. I noticed he was licking his right rear leg and when I checked, I saw a round and red formation on his skin. It seems to bother him. I looked for others around his body and I think I found a smaller one on his dew claw of the left front leg What could this be? 

Hello!   Thankyou for this clear photo.  There are two broad 'sorts of things' that a lump to the leg could be:  it could be inflammatory (the body reacting to something) or neoplastic (cancerous, but cancer can be benign or malignant). The fact that it is being licked often suggests an inflammatory lump, a common example being a foreign body such as a thorn under the skin, causing a small abscess.  Such swellings are sometimes licked and licked until the surface skin is very badly damaged and veterinary attention is recommended. However, sometimes cancerous lumps in certain positions prove bothersome and are licked obsessively too, particularly when they are sited on the leg right in front of the patient's nose, so the above is by no means a hard and fast rule. Cancerous causes that might be licked, include sinister cancers that require rapid removal but also a 'strawberry lumps,' which can disappear on their own.  Your vet will need to see the lump and may need to test in order to be sure.  

Wow! Ok, I understand. This is actually very helpful. Thank you so much for taking the time to reply. I will schedule an appointment ASAP to see what is going on.