When you register your business, one of the options you can choose is a sole proprietorship. This means you’re the owner of your business, you’re a sole trade so to speak. What we want to talk about today is whether or not it’s possible to be a proper ‘sole’ trader. Can you run a business all by yourself?
Well, it does depend on the type of business you run. However, here are some of the main parts of your business that may cause you a problem, with some solutions as to how you can do them on your own.
Accounting & Finance
Possibly the hardest task you face is dealing with the accounting & finance side of things. Having said that, your tasks will be limited if you don’t have any employees to worry about. That means you have no payroll to deal with, and no wages to pay. So, your sole focus is on your income and outgoings. All you have to do is keep track of all the money surrounding your business. Make a note of any invoices you’ve sent, and keep all your receipts for payments. There’s even software that you can use to help manage your accounts better too. Account management is so important as you need to know everything about your finances come tax season.
Most small businesses look to outsource their work to an agency, but can you do this on your own too? Marketing a business can be complicated, but there are ways you can teach yourself marketing tips. Firstly, understand that your business will mostly benefit from digital marketing. So, focus on finding all the digital marketing advice you can, and apply it to your business. There are websites, videos, you can even find a podcast for digital marketers too. All the information is out there, it falls on your shoulders to consume it and use it wisely. You’ll find that the more you involve yourself with marketing, the easier it becomes to understand and apply. Make sure you track all your efforts too, so you know if you’re doing well or not.
If you’ve managed to cope with the first two things, then this final thing is the hardest yet. As a business owner, you have a duty to provide a good customer service at all times. Part of this is being accessible as often as possible. Customers may have issues throughout the day, and you need to respond as quickly as you can. Can you do this on your own? It will certainly be a stretch, but it depends on how many customers you have. All in all, it goes back to the type of business you’re running. If it’s something where you take on single clients and do jobs one or two clients at a time, then you can easily manage customer service on your own. If it’s a business where you start an online store and sell things to loads of people, then you’ll struggle.
Carrying on from that last point, running a business on your own is only possible if your idea allows it to work. There are certain business ideas that you can easily do all by yourself without any need for additional help. Likewise, there are some where you might be able to go at it alone to start, but will ultimately need help as your company grows.