The search for a home-based business may have led you to consider a variety of options from franchising, network marketing or working as an agent for a company. Some who have been in this situation have eventually settled on the sole-trader route after considering all the options related to financial commitment involved. Going it alone might seem a daunting task but in reality, it could be the best option for you if money is an issue.
There are many advantages to being a sole trader and one of the most important is financial. While there may be some necessary cash outlay to buy the equipment you require to operate your new business, going it alone means you will not be paying franchise fees, royalties, registration costs and the like.
Operating as a sole trader can also be less complicated when it comes tax considerations and usually involves less paperwork.
Setting up your own business as opposed to joining a company or buying a franchise puts you in complete control of all decision-making and allows you more freedom to move in any direction.
Though some will prefer the comfort of having a company brand and infrastructure behind them, others have enjoyed the benefits that come from working independently.
CASE STUDY:
Gavin saw an advertisement in a daily newspaper offering a franchise opportunity in a Window Blind company. He responded and made a 400-mile round trip to attend a meeting for prospective franchisees which included some basic training in measuring and fitting blinds.
The meeting outlined the financial outlay required and also revealed there would be ongoing royalties to pay plus a monthly payment for advertising materials.
Gavin returned home without signing the paperwork and decided against buying into the company. Still keen to pursue this type of business, he got on the phone to a local window blinds factory, asking if they would provide a trade price list if he would bring orders to them.
The factory agreed immediately and Gavin was soon measuring and fitting blinds as a sole trader, advertising locally and earning more on his own than he could with the company he rejected.
Now he operates a one-man business that is uncomplicated and with very low overheads. The added bonus is that he can earn more on his own even when he undercuts the major companies operating in his area. Taking the route of the sole trader does not have to fill us with trepidation but can in fact be the least stressful way to start a new business.
There are many advantages to being a sole trader and one of the most important is financial. While there may be some necessary cash outlay to buy the equipment you require to operate your new business, going it alone means you will not be paying franchise fees, royalties, registration costs and the like.
Operating as a sole trader can also be less complicated when it comes tax considerations and usually involves less paperwork.
Setting up your own business as opposed to joining a company or buying a franchise puts you in complete control of all decision-making and allows you more freedom to move in any direction.
Though some will prefer the comfort of having a company brand and infrastructure behind them, others have enjoyed the benefits that come from working independently.
CASE STUDY:
Gavin saw an advertisement in a daily newspaper offering a franchise opportunity in a Window Blind company. He responded and made a 400-mile round trip to attend a meeting for prospective franchisees which included some basic training in measuring and fitting blinds.
The meeting outlined the financial outlay required and also revealed there would be ongoing royalties to pay plus a monthly payment for advertising materials.
Gavin returned home without signing the paperwork and decided against buying into the company. Still keen to pursue this type of business, he got on the phone to a local window blinds factory, asking if they would provide a trade price list if he would bring orders to them.
The factory agreed immediately and Gavin was soon measuring and fitting blinds as a sole trader, advertising locally and earning more on his own than he could with the company he rejected.
Now he operates a one-man business that is uncomplicated and with very low overheads. The added bonus is that he can earn more on his own even when he undercuts the major companies operating in his area. Taking the route of the sole trader does not have to fill us with trepidation but can in fact be the least stressful way to start a new business.
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Become a Sole Trader