Sole traders are a hardy breed, they not only do all of the work themselves on their own, but they also run their business as well, making them responsible for any losses that their company incurs. Despite being a generally resourceful bunch, however, there are always ways that sole traders can improve their business, making it a more profitable and smoother run operation. With that in mind check out the guide below for some tactics that can really help you to make it on your own.
Have a plan and stick to it
One thing that can really help you when running a sole trader business is to have a good business plan, and they actually stick to it. This, however, is something that can be difficult because there is no one there to motivate you and hold you accountable to your original goals.
That is why it’s essential to create a clear and simple business plan. One that you can print off and keep on your desk or in your truck so you can be reminded of it regularly. In this way, you can help keep yourself on target for where you want your business to be in 5 years time, as well as just doing the things that are on your to-do list today.
Invest in the right kit
Depending on the field that you are working in, you will as a sole trader need to invest in the kit that will allow you to complete the job to the best of your ability. Unfortunately, equipment can be a major expense when setting up a sole trader business. Something that means owners have to be creative in raising funds or keeping costs low.
One way of doing this that a lot of sole traders go for is to apply for a business loan from the bank. Others buy pre-used but functional kit and even rent out specialist items that they are in need of such as a bigger truck like the one you can hire from Flex Fleet for larger scale jobs. Although, it is vital that sole traders do not allow their enthusiasm for cost-cutting to turn into a compromise on the quality of equipment or work, as this is a bad business practice that can affect the reviews and repeat custom you get.
Get some balance
Balance is a vital part of life, but for sole traders can be a lifesaver. This is because it is incredibly easy to take on too much, due to the fear of saying no.
Say no to taking on too much work
Of course, it’s scary when you are responsible for the profits and losses of your business, but working every hour God sends until you are too exhausted to continue isn’t going to help either. That is because eventually you will burn out, and as a sole trader you have no one else to take over the business for you. Something that means your business will ultimately crash and burn preventing it achieving the success that was your original goal.
