5 Reasons It’s Great to Start Business As A Sole Trader In 2020
What springs to mind when you think about a business? Do you picture an office with cubicles, fluorescent lights, and teams of workers adhering to a 9-to-5 schedule (with awkward commutes on either side)? If so, your mind’s eye probably needs an update, because the fundamental nature of a business has gone through a major upheaval in the era of digital entrepreneurship.
Today, it’s not only possible but also often advisable to run a business as a solo operation instead of bringing in a team and getting everyone around one desk. There are many great reasons why, and in this post we’re going to look at 5 of the most significant. Let’s get to it:
You can work at your own speed
One of the biggest sources of stress in the business world is the drive to keep going when you’re exhausted. Targets are set at a managerial level, and the employees need to soldier on to meet them, no matter how close they come to burnout. The frustration involved in not having control over how work gets done is a key driver of employee dissatisfaction.
Running a solo business is also associated with burnout, of course, and the argument is often made that solo traders need to keep going when they don’t want to because they have bills to pay — but the point is that they have options. If they want to stop working on Fridays and work on Sundays instead, they can. If they want to take a half-day so they can rest and accept the loss of earnings, they can do it with no broader consequences.
All the resources you need are out there
What if you want to start a business but you don’t know how to? Well, these days you don’t really need to know that — at least, not right away. No matter what you’re aiming to do, there’ll be a guide for it somewhere online, and most of the guides are either free or extremely inexpensive. You can simply pick things up as you go.
As for finding these guides, you can just search via Google or your preferred search engine. Need to create a business plan? There’s a post for that. Want to learn about SEO? Not a problem. Looking for free software you can use to support the steady and efficient growth of your business? Help yourself. You don’t need a company around you, because all the guidance you need is out there to be found,
Coworking space is ideal
Maintaining a classic office is expensive and complicated. You tether yourself to a set location, start paying rent on a long-term deal, and have to deal with all the practical ramifications (including needing to bring in steady revenue to cover that rental cost). Working from home, however, brings its own challenges — there are so many distractions, after all.
That’s where coworking spaces become so important. A coworking space has a very simple premise: instead of renting an entire office, you rent the occasional use of an existing office that’s set up to be used by many different professionals at the same time. Using coworking spaces lets you avoid distractions and save money, and gives you opportunities to network with other ambitious entrepreneurs.
Outsourcing gives you options
What happens when there’s something you can’t handle yourself? It’s easy: you outsource the task. Now that the web is packed with sites like Fiverr and Upwork, it’s both quick and cheap (especially relative to getting in a regular part-time employee) to outsource a particular task that you really need done.
This means that you don’t need to fill your business with employees that you’d only need on occasion. You can continue to run it as a solo operation, just bringing in remote freelancers when necessary to cover the things you can’t do — and since you only pay for the work done (as opposed to set weekly hours), it can be very cost-effective.
You get all of the profits
Lastly, here’s the big reason why it’s great to run a business as a solo trader at this point: you get to keep 100% of the profits. You don’t need to work hard to yield great successes but share the proceeds with others. You get out what you personally put in, which can be incredibly satisfying. If things don’t go your way, you’ll have nowhere to hide, but isn’t that the point of taking your destiny into your own hands?
After reading these reasons why it’s great to start a solo business these days, how eager are you to start your own business journey? It’s a fantastic time for the solopreneur, and though it’s certainly a challenge to get somewhere, the freedom is worth it.
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