Thinking About Becoming a Sole Trader?

The #MotivationalMonday blogs this month all focus on empowering readers to start their own business and create their own opportunities. Today’s focus will be on the benefits of setting up as a sole trader, with this granting you complete control over the business and its finances. We’re not denying there are some considerations of being a sole trader that you will need to assessed moving forward. However, as it’s Motivational Monday we’re going to focus on the great aspects to begin with to get you inspired.

Overview

As a sole trader you will run your business as an individual. This does not mean that you are necessarily working alone, as you can employ staff if you want to operate your business as a team, but you are the decision-maker.

Why is it Beneficial?

There are a wide range of reasons as to why business owners decide to set up as sole traders. One of the key ones is that it is the simplest way and you can begin trading immediately- which is fantastic when you’re full of enthusiasm! Once you have set your business up it is also easy to control, which allows you to direct its course of growth in a way that suits you individually. Additionally, as your circumstances evolve, it is easy to change the legal structure so you’re not signing your life away.

How We Can Help!

The KFS group have all of the resources that you need to get started. We are so excited by the prospect of new entrepreneurs realising the potential of their ideas, and it is always such a pleasure to be part of the process. Services such as your own personal accountant, and the preparation/submission of your self-assessment, leaves you with more time to be creative.

For more tips, help and support, visit the KFS group website @ www.online.accountants

–  The KFS Group Blog Team

Resources

http://www.middlesbrough.gov.uk/CHttpHandler.ashx?id=6512&p=0: HRMC 10 step guide to setting up as a sole trader