SOLE TRADERS 0.0 / 5 ? BusinessSOLE TRADERSASAQA Created by: _Holly98Created on: 12-12-15 09:56 WHAT IT IS EXCLUSIVE OWNER BUSINESS "SELF EMPLOYED" KEEP PROFITS AFTER TAX EMPLOY STAFF RESPONSIBLE FOR LOSSES 1 of 6 SETTING UP REGISTER HM REVENUE & CUSTOMS FOLOW CERTAIN RULES RUNNING / NAMING BUSINESS START TRADING 2 of 6 ADVANTAGES SIMPLE / QUICK / INEXPENSIVE SET UP PROFIT KEPT OWNER OWNER COMPLETE CONTROL CLOSE RELATIONSHIP BUSINESS & CUSTOMER DUE SIZE BUSINESS HOURS WORK TAILORED TO NEEDS 3 of 6 DISADVANTAGES UNLIMITED LIABILITY - PERSONALLY LIABLE DEBTS DIFFICULT RAISE ADDITIONAL FINANCE DECISIONS LIE OWNER - MAY LACK EXPERIENCE DRIVE OWNER - BUSINESS VULNERABLE LACK MOTIVATION 4 of 6 EXAMPLES HIGH STREET RETAILRS PLUMBERS INTERNET ENTREPENEURS MARKET TRADERS 5 of 6 IMPACT MISSION: PROVIDES SENSE DIRECTION OBJECTIVES: CENTRE AROUND MEETING PERSONAL GOALS DECISIONS: RAPID & RESPONSIVE - LACK SUPPORT PERFORMANCE: RESPONSIVE CUSTOMER NEEDS MAY NOT PRICE COMPETITIVE 6 of 6
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