SOLE TRADERS

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  • Created by: _Holly98
  • Created on: 12-12-15 09:56

WHAT IT IS

EXCLUSIVE OWNER BUSINESS

"SELF EMPLOYED"

KEEP PROFITS AFTER TAX

EMPLOY STAFF 

RESPONSIBLE FOR LOSSES

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SETTING UP

REGISTER HM REVENUE & CUSTOMS 

FOLOW CERTAIN RULES RUNNING / NAMING BUSINESS

START TRADING

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ADVANTAGES

SIMPLE / QUICK / INEXPENSIVE SET UP

PROFIT KEPT OWNER

OWNER COMPLETE CONTROL

CLOSE RELATIONSHIP BUSINESS & CUSTOMER DUE SIZE BUSINESS

HOURS WORK TAILORED TO NEEDS

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DISADVANTAGES

UNLIMITED LIABILITY - PERSONALLY LIABLE DEBTS

DIFFICULT RAISE ADDITIONAL FINANCE

DECISIONS LIE OWNER - MAY LACK EXPERIENCE 

DRIVE OWNER - BUSINESS VULNERABLE LACK MOTIVATION

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EXAMPLES

HIGH STREET RETAILRS

PLUMBERS

INTERNET ENTREPENEURS 

MARKET TRADERS

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IMPACT

MISSION: PROVIDES SENSE DIRECTION

OBJECTIVES: CENTRE AROUND MEETING PERSONAL GOALS

DECISIONS: RAPID & RESPONSIVE - LACK SUPPORT 

PERFORMANCE: RESPONSIVE CUSTOMER NEEDS MAY NOT PRICE COMPETITIVE

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