4 benefits of owning a sole trader business
The 4 main benefits of being owner/operator of a sole trader business are:
1. YOU ARE THE SOLE DECISION-MAKER
Being your own boss is a lot of responsibility but there are benefits. You have no one looking over your shoulder except the clock when you’re working to meet deadlines. It’s great to be able to make all your own decisions and although this means you also get to make your own mistakes, that is the best way to learn and grow.
2. YOU GET TO WORK ALONE
Some benefits of working alone are:
- As long as you’re in a good mood, you are in good company
- Your work place is as quiet and peaceful as you make it
- You know where everything is unless you have forgotten where you put it
- There are no people around so there are fewer distractions which can be good for productivity
- You don’t have to explain yourself to anyone but your clients.
3. YOU CAN SET YOUR OWN HOURS
This is only partly true. For example, if you could truly ‘set your own hours’ you’d probably set them at 10 hours a week and have a relaxing life. But if you actually want to earn a living from your business you’ll need to work longer hours than that.
But you can set your own hours in terms of staying up all night to meet a deadline if you need to; juggling your work with family commitments so working after hours instead of during business hours on some days; and if you can manage it, taking holidays at times that suits not only your business but your family.
In my view, this flexibility is the best thing about being the boss of my own business.
4. IF YOU WORK HARD YOU CAN EARN GOOD MONEY
Although some sole traders would make more money if they worked as an employee, it’s nice to earn your money independently. If you work hard and smart, charging what you should and keeping your costs down, you should be able to earn a decent income.
During the good times when business is going well, make sure you don’t forget there will be lulls in earnings later on. Put aside excess earnings into a slush fund to cover those lower-income months. If your slush fund is still there at the end of the financial year, it is yours to use.
BEING A SOLE TRADER HAS ITS PROS AND CONS
Running your own sole trader business is not always easy and it’s not for everyone. But if you are independent-minded, creative and ready for a challenge, you should consider it. I started my business in 2002 and have never looked back.
For other articles about the challenges and issues of running a sole trader business, go to: More articles about sole trading.
This article is based on my own experiences since 2002 when I started On Time Typing as a sole trader business. On Time Typing has over the years evolved into a scribing, writing, editing and proofreading business based in Gippsland, with scribes and editors in Gippsland, Central Victoria, Melbourne and Darwin, and clients across Australia.
Sally-Anne Watson Kane
Writer, editor, proofreader, owner/operator - On Time Typing, Editing and Proofreading
Sally-Anne Watson Kane owns and operates On Time Typing, Editing and Proofreading (established as 'On Time Typing' in 2002) and Peewee Press (since 2003). Sally-Anne is a professional editor and full member of Institute of Professional Editors (IPEd) Australia, based in Moe, Gippsland.
Our services: typing, scribing, report writing, minute-taking, transcription, copy writing, editing, proofreading, graphic design, and self-publishing.
Sally-Anne manages an Australian-based team of eleven typists, scribes, transcriptionists, writers and editors (all subcontractors) including typists in Gippsland as well as typists, editors and scribes in Melbourne, Central Victoria and interstate.
Sally-Anne is a professional member of Institute of Professional Editors and Editors Victoria, and a full member of Life Stories Australia.
Sally-Anne regularly writes articles about sole trader and small business management, writing and editing, self-publishing, and contemporary issues in Australia, across a variety of platforms.
Sally-Anne has 25 years' experience in:
- editing and proofreading publications, websites, policies and reports.
- audio transcription (dictation, transcripts of interviews, focus groups, investigations, hearings).
- recording, transcribing, compiling and self-publishing oral histories and anthologies.
- writing articles, websites, reports and publications
- scribing and writing selection, procurement and referee reports
- scribing, writing and editing self-published memoirs and life stories
- providing self-publishing services to authors, businesses and organisations from handwritten manuscript through to printed book stage, including: project planning, budget, typing, editing, proofreading, graphic design, printer quotes and liaison. We specialise in producing memoirs and life stories, local histories, and minority voices.