Are you struggling to manage after you register a company sole trader? It can be tough to grow a business as a sole trader – because you are on your own. Without people to share ideas with, you might develop bad habits that prevent you from growing your business. Or maybe you just lack the know-how or the resources to move forward.
What significant actions can you take going forward to expand your one-man band? Being a business owner is a dream and an ambition for many people, especially considering that there are 3.6 million sole traders in the UK. What, then, are the prospects for sole proprietors?
Today, let’s talk about some tips to successfully manage and grow after you register a company sole trader.
Tip 1. Get Business Insurance
Once your business is established as a sole proprietorship you can start working on growing your sole trader business. Yes, you are very eager to grow your business, but you’ll need to get the fundamentals right first. The first step to growing your sole trader business is to make sure you have a strong base to build your success on. From sorting out your tax and super, to knowing the rules that you operate under, there are many things to think about before you begin growing your business.
This is especially crucial for sole traders, who take on unlimited liability, meaning your personal money and assets may be in danger if things go wrong. This is why business insurance is especially vital from the start, as not having enough protection when a claim is made against you could be disastrous.
Tip 2. Building a Solid Business Plan
Now, you need to get a written business plan, that will work like a blueprint for the structure and operations of your company. This document will be your guide for success and is designed to evolve with you on your journey. Think about your business goals and how you intend to achieve them. Consider doing a market analysis and consider your business’ SWOT analysis (strengths, weaknesses, opportunities, and threats).
This is also a space to handle your finances and ensure you have a steady budget for business growth while still paying yourself. From logistics and finances to marketing, there is a lot to think about when it comes to growing a business.
Tip 3. Get Expert Advice on Register a Company Sole Trader
Don’t worry if the previous steps seem a bit daunting. Being a small business owner doesn’t have to mean that you are isolated. Just asking for help could be the smartest move when it comes to growing your business.
From social media marketing and accounting to learning from other small business owners about their experiences, there are many professionals who make a living by assisting small businesses in particular areas. So, getting help from some experts will always benefit your business.
Tip 4. Find Points to Improve
As you grow, you may benefit from shifting from tactics to strategy. Ask yourself what is your overall goal and how you will reach it? Now’s the time to invest in your business rather than working in it. Can you put down the tools one day a month to review the previous month?
Make time to assess what’s going well, what needs to improve, and reflect on your business finances. If the monthly review is not possible, think about taking time out every three months to make a 90-day plan.
Tip 5. Remember You Can Hire Apprentices
Don’t let the name fool you – sole traders can work with others too. You can legally be a sole trader and hire an apprentice. Working with an apprentice lets you broaden your scope, take more work and start to grow your business, as well as enabling you to share your skills and knowledge with someone else.
Tip 6. Take Help of Financial Data to Plan Next
Every business needs to see and understand its data – especially if they’re growing. You need to know your basic business financials – including cashflow forecast, a profit and loss account, and a budget.
It’s important to have a skilled accountant who can help you make sense of your numbers. They can help clarify to you what the numbers mean in simple English and help you to make financial choices based on what’s happening in the wider context of your business. It’s easy to ignore finances as you concentrate on the operations of your business, but it’s important to stay on top of your administration and finances.
Tip 7. Automate Everything You Can
As you register a company sole trader, you should know that technology is not taking over humans in general. It is, however, competently handling many of the boring tasks us humans used to do. This is a huge advantage to everyone, and especially for sole traders who want to grow their business.
What’s more, important technologies have now become common and cheap. You can manage time efficiently and save on manual labour for things that can be done easily with automated systems.
Tip 8. Learn to Utilise Existing Customers
When your business is aiming for growth, it can be easy to neglect the people who helped your business become what it is now. Just because they’ve used your services or bought from you once doesn’t mean they should stop. Lure them back with promotional offers, or turn them into brand ambassadors.
Tip 9. You Should Have a Solid Network
Just because you are sole trader doesn’t mean you have work alone. Work with other businesses in your area that match your business. For example, if you’re a plumber installing a new bathroom, work with a carpenter who you can suggest to do other jobs around a client’s house – and they can do the same for you in return.
Tip 10. Get a Brand Ambassador for Your Business
When you register a company as sole trader, you need to utilise every chance to do free marketing and advertisement of your brand to grow. Potential customers are more likely to use your business if it’s been recommended by a friend. So why not make your customers into brand ambassadors? Give them a discount on products/service if someone they recommended buys something from you. That way, they’ll be spreading your reputation and getting you more customers in the process.
In The End
It is not necessary to wear many hats and handle everything alone in order to grow your sole proprietorship, even though that may seem to be the case. You can grow your business sustainably for years to come with the help of the above ten tips. If you follow them, you don’t have to worry after you register a company as sole trader.
