Being a sole trader has its good and bad sides.
Good Points:
Control: You get to make all the decisions. This is great if you have a personal vision for your business.
Simplicity: It's easy to start and run. There’s less paperwork to deal with.
Profits: You keep all the money your business makes, which is a big plus!
Bad Points:
Liability: If your business has debts, you are personally responsible for them. This can be a big risk.
Workload: You have to do everything, and that can be a lot to handle.
Limited funds: It can be harder to get money if you need it, especially compared to being in a partnership or a company.
Being a sole trader has its good and bad sides.
Good Points:
Control: You get to make all the decisions. This is great if you have a personal vision for your business.
Simplicity: It's easy to start and run. There’s less paperwork to deal with.
Profits: You keep all the money your business makes, which is a big plus!
Bad Points:
Liability: If your business has debts, you are personally responsible for them. This can be a big risk.
Workload: You have to do everything, and that can be a lot to handle.
Limited funds: It can be harder to get money if you need it, especially compared to being in a partnership or a company.