All posts filed under: Growth

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Soul Searching Sole Trader

Those of us who have launched into the life of a sole trader know why we did it—the lifestyle, the personal reward, the independence, the lack of office politics and fickle employers. But how do you make sure you have a truly viable business that will consistently deliver the income you want? Rob Drage, business mentor at Thexton Armstrong Drage in Faulconbridge, says that every sole trader needs to do some soul searching—and he recommends two regular review processes. Taking a good, hard look at your business might not be every sole trader’s idea of fun—it might even be terrifying—but it is essential. “The life of a sole trader can be rewarding, frustrating, exhilarating and stressful all at once,” says Rob. “Part of balancing these emotions is having a thorough understanding of the business, the customers and the competition.” Rob’s two review processes, the SWOT analysis and Business Definition, take time, thought and discussion to get the most benefit, and to most people they are far less exciting than just running the business. However without …