Advantages of Being a Sole Trader

A sole trader is the easiest form of business to set up. All you have to do is offer a product or service for sale and you are a sole trader! No special paperwork is required, so a sole trader is able to start business immediately.

• They are usually small businesses, so less money is required to set them up.
• The owner is in sole charge so quick decisions can be made without having to consult others.
• The owner gets to keep all of the profits; they don't have to be shared with others.
• Financial information can be kept private.
• The needs of local people can be catered for as can special tastes as the owner will know the local market.