Sole traders are the backbone of the economy. They provide literally millions of services, without which the economy would grind to a halt.
The problem is that because there are so many sole traders, there’s always somebody else out there competing for business. That’s why it’s so important to do everything you can to get ahead. Here’s how you do it.
Set Up A Company Website
You might think that the majority of your business comes to you through word of mouth. And that’s probably true. But that doesn’t mean that people still won’t want to check your credentials. If you have a website, people are free to check you out. They can learn about you and the services you offer. And they can leave with greater confidence in your abilities to carry out the service that they want.
Even if you’re a painter and decorator or a handyperson, show off what you can do on your website. Post pictures of your recent decorating jobs. And post blogs about the problems you have recently fixed. Customers will love it.
Business insurance is a big deal these days. The law dramatically favors customers and workers. And for this reason, businesses are at a large risk of being sued at any time.
Sole traders must have insurance to protect themselves against any legal ramifications. That means having both public and professional liability insurance.
Waste Not, Want Not
Tools wear out. It’s something that economists call depreciation.
But all too often, sole traders throw out their tools before their time has come. Often they’ll throw out tools if the handle has broken, rather than have a new one fashioned by a plastic coating dip service. Repair tools until their useful life is totally exhausted to save money.
As a small business, you’ve probably noticed that the banks aren’t all that keen on lending right now. It seems as if they’ve learned the lessons of the 2008 crash – and then some.
This means that to raise capital, businesses are having to save their own money before investing it. If you’re a sole trader looking to expand, you’ll have to build up your own assets. So save, save, save.
Anybody who has run their own business for longer than five minutes will tell you that invoicing is a nightmare. Customers frequently do not pay on time.
The best solution is to send invoices immediately by both post and email. These days you can also attach payment options to the invoice itself. Card payment options, embedded in the invoice itself, increases the chances you’ll be paid quickly.
Get An Online Calendar
Sole traders rely on time management more than most. They can’t just flip between jobs as and when they want. They have to finish one job before moving onto the next.
Getting a calendar can help you to manage your time more efficiently. You can use it to plan out how many hours or days a particular job is going to take so that you know when to take on new work.
Want to learn more?
It’s as simple as 1… 2… 3…
- Just starting out? CLICK HERE
- Been working in your business for two years or more? CLICK HERE
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We’re here to help you to take action just like we’ve helped thousands of other entrepreneurs, business owers and creative professionals all around the globe.
Now is the time to let your passion SHINE.
Now is the time to Make Tomorrow Today!
To your success,
Vinh Van Lam & Stuart Horrex
Your Coaches CoSydney & ArtSHINE
Art Coach, Business coaching, creative business coaching