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2019-02-20 21:35:34Advice for EntrepreneursEnglishIf you’re a sole trader or you’re considering taking the plunge into the world of small business, you know just how exciting...https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/10/iStock-836469738-2.jpghttps://quickbooks.intuit.com/au/resources/advice-for-entrepreneurs/sole-trader-survival-tips/Sole Trader Survival Tips For New Business Owners | QuickBooks Australia

Sole trader survival tips

2 min read

If you’re a sole trader or you’re considering taking the plunge into the world of small business, you know just how exciting entrepreneurship can be. The process of making your dreams become a reality is incredibly rewarding, but let’s be real – it also takes a whole lot of hard work and plenty of time. For those days when being a sole trader seems tough, here are five survival tips to help get you through.

1 Take advantage of your perks

It’s easy to get caught up in the day-to-day running of your business, that you can forget you’re the boss. That means, if you need to take a break, you can take one. Many small business owners end up working more hours than they would in a regular salaried job, so if you need to take an afternoon off or have a weekend free of checking your emails – that’s exactly what you should do. While taking a break may seem like the last thing you should do, it’s worth it to avoid any form of burnout in the long run.

2 Maximise your online presence

No matter what industry you are in, maximising your online presence is a smart way to grow your small business and find loyal customers. Even if you don’t have an online store, you can still use social media to grow and develop your brand, and engage with potential customers and fans online. Whether it’s Pinterest, Facebook, Instagram or YouTube, there are so many different channels you can use. And don’t forget the importance of having a well-designed website that reflects your business goals and values.

3 Find a mentor and a community

Just because you might work from home, doesn’t mean you have to do it alone. As a small business owner and entrepreneur, it’s important to find others who are on a similar journey. Start by networking in your local community, visit co-working spaces and join online forums. Find a mentor who has successfully started their own small business and can help answer your questions or offer any support.

4 Get on top of your paperwork

In order to not just survive as a small business owner but thrive, you need to get your paperwork sorted, stat. It’s not just about running the actual business, but also making sure all your paperwork is up-to-date, your finances are in order and your tax obligations are met. The easiest way to get a handle on things, is to download an accounting app like QuickBooks that can quickly sort out your expenses and clearly show you how well your business is performing.

5 Source help

It can be hard to bring on help as a new business owner, particularly in the first few years when finances are tight, but sometimes it’s necessary. These days, you can easily find help online with the rise of virtual assistants, and freelance-finding websites. You don’t have to bring on full-time employees to get the job done. And don’t be afraid to ask friends, family and your small business community for recommendations to help take the stress out of finding the right person for the job.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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