Seven Objectives for Sole Proprietors

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Setting up on your own has a lot of potentially positive outcomes, the most relevant of which is autonomy in prospective financial independence. 

However, starting your own venture is not as simple as sitting down and starting to work. 

While this may be a good place to start, there are several other factors to add to the process. This is a guide filled with objectives for sole proprietors, and each one has a place in the overall agenda.

Seven Objectives for Sole Proprietors

Set Up Your Space for Success

The majority of sole trading will start at home. Some may continue to work remotely or entirely based in a home office, and others could branch out into a store or office space when appropriate or if necessary. 

All approaches and scenarios need a space that works for the business, otherwise, you risk dampening the success. 

Establishing yourself takes time and requires dedication on an unprecedented scale, so allowing yourself the commodity of a supportive work environment is one of the best things you will do for your mental health and capacity to fulfill commitments.

The following tips are well renowned for supporting a positive workspace:

  • Earth-tone colors to establish warmth and calm.
  • A desk that suits your personality and purpose. 
  • Sufficient lighting to support the visual experience.
  • A plant to improve air quality and add to the positive mental health initiative. 
  • An ergonomic office chair for helping posture, reducing muscle pain, and providing general comfort. 
  • A top-range business laptop or desktop to ameliorate software processes and general business tasks. 
  • A whiteboard for reminders, daily task agendas, random thoughts, and helpful visual aid. 
  • Small touches like candles, diffusers, and radios enhance the ambiance. 

Get Insurance

Like any line of business, sole proprietors need insurance as a way of protecting their goals, their company, and their assets. This may be your only line of income, or you may have assets tied up in the company. 

That is why sole proprietor business insurance is a protective and smart measure to take. 

You can read more about sole proprietor business insurance here, and the benefits largely speak for themselves. 

Contemporary Business Owner

Define Your Brand

A brand that lacks definition will bear no impact on the intended market. Therefore, to avoid going unnoticed and failing to gain traction, ensure that your particular brand gets out there and becomes well-established. 

  • Create a logo with the help of a graphic design service.
  • Find a presence online. 
  • Don’t cut corners on marketing. 
  • Define your journey and purpose. 
  • Always identify your unique qualities. 
  • Engage with your customers. 
  • Be transparent. 

Your brand is what customers will look for so you don’t need any negative associations, and it is better to be unique than appear as a carbon copy of a competitor. 

Secure Funding

Routes to finding funding vary depending on the context and profile of the person pursuing it. 

Often, businesses need an injection of cash to get up and running, and this is not a thing everyone has in their back pocket. 

This is where business loans and securing investors come in. 

To acquire a business loan or grant you will have to meet certain criteria such as a clean credit record, providing a strategy focussed business plan, and a profile of clear projections. 

Not everyone is eligible, but every avenue is worth exploring if it is something you really believe in. 

Make a Website

Putting yourself online has major advantages that cannot be overlooked. 

Not only will you be more able to reach further afield in terms of consumer profile and availability, but the company will also flourish with the exposure. 

This is somewhere to paint your brand in the light you want it to be seen, define your story, showcase products and engage with your consumer base. 

Here are the best reasons to create your website immediately. 

  1. You can engage with clients in a unique, rapid way, especially through the use of social media. Unlike emails, there is a sense of companionship and a personable touch that is hard to replicate in other formats. 
  2. It enhances your credibility through consistent branding (imagery, font, color themes), and professional appearance. 
  3. There has been a significant shift to online purchases in favor of brick-and-mortar stores. Lots of sales (over 80%) begin with an internet query and end with a website purchase. 

Find Reliable Suppliers

When finding a supplier, it is useful to consider the following factors. 

  1. Do their prices meet your budget? If not, yet they are consistent with similar channels, it is time to adjust your budget. If they don’t match, but they are higher than other avenues, consider switching suppliers to save money. 
  2. Do they have experience in your industry? While it is commendable to support new businesses, and valuable to create alliances in your line of work, if you are brand new to the market it may be more profitable to lean on more experienced suppliers with established credibility. This eliminates any chance of teething problems or supply issues that could upend your business before it gets going properly. 
  3. Do they have the ability to meet your demand? Before your customer base takes off, there is bound to be a decreased demand; however, when things get moving this will inevitably change and potentially quite rapidly too. Find a supplier that can be flexible in quantity without skimping on quality.

Break Even, Make Profit and Pay Yourself

The top goal of setting up on your own is to generate autonomous income. 

For this to happen you have to first break even. 

Breaking even looks like seeing equal returns on all the money that was put into the venture during the initial period of engagement. 

After this, you can start to see a profit. 

The profit is what you will use to pay yourself, amongst other things. 

Finding your feet as a sole trader is an acquired taste. 

It suits certain business mindsets, and when you find your groove it gets easier and easier to remain established. 

If your venture is worth the investment, your first year out there on your own will be your biggest indicator. 

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