Paul Knotts, who runs Total Injury Prevention Specialists, which consults to businesses to help curb workplace injuries, took the plunge to go out on his own in mid-2010.
He says initially he was overwhelmed by how much he needed to do to get his business off the ground in terms of marketing and administration but he feels more comfortable now.
“I’ve had to draw on my internal fortitude to progress,” he says.
“Being part of networking groups such as BNI Australia is also a good way to share your anxieties and talk to other sole traders.
“It gives you the confidence to know if you do the right things the business will come good.
Knotts says before deciding to go out on your own it’s important to do stringent research so you know there is demand for the services your business will provide to give you confidence the business will be viable.
“It’s about overcoming your fear and having the gumption to make the leap,” he says.
Sandy Barrett, managing director of BRCS Software, is another entrepreneur who set up as a sole trader.
He says for him one of the most important aspects of operating as a sole trader is to make sure he has a balance in his life.
He says: “I set aside an hour each day which I spend doing brain training exercises to help give me the energy and the patience I need to run the business.”
He admits that some people balk at doing business with a sole trader but: “I try to present the business as having a certain amount of strength to give people the confidence to use my services.
“I do have extra resources I can draw on when needed but I don’t need to engage them too often. But if I find I have too much work on I do have those resources available.
“This keeps the business lean which keeps the costs to the customer down.”
Initially Barrett focused on providing software solutions to small-to-medium firms, work he could handle because he operates on his own.
“The approach I took initially was really a confidence thing but now the business has matured I’m more confident working for larger firms, for me the sky’s the limit.”
Barrett says he prefers working as a sole trader because “the buck stops with me. I also prefer to see a job through to fruition, without the hurdles of having to deal with colleagues who might have different ideas to me. I like to control and set the pace and direction of the business.”
But ultimately, says Barrett: “You are responsible for everything, which can encroach on your life, although for me the benefits of operating as a sole trader outweigh the downside.
“Being a sole trader suits someone who is self-motivated and ambitious and willing to put in a bit of elbow grease and take full responsibility for what’s going on in the business.”
