7 Sole Trader Examples You Can Learn From
Sole traders are self-employed individuals who run their own businesses without any partners or shareholders. They are also known as sole proprietors or freelancers. Sole traders have many advantages, such as having full control over their business decisions, keeping all the profits, and having lower tax rates than other business structures. However, they also face some challenges, such as being personally liable for any debts or losses, having limited access to finance, and having to deal with all the administrative tasks.
If you are thinking of becoming a sole trader, you might be wondering how to start and grow your business. To help you out, we have compiled a list of 7 sole trader examples from different industries and niches. These examples will show you how sole traders can succeed in their fields, what skills and strategies they use, and what challenges they overcome.
1. Sarah Turner – The Unmumsy Mum
Sarah Turner is a popular blogger and author who writes about the realities of motherhood. She started her blog, The Unmumsy Mum, in 2013 as a way to vent her frustrations and share her honest experiences with other parents. Her blog quickly gained a loyal following and led to several book deals and media appearances. Sarah is a sole trader who manages her own website, social media accounts, and book contracts. She also collaborates with other brands and influencers to create sponsored content and campaigns.
2. James Smith – James Smith PT
James Smith is a personal trainer and online coach who helps people achieve their fitness goals. He started his career as a gym instructor and then moved to Australia, where he launched his online coaching business, James Smith PT. He uses his website, YouTube channel, podcast, and social media platforms to educate his audience on nutrition, training, and mindset. He also offers online courses, books, and live events. James is a sole trader who handles his own marketing, sales, and customer service.
3. Emma Gannon – The Multi-Hyphen Method
Emma Gannon is a writer, podcaster, and speaker who advocates for the multi-hyphen method of working. This means having multiple income streams and projects that allow you to pursue your passions and talents. Emma started her career as a journalist and then became a freelance writer and blogger. She later launched her podcast, Ctrl Alt Delete, where she interviews guests on topics such as creativity, career, and technology. She also wrote several books, including The Multi-Hyphen Method, which became a bestseller. Emma is a sole trader who juggles various projects and collaborations while maintaining her personal brand.
4. Joe Wicks – The Body Coach
Joe Wicks is a fitness influencer and entrepreneur who is known as The Body Coach. He started his business in 2014 by posting short videos on Instagram showing how to cook healthy meals in 15 minutes. He then expanded his content to include workouts, recipes, and tips on how to get lean and fit. He also created his own online fitness program, The 90 Day Plan, which has helped millions of people transform their bodies and lifestyles. Joe is a sole trader who runs his own website, app, social media channels, and product line.
5. Marie Forleo – B-School
Marie Forleo is a business coach and motivational speaker who helps people create businesses and lives they love. She started her career as a Wall Street trader and then quit her job to pursue her passion for personal development. She launched her website, MarieForleo.com, in 2006 as a platform to share her insights and advice on entrepreneurship, marketing, and mindset. She also created her own online business school, B-School, which has enrolled over 64,000 students from 160 countries. Marie is a sole trader who leads her own team of contractors and collaborators.
6. Tim Ferriss – The 4-Hour Workweek
Tim Ferriss is an author, podcaster, and investor who is famous for his book The 4-Hour Workweek. The book teaches how to escape the 9-to-5 rat race and live anywhere while working remotely. Tim wrote the book based on his own experience of running an online supplement company while traveling the world. He later wrote other books on topics such as productivity, learning, and lifestyle design. He also hosts his own podcast, The Tim Ferriss Show, where he interviews world-class performers from various fields. Tim is a sole trader who manages his own media empire.
7. Zoella – Zoella Beauty
Zoella is a beauty and lifestyle influencer who started her career as a blogger in 2009. She later expanded her reach to YouTube, where she posts videos on topics such as fashion, makeup, hair, DIYs, and vlogs. She has over 25 million followers across her social media platforms and has won several awards and accolades. She also launched her own beauty and lifestyle brand, Zoella Beauty, which sells products such as bath and body, candles, stationery, and accessories. Zoella is a sole trader who works with a team of agents, managers, and assistants.
These are just some of the sole trader examples you can learn from. As you can see, sole traders can achieve great success in their fields by using their skills, passion, and creativity. They also face some challenges, such as managing their finances, taxes, and legal issues. If you want to become a sole trader, you need to do your research, plan your strategy, and take action.
Sole Trader Examples: How They Are Faring in the Global Market
Sole traders are individuals who run their own businesses without forming a separate legal entity. They are also known as sole proprietors or sole traders. Some common examples of sole traders are freelance writers, photographers, personal trainers, plumbers, graphic designers, housekeepers, bakery owners and tutors. These are usually low-liability and flexible businesses that do not require a lot of paperwork or registration.
The Benefits and Challenges of Being a Sole Trader
One of the main benefits of being a sole trader is that you have full control over your business decisions and finances. You can also enjoy the tax advantages of a pass-through entity, which means that you only pay income tax on your profits and may be eligible for a 20% tax deduction. You can also deduct your business expenses from your income, such as travel, equipment, advertising and insurance.
However, being a sole trader also comes with some challenges and risks. One of the biggest drawbacks is that you are personally liable for all the debts and obligations of your business. This means that if your business fails or faces a lawsuit, your personal assets, such as your home, car and savings, could be at risk. You also have to deal with all the administrative tasks of running a business, such as accounting, bookkeeping, invoicing and tax filing. You may also find it harder to raise capital, access credit or secure contracts from larger clients.
The Impact of Global Demand on Sole Traders
The global demand for goods and services can have a significant impact on the performance and profitability of sole traders. Depending on the nature and location of their business, some sole traders may benefit from increased demand, while others may face more competition and challenges.
For example, sole traders who offer online services, such as freelance writing, graphic design or tutoring, may have more opportunities to reach a wider and more diverse customer base in the global market. They may also be able to charge higher rates or offer more value-added services to differentiate themselves from other providers.
On the other hand, sole traders who offer physical services or products, such as plumbers, electricians or bakery owners, may face more pressure from local and international competitors. They may have to lower their prices or improve their quality to retain their customers. They may also have to adapt to changing customer preferences and expectations, such as environmental sustainability, social responsibility or convenience.
References:
https://www.ssm.com.my/sites/default/files/guidelines/OWNER%20RESPONSIBILITY_new.pdf
http://gst.customs.gov.my/en/SiteAssets/doc/Registering%20for%20GST%20Amend%201.pdf
8 Sole Proprietorship Examples (2023 Guide) – Forbes Advisor
Sole Proprietorship: What It Is, Pros & Cons, Examples, Differences From an LLC – Investopedia
Sole trader – The options for start-up and small businesses – BBC
Sole Trader Advantages and Disadvantages – SmallBusinessPro
https://www.theunmumsymum.co.uk/
https://www.jamessmithpt.com/
https://emmagannon.co.uk/
