stewart_megan23
Mind Map by , created more than 1 year ago

Describing what a sole trader is, the advantages and disadvantages of being a sole trader, the finance that can be available to a sole trader and the objectives a sole trader would have.

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stewart_megan23
Created by stewart_megan23 over 11 years ago
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Sole Trader

Sole TraderA sole trader is a one-owner business. Most small businesses are soletradersAdvantagesDisadvantagesAll profits kept byownerOwner has complete control over alldecisionsOwner can choose hours ofwork/holsMore personal service offered tocustomersVery easy to setupOwner has unlimitedliabilityAvailable finance isrestrictedOwner has no-one to share decisions/problemswithOwner has no-one to share workloadwithWork may stop if owner is ill/onholsFinanceOwnerssavingsBusiness's retainedprofitsBank loanBankoverdraftGovernmentgrantsTrade creditDebtfactoringObjectivesTo surviveTo maximiseprofitsTo improve owner's personalstatusTo have a good image in thecommunityDouble click this nodeto edit the textClick and drag this buttonto create a new node