Sole Trader

stewart_megan23
Mind Map by , created almost 6 years 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 almost 6 years ago
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Sole Trader
1 A sole trader is a one-owner business. Most small businesses are sole traders
2 Advantages
2.1 All profits kept by owner
2.2 Owner has complete control over all decisions
2.3 Owner can choose hours of work/hols
2.4 More personal service offered to customers
2.5 Very easy to set up
3 Disadvantages
3.1 Owner has unlimited liability
3.2 Available finance is restricted
3.3 Owner has no-one to share decisions/problems with
3.4 Owner has no-one to share workload with
3.5 Work may stop if owner is ill/on hols
4 Finance

Attachments:

4.1 Owners savings
4.2 Business's retained profits
4.3 Bank loan
4.4 Bank overdraft
4.5 Government grants
4.6 Trade credit
4.7 Debt factoring
5 Objectives
5.1 To survive
5.2 To maximise profits
5.3 To improve owner's personal status
5.4 To have a good image in the community

Media attachments