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  • 2 years ago
2. Choosing a Structure & Managing Your Finances

2. Choosing a Structure & Managing Your Finances

So what kind of business do you want to have? Perhaps you're looking at setting up on your own as a sole trader. Maybe you want to rent or buy premises and employ staff. Perhaps you're not even sure yet about which route is best for you. In this episode we're going to take a look at the different business structures why you might choose them.

The 3 main trading styles are

Sole Trader: You run the business, you do the work. A common route for tradespeople such as gardeners, plumbers, or hairdressers.
Partnership: The name says it all. You go into business with a partner and share/run the business between you. A partnership is essentially just like a sole trader split in two.
Limited Company: The route commonly taken by business owners looking to grow in size over time. Those who are looking to protect themselves legally by separating the business from themselves.

Also, whatever route you choose to go down, you will have to think about how you're going to manage your finances. Ho