Advantages of a sole trader Sole traders benefit from the following advantages:
Control - Sole traders maintain full control of their business. Running it how they please without the interference of others. Profit retention – Sole traders retain all the profits of their business.
Private data – Information about sole traders is kept private, unlike that of limited companies which is necessarily made public after registration with Companies House.
Specialist – Often a small business, sole traders can offer a more personal service with local roots and ties. This can be more appealing to potential customers in the local community.
Personal – Because there is no need to confer with other decision makers, sole traders can make decisions quickly and act on them swiftly, providing for the needs of their customers.