SOLE PROPRIETORSHIPS ( START UP YOUR ONE MAN BUSSINESS), ADVANTAGES AND DISADVANTAGES

Most of you all reading this will in one way or the other know what sole proprietorship means, before we move on, let us split the one into a smaller and understandable form.

Sole ~ means a single person or thing/entity

Proprietorship ~ it means someone who direct an entity/things


Now putting it together, sole proprietorship, is when one man controls an entity or an organization which he owns and sole proprietorship in the shortest definition can be said to be as "one man bussiness"

Sole proprietorships when you yourself figure out an idea that can be profitable to not only you but also the potential buyers you want to have in the nearest future, you have to put many things into not consideration, because in a sole proprietorship bussiness :

~ You think for the service benefit of customers, not for yourself alone : your customers are your no. 1 priority because you have no partner, no helper or an assistant so the bulk of the job is on your head and in this process, you have to walk towards what it is to make your potential buyers feels good about the services you are giving out.

~ You make sure your idea is profitable and  can generate good profit : when I say profitable, I meant no other thing than making money, because if you have a brand or a product that doesn't make money, then I will tell you it's not making sense, I.e your stress did not worth the idea, so when planning for a sole proprietorship business try hard to figure out the best idea in yourself if not, it makes a sole proprietor to wind up easily.

~ You need to work harder as per their is no partner to rely on : as sole proprietors is a one man business, so as any one that want to involve in it must work hard to the betterment of his/her business, don't just look at your customers as if they are totally loyal to you, try to do a public relation officer job by seeking their mind and knowing what they want and figuring out what you can give them, don't look at everything as easy as it is.

Now that you have at least know somethings you should put into consideration for a sole proprietorship business, I will advise you to have this two things before setting up your idea/business :

1. Capital : this is the particular money you have in hand at the moment to set up a business.

2. Space : this can be said to be the location you plan to site your business I.e the particular place you know your idea will work out as planned

Being in line with this two things can help you to make good business and as a sole proprietors, in all ways you can always make much and more when you have strong capital to establish a long time sole proprietorship business and so as when you are sited in the right location where your idea/stuffs work out well.

But as you know there is nothing that you want to involve in that isn't a risk because there is a saying that "there is no risk without reward" 

For this reason we need to discuss the advantages and disadvantages of sole proprietorship which are as follow :

ADVANTAGES : 

1. IT'S A ONE MAN BUSINESS : you don't have to think about all the evils and all the problem multi financing firms go through, it is a system of figure it out your way, not I object to the idea you just pass, as it as always been in a partnership business, it enjoyable as it is only you managing and financing which make you feel free of what you do.

2. TOTAL INDEPENDENT OF IDEA : in this game, you think independently of yourself and what you are capable of, it is here u can figure out the amount of work you can do, amount of time you can stay at work with no restrictions from anyone, there is a self of independence and freewill.

3. MORE PROFIT THAN I PUT : as per you are on a sole proprietorship mode, I can tell you that the amount of money you invest into your business can't be equivalent to what you will get, that is, you make more money than the investment you do put in unlike the partnership system the input most time might be equivalent to output if care is not taken.

4. EASY SET UP : a sole proprietorship business is easy when if comes to setting up, you don't need to have 500 acres of land before bringing out the best in you that can satisfy people, and it is not until you have billion dollars before you think of setting yourself up, it's actually cool being a sole proprietor for all what you are planning to implement could be set up easily.

5. LOW COST OF OTHER ACTIVITIES : as a sole proprietor you should know that you will always have low cost of other activities,  what is the meaning of other activities? This are side budget that can sweep of some part of either the money you are using to invest or your profit, e.g, low cost of advertising, you can decide to pay a little money to either goggle for adword or Facebook for advert targeting your locality or any place you know your product sell fast, unlike the so call partnership that you will always need either print media advert or broadcasting media.

DISADVANTAGES :

1. HARD TO HANDLE : most of the time, as a sole proprietor, it is not easy to handle, business is so fragile that if your customers don't see your commitment, they flew from you and your product, since all things aren't equal here, the level of the stress you pass through on working on stuff might not be equivalent to the amount of your profit I.e it might be lower.

2. NO CONTINUITY CERTAIN : this simply means that the chances that a business own by a sole proprietor will hold for 20 upward years is very low except he has a trained peraon that Is also expert in that field, so that he can just replace him if death or any natural cause happens. The only chance of continuity in a sole proprietorship business is one should find a successor which will be really better if it's ones son or families.

3. MORE ACTIVITIES TAKE MORE OF THE MONEY OR PROFIT : this simply means that most of the more activities you ventured in as a sole proprietor can be very well make your business unproductive and circle round a particular style of meagre earnings over and over again.

4. THE BLAME OF ANYTHING THAT HAPPENS IN THE BUSINESS IS ON YOU: as no one is always there to assist you in thinking and in idea implementation, anything you says your employers follows if you have anyways, you are the one to be blame if any part of the business comes faulty or there is a problem.

5. IT SEIZE YOU NOT TO THINK MORE THAN A CIRCLE/SCOPE: in sole proprietorship, most of them doesn't think out of a particular scope or circle why? Not any other reasons but because they don't wanna explore new ideas in order not to run loss if the ramification is bad or doesn't yield out well.

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