Get it freeLog in

The sole trader start-up guide

Published On
18 July 2022
Sole trader tips & info | Start up guides
wood worker tradie
new start sole traders
You’ve done the thinking and now it’s time to go for it by making your own business. Back yourself! There’s nothing more rewarding than seeing your ideas turn into a success. So where to start? In this guide, we provide a quick start reference to help you get o the ground.
    idea for business

    the idea

    Turning your new idea into a potential business
    Create your Plan on a Page, and try to define:
    •  The customer problem your new product or service will solve
    • How you will build the solution to the problem
    • Your understanding of the competition, and if this solution already exists
    sole understanding what you sign up for

    know the challenges

    Consider what it’s going to take to succeed.
    • Be prepared to sacrifice work / life balance
    • Know you are personally and legally responsible for your business
    • Plan and manage your cash flows ahead


    Managing sole trader cash flows | Sole App

    action plan

    Document your strategy

    There are an abundance of online business plan templates, check out some of our favourites below.
    business growth risk

    create and manage your budget

    Forecast for your business and track your cash flows
    Use a tool like Sole to manage, track and simplify your finances and accounting. It is also important to consider professional financial advice tailored to your business.
    judge of sole

    understand laws and regulations

    Australian business laws can be complex and are strict in order to protect consumers. Check out the following guidance:
    business warning signs

    manage your risks

    Insurance that is tailored for your business may be important to consider to protect you against claims of professional negligence and third-party injury that may occur.
    • Identify your risks
    • Create a risk management plan
    • Reduce and control your risks with insurance


    Business insurance |
    Business Insurance For Sole Traders | Compare the Market
    Sole Traders Guide to Public Liability Insurance | BizCover

    tax surprise calculator

    get ready for tax time

    You may not have an employer who will automatically take your tax out of your weekly paycheck – you will be responsible for managing it. Speak to a tax professional to help you identify if any of your expenses are tax deductible (you will need your receipts!).
    • Use Sole’s Tax Estimator to forecast your tax payments throughout the year.
    • You may not be required to pay yourself any super, but do some research to see what works for you.
    • Make sure that you are putting aside sufficient cash in order to make payments before the end of the year.

    Talk about tax | Sole App

    plan approach for comms

    manage your marketing

    Plan your approach for communicating your business to customers
    • Set up a website for your business.
    • Create and tailor your brand in order to distinguish your business from the rest
    • Build a strong social media presence.

    Free website creator |
    Free design tools |
    Social media 101 |

    rocket sole

    build, manage and learn

    Be willing to take a chance on new ideas, and to be brave enough to learn from your mistakes when things don’t go according to plan. There are a number of great tools available to start ups to help them manage their business with low or no ongoing costs such as:
    • Jira Software and Confluence – Altassian (Jira and Confluence) use these tools to manage tasks, plan you deliverables and formalise your documentation
    • Google Workspace – Formerly Google suite (Gmail, Meet, Sheets and more) is free for individuals and easily scalable over time.
climb to the top in business

Keen to get started?

Why don't you try Sole for free today and see how it can help kick start the process for you!
Disclaimer: All information above is general in nature, and doesn't take any specific considerations about your business into account. Consult with professional business advisors and legel professionals when considering your needs.

You can download a pdf version of this guide here.

rocket sole background

Leave the first comment