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The sole trader business structure is the most popular in the UK. In 2021 there were approximately 3.2 million sole traders, accounting for 56% of small businesses. The sole trader structure has been popular due to its many advantages and the ease of setting up.

Sole trader business owners are known as self-employed and most freelancers opt for this structure of the business. There are both advantages and disadvantages of the sole trader business structure that need to be taken into account before making any business decisions.

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Good leadership is vital regardless of the size of the business, but a medium or large business will at least have enough managerial support to mitigate the damage caused by leadership problems. A small business doesn’t have that kind of buffer. With such a small team, a lack of stable direction can have disastrous consequences.

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