From Sole Trader To An Agency

sole trader

From Sole Trader To An Agency – Here’s How You Make The Leap

For many freelancers, working as a sole trader is enough of a challenge for them. But there are those who crave for more opportunities, and want to take their trades even further. Does that sound like you?

Well, if you are currently bored working on your own as a freelance or sole trader marketing professional, why not consider taking your skills and expertise and use them to take your career to the next level – you could set up your very own marketing agency.

sole trader

 

Sound slightly complicated? It really isn’t – here’s what you need to do.

 

Change Your Business Status

 

When you became a freelancer, you would have had to register as a sole trader. That way, the local authorities and tax agency would know that you would be filing your taxes yourself.

But now that you are going to make your own company, you need to tell them that your status is changing again. It’s important that you register as a business as soon as possible so that there are no errors in your tax and that your company is operating legally.

 

sole trader

 

Carry Out Market Research

 

Are you sure your local area needs another marketing agency? If there is already some stiff competition, then you might find that you struggle to attract enough clients to keep you afloat.

The best way to figure out whether there really is potential for another agency is to do some market research. You can always outsource this so you can focus your energy elsewhere.

 

Get An Accountant On Your Side

 

Next, you need to sort out your finances. An accountant can help you do that, and it will really pay to get one working for you. Can’t afford that just yet?

Don’t worry; there are now plenty of bookkeeping services out there that are reasonably priced and sometimes work out cheaper than an accountant.

If you really can’t afford bookkeeping help, you might want to download appropriate software and apps to help you figure out your taxes yourself.

 

sole trader

 

Hustle For Clients

 

You won’t get very far if you don’t have any clients who need your marketing services, so it’s time to get hustling! You should be able to keep some of your clients that you had while freelancing. But if you need any more, it’s worth going to networking events to meet new people.

Making sure your business is active on the likes of LinkedIn and Twitter will also help you score some new projects and contracts.

 

sole trader

 

Hire Some Staff

 

You won’t be able to run a successful agency all on your own, so you need to start recruiting some hard working staff! At the very least, you should find a couple of marketing experts and a design professional who can help you come up with some very exciting campaigns and strategies.

Once you become a bit more established, you can then hire HR, finance, and IT departments.

So, are you still tempted to move from being a sole trader freelancer to a business owner? Good luck with it all!

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