What Business Support is Available for Sole Traders in the UK?Â
Being a sole trader is undoubtedly an exciting venture, but that doesn’t mean it’s easy and without the right support, many struggle to achieve their goals and keep their business afloat.Â
Luckily, there are several services out there that can help you and your business succeed.Â
Here are just some of the support options available to sole traders in the UK.Â
Start Up Loans
If you’re a new business, you can get a loan of up to £25,000, as well as free mentoring, all backed by the government. This isn’t a business loan, it’s an unsecured personal loan, meaning you will need to pass a credit check. You also need to be over the age of 18 and have been fully trading in the UK for less than 36 months. When leveraged, these loans can give you the boost you need to get your business off the ground. Â
HMRC Support
Tax can be difficult to navigate but it is incredibly important as errors can lead to costly fines or legal repercussions. HMRC does provide webinars, videos, and online tools to help you better understand your tax obligations, reducing your chances of experiencing operational disruptions or legal issues.Â
Business Debtline
It’s not unusual to get into debt as a sole trader, which is why Business Debtline, a UK non-profit organisation, offers free, independent, and confidential advice for managing debt. The service is completely free and allows you to speak to financial experts who can give you valuable advice to help you on your debt journey.Â
Specialist AgenciesÂ
Sole trading often involves wearing multiple hats, and while that can keep costs low, it can mean you miss out on valuable expertise that could help push your business forward.
OnlyFans models are a prime example. While many creators are highly skilled at producing high-quality content, when it comes to marketing it effectively, they fall short. That’s why many choose to partner with an experienced UK OnlyFans agency that specialise in marketing, helping them to bridge knowledge gaps and promote their page strategically to drive growth.Â
Don’t Let Pride Stop You From Reaching Your GoalsÂ
Many sole traders won’t accept the fact that they need help getting their business where it needs to be. However, with so much (often free) support out there and sole trader directories to get listed on, not leveraging these resources can be detrimental to the success of your business.Â
As the Chief of Marketing at the digital marketing agency ClickDo Ltd I blog regularly about technology, education, lifestyle, business and many more topics.