Looking to become a sole trader in Australia and want to find a few successful local sole traders to look up to? We’ve combined a list of Australia’s successful sole traders to help get you inspired on your journey as a sole trader, and maybe learn a thing or two about what it takes to become a successful sole trader in Australia.
As a past winner of the ‘Best Sole Trader’ at the Australian Small Business Champion Awards, Nicola Xanthopoulos’ success as a sole trader is built on the perfect blend between traditional business methods and originality.
Now 26 years old, Nicola’s Shellharbour tutoring business started nine years ago, when she struggled to find employment as an education major. Instead of running through the tedious processes of job applications and screenings, Nicola decided to start her own business and find her own clientele.
Starting with only two students, and bringing her clientele to now 30 students a week, Nicola has grown her business immensely, through not only her own talents as an entrepreneur but also her knowledge on sole trading in the industry. In particular, Nicola was able to work out pricing issues by researching similar businesses in the field and matching her prices with the market’s – first starting at $30 an hour and now increasing to over $40 an hour.
Another young individual who set out to grow their own business as a sole trader is Chris Nayna. Having started Train Station Fitness in late 2019, Chris founded his Armadale fitness studio to help his clients with undertaking healthy exercise regimes. Despite the gym demographic being harshly affected by COVID-19, Chris’s sole trading business has prevailed and has adapted to indoor restrictions – now training his clients at a park.
Out of the many things Chris did right to maintain his steady business during the unpredictable time of the coronavirus is to watch his cash flow and monitor his financial accounts daily. Using an accountant software known as Xero, Chris was able to view his business’ numbers in real-time and get his forms in order when it came to applying for government assistance (during COVID-19) and getting his taxes sorted.
However, for those sole traders who do not have the time to set up Xero software while also learning and applying it to their daily account management activities, third-party and independent sole trading accountant firms may be an alternatively positive option. This will save sole traders’ time and let them focus on their business running tasks, rather than the more mundane yet complicated accountant tasks.
Are you looking for an accountant specialising in providing services to sole traders? If so, make sure to keep in mind your potential accountant’s accessibility and whether or not you can contact them frequently when making business plans. Although in-person meetings are preferable, perhaps a cloud-based or online accountant may be convenient for you if you are looking to maintain constant contact with your accountant who is not local to your area.