What is the primary advantage of being a sole trader?

The primary advantage of being a sole trader is having complete control of the business. This structure allows the individual sole trader to make all decisions regarding the operations, direction, and management of the business without needing to consult with partners or shareholders. This autonomy can lead to faster decision-making and the ability to implement changes quickly in response to market demands or personal vision.

In contrast, other business structures, such as partnerships or corporations, involve shared responsibilities and decision-making processes, which can create delays or disputes. Complete control means that the sole trader retains all profits as well, which can be a significant motivating factor for individuals choosing this business model. While aspects like limited liability and funding access are important, they do not provide the same level of personal control and independence that sole traders enjoy.