At Solo & Smart we specialise in helping sole traders to succeed in business through a simple online app.
Around Australia, over 4 thousand sole traders have benefited from using our system to administer their business. In over ten years working with sole traders we have come to realise these are the most isolated individuals in business.
Let us tell you a story about Katie who is a sole trader working in the construction industry as a draftsperson. Katie started her own business because she had a lot of talent and loved what she did, she was motivated and passionate.
Unfortunately, running a business on your own is tough work and it wasn’t long until Katie realised she wasn’t just a draftsperson anymore. The pressure of not just doing the work, but being responsible for and trying to find the time to do everything else presented three main problems.
She was disorganised, stressed and had no time. She describes it as slowly drowning in the constant scramble of daily tasks, it was all too much.
By this time, her accountant was getting frustrated, all the records were a mess and she now had a big tax bill outstanding to the ATO.
At this point all the passion and excitement had disappeared and she wondered why she started a business in the first place.
This story is echoed for sole traders in every industry and we have spoken regularly with doctors, editors, roofers, graphic designers, carpenters who have all had the same problems.
Sadly, in Australia, around 50% of small businesses fail in the first three years with sole traders having the largest entry and exit rates. Even worse, of the $35 billion owed to the tax office in just the 2014 financial year, micro businesses were responsible for three-quarters of it. The personal cost of a failing business or a growing tax debt that doesn’t go away has a dramatic impact on the quality of life for individuals like Katie and their families.
Our solution is the Solo & Smart online application which provides a simple system for sole traders to organise, manage and grow their business. We have a secure system that is backed by the Commonwealth Bank and Lloyds of London Insurance to streamline and automate the mundane tasks that never get done. Through our service you can:
- Organise invoices, quotes and receipts.
- Manage your cash flow, access pay as you go insurances and automate tax to be put aside in small amounts from each payment you receive, so you’re not left with a big bill at the end of the financial year.
- You have access to powerful reporting, tools and resources.
- Your accountant can be linked to your business so they have real-time access to your numbers so they can give you the best advice possible (coming soon).
The ‘set and forget’ nature of Solo & Smart simplifies your business and accounting commitments, meaning consistency is guaranteed and admin time diminished.
Our passion that drives us in business really lies at the intersection of lifestyle and business. When you can reach that sweet spot everything changes, business becomes fun and life a playground.
Our vision is to change the narrative for sole traders so they can reach the sweet spot of life and business for themselves. If we can reduce these individuals tax debt and improve sole trader success rates by just 10%, the social, cultural and economic impact will be huge, not just for Katie but for the whole economy.
Statistics from around the world have shown a recent surge in people turning to self-employment after the GFC and the explosion of the gig economy. Industry experts predict the same trend here in Australia, but sole traders need more support if they are going to flourish.
Now before you go, I want you to think about Katie, imagine how it would feel for her to be making more money, using less time, knowing her business is organised and on-track while she can focus on doing what she loves most.