In recent times, many people prefer to work for their profit rather than benefit “the big boss.” Modern times and free access to the Internet give people a much better chance to sell what they are good at and get profit from it. The popularization of social networks such as Instagram and Facebook has become an excellent platform for numerous startups and business opportunities. On the other hand, big corporations still control most of the market due to their profitability and reputation among clients.
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The truth is that it is easier to become a businessman today than it was fifty or even a hundred years ago. One of the reasons is that information today is in much better access than it was before, which means that people discover one’s business much faster; as a result, the company becomes profitable in a shorter period. Another reason would be that the government is interested in encouraging sole proprietors to keep their business afloat, as it is more beneficial for the economy.
Sole proprietors are often threatened by unlimited personal liability, which could be a reason for failure. For example, the owner takes responsibility for the health and safety of all workers and guests during working hours. To avoid situations when the owner could be blamed for not providing both workers and guests with a safe environment, the businessman should make adequate preparations for workers’ training.
For instance, the employer may hand out booklets with rules of behavior during work time and the list of actions forbidden in the workplace. For those who work in the food industry, it would be a great idea to make sure every product is kept and/or cooked according to standards and norms.
There could be numerous reasons to incorporate sole proprietors. For example, it could help to protect the brand and help in raising capital, for corporations are more experienced and have better funding. The government should encourage sole proprietors for one simple reason: it is more profitable for the economy to keep the business sector running and help it to stay afloat. Incorporating would benefit both the government and sole proprietors in the future profit of the business.