ABSTRACT
A very important piece of advice is to understand that managers are not their business. Marketing business needs to be a separate entity to managers; think of it as another person if they like. This is very important. It will mean that at some stage managers may make decisions that are in the best interest of their business, as opposed to being in their best interest. There are fewer formalities for setting up a sole trader. Also, the accountancy requirements are less stringent than for a limited company. The chapter shows how to budget, set up and maintain accounts as a sole trader. Setting up a limited company requires quite a lot of form filling—and it is important that these are correctly completed and submitted. Limited companies have more credibility with lenders, but unless you are developing a large practice, it is likely that setting up your own practice will require less financial risk than for other kinds of businesses.
