Sole Trader: An individual running a business (Australian Tax Office).
The number of sole traders in Australia continue to grow, with the ABS reporting in February 2020, a 3.9% increase. There is abundant literature outlining the importance of sole trader businesses to the Australian economy, whether it be its role in decreasing unemployment or increasing productivity or pure economic contribution.
Maxmyprofit identified that sole traders account for almost 36% of the industry value in the Australian economy.
In Australia, 62% of all businesses are sole traders. If your correlate this with the estimated 16,000 businesses in Toowoomba alone, it would equate to approximately ten thousand. Yes, ten thousand.
We know, sole traders, count.
The recent Focus HR Business Excellence Awards was a celebration of the success of Toowoomba’s businesses. There amongst the finalists, were sole traders like, Vigour Graphics, Alex Stalling Art and Toowoomba and Darling Downs.
Their success, like all small businesses, was built on hours upon hours of hard work, risk, frustration and setbacks. Sometimes we have impossibly high expectations and don’t really understand what it takes to be a sole trader, to risk everything for a dream.
At the Toowoomba Chamber, we do understand. We totally get it! We applaud you and we encourage you to do it because, the statistics say, the Australian economy relies on people like you.
It’s a big step and it requires courage, knowledge, organisation and patience. We know first-hand how brave, clever, creative and determined successful business owners really are. We hear their stories every day and our admiration for how they overcome challenges is huge.
We often underestimate the extent of the impact of a sole trader. I know, I have in the past. Take sole trader, Metiisto, Artisan Chocolate, as an example. Chocolate crafted here in Toowoomba. Winner of national and international awards. Chocolate that is exported around the world.
Chocolate found in kitchens, dining rooms and bedrooms in New York, London, Paris and Berlin. All with marketing that says, “Made in Toowoomba”. Metiisto, Artisan Chocolate, in my view, is not just a sole trader with global reach. Metiisto, Artisan Chocolate, is an International Toowoomba Ambassador.
This is just one example of the reach a sole trader can have. I have no doubt, there are many more sole traders’ stories like this in Toowoomba. Want to share your sole trader story? Email firstname.lastname@example.org
Todd Rohl, Chief Executive Officer