Sole traders feel pinch but hopeful for future

Sole traders work long, lonely hours and receive little or no support from the Government.

Despite these hurdles, they remain confident about the future, according to a survey by office supplies company Viking.

Sole traders reported that they frequently work seven days a week, with one in six sole traders working in excess of 60 hours in a single week.

According to the Viking survey, the sole trader typically rises at 7am and goes to bed at 11pm. In most cases, family members help out in some way with the business.

“This survey confirms that the lot of the sole trader in today’s economy is a hard one,” said the director of Viking in Ireland, Michael Walby.

Despite working punishing hours, the majority of respondents to the survey said they could not see themselves taking on any extra staff.

Some 86% of sole traders in Ireland feel broad economic issues such as the European bailouts and stock market crashes, have affected their business.

Absence of demand, followed by cashflow, are viewed as the biggest obstacles to growth.

Two thirds of sole traders surveyed remain confident that their business will grow in the next year, which is a good economic indicator, according to Mr Walby.

“Despite all of the hardships, sole traders still have a positive outlook, which augurs well for our economy given that sole traders are a backbone of employment in our society,” he said.

However, the majority of sole traders (over 85%) feel their views are not represented in Government and that the Government is not doing enough to support them.

Despite 53% admitting to sometimes feeling lonely and isolated, only 4 in 10 say they would consider going back to work for someone else.

The reason that people do not return to work for other people is the independence they enjoy working for themselves.

Only 7% of sole traders cite financial reward as their main motivation for going out on their own.

Some 69% of sole traders say independence was the main reason to continue despite the challenges of their profession.