Sole proprietorship is the full responsibility and ownership a of business. To start with, you will have unlimited liabilities. You will be responsible of all the debts, obligation and if the business fails, you will fall with it. This means that if in any case you had acquired a mortgage, and you default to make the payments, you will loss both the house and the store. In case of death, insanity or serious injury, your business could end or come to a stand still.

As a sole proprietorship, you could face difficulties trying to raise capital all alone. Again, your assets could also be less. Decision making will be hard and also time consuming since there will be no one to assist you with ideas. Your business could easily fall since there is no one oppose and guide you when you make a wrong idea.

A sole proprietorship is easy to form since there are only a few restrictions. The registration process is easy and, the forms required are also few. You will enjoy the profits all alone. There is flexibility and control of decision making and, you will manage most of the services such as calls and changing decisions without being opposed by anyone.

The cost required to start a small business is low compared to a partnership. You will be in full control of the business finances. With proper planning, you can succeed and enjoy your income within a few years. With enough capital and good experience, you can invest good money and achieve your future goals.