Can I implement Profit First as a sole trader? How can I have multiple bank accounts?
You 100% can implement Profit First as a sole trader (and we have a number of clients that are sole traders and running Profit First).
There is really no difference between how you run Profit First as a sole trader and a limited company.
The thing is, as a sole trader, you are still supposed to run your business using a business bank account (and not through a personal bank account). It is against banks terms of service to run a business through a personal bank account and hence why you should be doing it through a business bank account.
So what that means is, that you can have multiple bank accounts set up in the business name (ie your sole trade name, which will usually be your own name followed by “t/a” or “trading as” and then the business name, which can be your
If you are wondering about which banks are best for Profit First (regardless of whether you are operating a limited company or as a sole trader) then you can find my blog on that here...
Now if you are currently running your business via a personal bank account rather than a business one, I would advise you to move to a business bank account.
If you don’t want to do that, and want to keep running your business via a personal bank account, then you can still open multiple personal bank accounts and run profit first in your business via multiple personal bank accounts - however I always will advise to run your business via business bank accounts rather than personal bank accounts.