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…
Thanks ever so much for taking the time to read my post I truly hope you’ve found it useful and insightful. If you have any questions feel free to contact us!
I am Annette Ferguson, CEO of Annette & Co. Chartered Accountant, Profit First Professional and creator of the Business Wealth Engine. We’re also SUPER social so don’t forget to follow. Here’s to your success!