The number of self-employed individuals working as sole traders has increased dramatically in recent years as technology has brought new freedoms to work self employed doing a greater variety of jobs than ever before.
Self-employment is no longer confined to tradespeople and high flying consultants it is just as easily available to people with all sorts of skills from artists to creatives and even those tasks which were once considered part of everyday office employment.
Unfortunately, with so many newbies entering the world of self-employment as sole traders, the old problems still exist. The number one being late payment or no payment at all.
Most sole traders will find themselves reluctant to go down the more formal route of hiring a debt recovery firm out of fear of alienating clients or getting a bad reputation. The consequences of this reluctance to act can often be months of chasing payments, sometimes with little to no reward.
So the choice is either to write off debts or continue to pursue payment doggedly. The third way and the one most likely to see the recovery of money owed is to hire that debt collection company and ensure that every step is legally taken on your behalf to gain the money that rightfully belongs to your business.
After all, it could be important to the future survival of the business.