Planning on becoming self-employed? Here are a few things to plan for before you take the step.

Pay Off Your Debt

If you are going to be quitting a job that provides you with a steady paycheck, it is a good idea to pay off all your debts. The fewer debts you have, the less you will have to worry about how much income you bring in from your business.

Create an Emergency Fund

Realize that business will fluctuate; sometimes it will do well, and sometimes it will do not so well. Create an emergency plan of what you are going to do if business is down for a while. It is a good idea to set aside money for an emergency fund or to create some other contingency plan.

Create Goals and Stick to Them

You need to create goals and milestones that you want to reach. You are in charge of your own progress; nobody is there to push you except yourself. By creating clear goals and sticking to them, you will achieve the success you want. You also need to create a schedule that works for you: One that does not burn you out, but one that enables you to get things done.

Know When to Start

You may want to consider starting your own business before you quit your job cold turkey. By doing it part-time, you can build up your business until you feel comfortable quitting your job entirely.

For more help with starting your own business,  contact us  today.