4 Steps To Prepare Yourself For Self Employment

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February 17, 2010 by Angela Shupe | 1 Comment

Are you one of the many people who have thought about becoming self-employed? If so, BusinessWeek offers up a list of steps that you should consider taking now which will help increase your chances of success when you finally take that leap.

Start saving now. Having an ample capital cushion is essential for surviving the lean-cash-flow months of a startup company.

Write a simple business plan and show it to your critics. Take the criticism seriously and rework the plan—then show it to several other knowledgeable individuals.

Price it right. You must figure not only your time, but your company’s overhead into your hourly rate. Don’t let large clients take advantage of your size.

Set up a budget. Once you’re in business for yourself, revisit your budget on a monthly basis to see how actual expenses are matching up with your projections. Figure out where you may have to tweak costs or boost revenues so reality lines up with your expectations.

Continue reading for 3 more steps.