Questions to Ask When Transitioning to Self-Employment

Admin@ | April 10, 2019 | 0 | Business

Making the transition from being employed by someone else to being self-employed can be a terrifying prospect. There are so many questions to ask: will you be able to manage your own time well? Will you be able to earn enough to be fully self-sufficient? Will you be able to follow the laws and pay taxes and licenses correctly? And most importantly: will you find something you actually like doing?

Whether you decide to find lease to own trucking companies so you can start driving for yourself or develop an app that fills that niche you’ve been needing or start selling jewelry on online marketplaces, self-employment can be as unique as you. It can be a huge risk to leave stability, especially knowing the statistics of how many business fail in the first five years, but with the right combination of hard work, planning, expert advisors, and a little bit of luck, you may be able to be one of the entrepreneurs who succeeds.

One of the first things you need to do is write a business plan and create a record keeping system. You want to be able to have all of the information in front of you when you talk to a bank, an attorney, or an accountant about either loans or business accounts. Make sure you have done research about your market demographics, your competition, and all the expenses you will have to incur to get your business running. This includes advertising, costs of goods sold, and depreciation for your office, transportation, or computer.

Once you have your business running, make sure to accurately track your income and expenses and keep an eye out for when you have to make quarterly payments. Being self-employed can be the greatest gift to yourself, but you should ensure that you’re staying on the right side of the law.

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