Finance Globe

U.S. financial and economic topics from several finance writers.
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3 Ways to Plan for Self Employment in 2016

3 Ways to Plan for Self Employment in 2016

There are still a few months left before the calendar year turns, but now is the time to look toward the future. More specifically, your career related goals for 2016.

Are you interested in becoming a self employed professional in the new year? Are you finally ready to take the leap and turn a new page in your career? If so, you are also ready to take on the planning process.

If you are interested in self employment, if you are interested in turning this dream into reality, it takes upfront preparation to feel confident in your decision.

Here are three ways to plan for self employment in 2016:

1. Create a business plan today. Don’t wait until the new year to figure out your new business venture. The sooner you have a business plan the sooner you know where you are headed.

2. Get your finances in order. Do you have enough money in the bank to overcome a slow start? Your business may not be profitable from day one, so you need some financial padding to protect against this. Even if you don’t have enough money right now to venture out on your own, it doesn’t mean you can’t save it over the next few months.

3. Find a mentor. Do you know anybody who has worked as self employed professional in the past? Do you have somebody close to you who is currently self employed? A mentor can answer your questions, provide advice, and help you avoid common mistakes. Believe it or not, having somebody to lean on can be the difference between success and failure.

The new year will be here before you know it. If you want to become a self employed professional in 2016, it is time to plan for the future.

Do you have any other advice for people in this situation?

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Comments 1

Wanderer on Tuesday, 06 October 2015 07:29

Remember, as part of the Business Plan look out three years (even though it may be an estimate) and allow for an emergency fund (similar to your personal life. You never know when the unknown will catch you. As a point of reference, most business failures happen in the first three years and this statistic keeps lenders ever wary and on edge.

Remember, as part of the Business Plan look out three years (even though it may be an estimate) and allow for an emergency fund (similar to your personal life. You never know when the unknown will catch you. As a point of reference, most business failures happen in the first three years and this statistic keeps lenders ever wary and on edge.
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Monday, 19 August 2019

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