b&b161 How to quit your job & go full time freelance, Part 2
It’s becoming easier than ever to start your own business and work for yourself. About 1 in 3 Americans is currently a freelancer or a small business owner. By 2020, the number of freelancers is estimated to grow to 40%! But the idea of giving up a steady paycheck, retirement benefits, and health insurance can be daunting.
The good news is that most successful freelancers and entrepreneurs don’t just up and quit one day. They take their time to build a foundation for their business and personal finances before they leave their day jobs, and you can too.
In Part 2, we will talk about how to:
– Calculate how much you need to have saved to take the leap
– Put together 12-month cash flow projections to create measurable and concrete goals for how to financially transition to freelancing full time
– Determine the best business entity to set up as your business grows
– Separate your business and personal expenses and manage your self employment taxes
– Get the right insurance in place
If you haven’t listened to part 1 yet, check it out here:
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