“Being your own boss” is the ultimate dream for a lot of American workers. But the vision of working only for yourself, making your own schedule, and being in charge of your earnings is pretty idealized and not always realistic — especially from a money standpoint. After all, new and small business owners can’t leave the tough stuff up to others. And if you’re used to, for example, a steady job with a consistent paycheck that has already taken out taxes for you, branching out on your own and remembering to save for taxes yourself can be a rude awakening.
In this week’s 3-Minute Guide, brought to you by Skillshare, Erin goes over the nine most crucial checkpoints everyone should meet before starting their own business. Considering the mental and emotional costs of living off a variable income, you want to make sure you’re as financially set as can be before taking such a major leap. For example, if your income were to stop coming in at any moment, would you be armed with enough savings to get through six months of nothing coming in? If not, it may be best to hold onto that entrepreneurship idea a little while longer. Head over to the TFD YouTube channel to find out the rest of Erin’s key signs!
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