Today I am not so much talking about how to get to an income level that will free you from your day job and take to a place where you are a business owner capable of supporting yourself. What I want to discuss today is what do to when you get there or are getting close to insure a smooth transition from slave labor to freedom. It isn’t all rosy and it can have some pitfalls and unseen consequences.
There is nothing better than waking up and saying, hell I am going to start a bit late today and no having to answer to anyone for it. Or say deciding you want Friday off, condensing your week and then just doing it. Working 4 hours a day doing what you love and making more money than any job ever paid you working 60 hours a week is pretty sweet too, but there are some things to look out for.
Here are 8 transitional questions you need to ask yourself….
1. How are you going to handle health insurance?
2. What effect will full self employment have on your social security taxes?
3. What about “disability insurance”?
4. Do you do business as a sole proprietor or set up a corporation or an LLC?
5. Have you war chested enough income to handle the transition?
6. Have you created a “buffer” for the problems that will occur?
7. Are you mentally ready for the freedom?
8. Do you have a plan to increase your growth and quality?