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admin | frugal living tips and ideas | 03.02.2016
I was really surprised that, even in this age of information overload, it's still hard to find one single reliable source of information on this subject. The Good: Discusses the benefits of self employment and why so many folks are becoming solo-preneurs. Prepare: Takes you through the steps of financial planning to insurances to taxes, to name a few. Launch: From deciding the right business structure to the appropriate Legal steps to setup your business. Retire: Explains the available options such as SEP and Solo 401K, and how they stack up against each other. This website, in conjuction with the eBook, is intended to serve the self-employed or someone who aspires to be one. My goal is to provide a forum where you can find answers to any question you might have on how to go solo.
Self-employment is about much more than simply launching a business, and this is particularly true if you’ve never been self-employed in the past.
This is more important than is commonly assumed; businesses can fail for personal reasons as much as for business ones. If you have a family, you’ll need to make sure that they are on board with your new enterprise. There maybe less income, especially when you are trying to get the business up and running.
Make sure your family understands the challenges that they will face when you start your business. Since income will be on the light side, and you will need to cut expenses, one of the best ways to do this is by paying down or paying off your debt.
In addition to enabling you to live on less income, paying off or paying down debts will also free up your credit lines in the event that you need them to sustain your business or your life down the road. There are business ventures that are instant success stories, but those are truly the exception. The best way to deal with this issue is to have a sufficient amount savings before starting the business. In addition to building up savings, your business will have a greater chance of success if you can maintain outside income sources, particularly in the early days of the business.

You can continue your current job in a reduced capacity, working either part-time or on a contract basis. You can act as a subcontractor for other companies in the same line of business that you are going into. You can take a side job that is completely unrelated to either your current job or your new business. Having at least one source of steady income can increase the chance that your business will succeed.
Some people think that it is self-defeating to start a business, but to have a backup plan.
Not all businesses succeed, and that’s a reality you need to be familiar with even if you are nothing but optimistic about your prospects. At a minimum, you should at least be mentally prepared to go back to your previous career in the event that your business doesn’t make it.
If you’re taking the plunge into self-employment, make sure to get your life ready for the change first. I doubt that I have the guts to go full time, but I think some of the lessons are applicable even for a side business. Payment Protection Insurance (PPI) is a good thing when you are out of hand on your present loans. As a final step before posting your comment, enter the letters and numbers you see in the image below.
Your business plan is in place, and you have an impressive list of contacts related to the new venture. For that reason, you need to look beyond the business itself, and at the various areas of your life that need to be prepared for the change. There may be no vacations or eating out for a long time, and some cherished services and purchases may need to be eliminated. Set the proper expectation, including the ultimate benefits that you hope the transition will bring.
The best outcome would be to payoff all of your debt, but if you are unable to do that, the next best strategy is to payoff individual debts. Businesses always need credit, but personal credit has to fill the bill at least until the business is established enough to get formal business loans.

In the vast majority of upstart businesses, the owner is faced with the task of getting the business from 0 to 60 – income-wise – in the shortest amount of time possible. At a minimum, you should have enough in savings that you can survive for at least six months without an income. The idea is to have one or more income supplements, which will provide cash flow before the business actually develops one. It will provide you with a source of income during the startup when the business doesn’t have any. Instead, it means knowing that you have a “safety net”, and that should give you the confidence that you need to press forward without fear of failure. Avoiding debt, expecting a period of low or no income from the business…that probably applies to any enterprise. But there’s one more thing that you need to do before launching your business, and that’s getting your life ready for self-employment. But even if that is done fairly quickly, there will still be a period of time that can last anywhere from a few months to a couple of years when income will be scarce.
If done in combination with a six months savings reserve, you may be able survive for a year or more until the business begins making money. In addition, you should continue to maintain contacts within your previous career and keep an up-to-date resume.
So I decided to build one, a combination of a book and a website, based on my own experience and enrich it with inputs from other solo-preneurs like me. If you are not prepared for this possibility, your business can fail before you even get out of the starting gate. Ideally, you can cover this by using your current career as an outside income source while you are building up your business.

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