Five Questions To Prepare Yourself For Self-Employment

If you’re considering bailing on your corporate job, here are five questions to ask yourself. The answers will help you prepare for the move. It’s unlikely you’ll be able to earn enough as a freelancer to live on for at least six-12 months, so the crucial first step is to do a cash-flow assessment that gives some a sense of how much you’ll need, how much you can make, and how much of your savings you’ll have to use. For more on this, see the 200kfreelancer’s post on the AARP’s site Work Reimagined.

These five questions will get you closer to that good cash-flow assessment:

  1. How much can you make?
  2. How much do you need, on a month-by-month basis.
  3. What will you do for health care coverage?
  4. How much cash do you have, and how much are you willing to burn?
  5. Are you willing to use your retirement savings or borrow against your house?
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