Being your own boss is a dream but it will never be as simple as just resigning from your current job and jumping into entrepreneurial success. It will take time and some necessary processes highlighted below.
Don’t quit that 9-to-5 job just yet!
If you are skeptical about the world of self-employment, then don’t just jump into it. You can start by turning your passion to a side gig (passive income generating business) and nurture the side gig into something bigger.
And most importantly, set aside a little of your day job income (about 5%) to get the side business off the ground.
Check your numbers
Check your personal account numbers by separating your personal money from that of your side gig savings.
You should consider opening a separate bank account for the side business. That will help towards investment, supplies and probably taxes.
You may also want to consult an accountant if you are not too good at managing your own personal finances, or you’re unsure of how much is needed to get the side business off the ground.
Choose your side business carefully
Earning a passive income is the best part of starting a side business. But the hardest part is deciding which business to choose.
It’s easier to put some money into retirement savings or pay taxes from your regular 9 to 5 job. But this is not always straightforward with a side business.
For this reason, you need to create an initial business plan where you need to calculate how much profit you expect to make on regular basis and how much of this you want to pay as taxes, insurance bills, retirement savings and your month-to-month expenditures such as rent, gas, and groceries.
From the money left over, you can then decide how much you want to re-invest in the business and the remaining will be your income.
Separate your wants from needs
In order to be financially savvy, you need to prioritize your needs above your wants.
other valuable readings:
How to Start Your Own Home Based Micro Business
Everything You Need to Know About Buying and Starting a Franchise
For example:
- If your new side business will require a computer and fast speed internet access..
- And then you think you need a new home office that requires painting and some other makeovers…
- Then you should consider prioritizing the computer and fast-speed internet access before the office makeover!
Conclusion
It pays to have a side business that you can nurture into a full-time income-generating business. You may never know when you will get fired from that regular day job, hence you must be prepared for uncertainties.
Image Credit: Pixabay
helpful? … then please share it
| google+ |
GUIDE: bank equity program for startup needs
- HP 8300 Intel I5 Quad-Core 3.2 GHz Processor
- What's Inside: 8GB RAM, 500GB Hard Drive, DVD Optical Drive
- Operating System: Windows 10 Professional
- Lightning Fast: Powered by Intel's top of the line Core 2 series processor and loaded with 8 GB of RAM, this machine will outperform the competition...
- Massive Storage: Packed with 500 GB of hard drive space, you can store all of the apps, games, photos, music and movies that you need.
- Get Connected: Includes a vibrant 19-inch LCD Monitor (Brands may vary). The included Keyboard & Mouse and USB Wi-Fi Adapter will have you up and...
- Massive Storage: Packed with up to 2 TB of hard drive space, you can store all of the apps, games, photos, music and movies that you need. SSD up to...
- Lightning Fast: Powered by Intel's top of the line Core i5 processor and loaded with up to 16 GB of DDR3 RAM, this machine will outperform the...
- Get Connected: Includes TWO vibrant 19-inch LCD Monitors (Brands may vary). The included USB Keyboard & Mouse, USB Wi-Fi Adapter and Dual Monitor Card...
- Dell 7010 Intel I5 Quad-Core 3.2 GHz Processor
- What's Inside: 16GB RAM, 2TB Hard Drive, DVW Optical Drive,
- Operating System: Windows 10 Professional
- From basic computing needs to gaming entertainment center, the Inspiron small desktop has everything you need for an immersive entertainment...
- The available built-in DVD Drive lets you burn videos and music onto Readable/writeable DVDs for extra storage and scalability. You can also play...
- The small desktop comes with Fast and long range 802.11 Wireless technology for you to stay connected anywhere in the house.
Last update on 2019-11-22 / Affiliate links / Images from Amazon Product Advertising API
-------------------------------------------------------------------------------------------------------------
end of post idea
-------------------------------------------------------------------------------------------------------------
shop home improvement at our LetsRenovate center
Helpful article? Leave us a quick comment below.
And please give this article a rating and/or share it within your social networks.
GUIDE: about budgeting n’ lowering bills (FREE forms)