Who doesn’t want to be their own boss? There is plenty of freedom in working for yourself, and more people are striking out on their own and joining the gig economy as independent contractors. However, there is more to working as an independent contractor than sitting in Starbucks with your laptop. Even if you are working for yourself, you are still running a business, and there are potential pitfalls and financial risks unless you understand what it takes to become a successful freelance worker.
If you run your own business, then you know that cash is king, and it’s up to you to handle money management effectively so that you have the cash you need when you need it. Many small business owners start with very little operating capital, so they know how to operate on a tight budget. However, once the money starts coming in, they have trouble adapting their money management strategies to ensure that their bills get paid and that they have enough money to fund business growth.
Everyone dreams of being their own boss, but not everyone has what it takes to start a small business. However, starting a lucrative small business, even a side hustle, has never been easier. Whether you have grandiose plans or just want to make a modest income, the steps to setting up any small business are essentially the same.