GoFreelance!
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You might be emotionally ready to quit your day job and go freelance, but are your finances ready for the challenge?

If you are not sure, take the following steps to find out.

1) Completely list your expenses. Determine (don’t guess) how much money you need for all your expenses. Don’t forget to include savings for holiday gifts, clothes, repairs, and emergencies!

2) Wait until your average profit from freelance work from is at least twice what you need to cover expenses. Why at least double? Freelance profits will fluctuate and there will undoubtedly be some down times. You should have a 50% buffer to cover those unexpected slow times.

3) Figure your average net profit over a period of at least 6 months. It’s not smart to have one great month and think that every month from then on will always be better.

4) Remember that it can be more difficult (and expensive) to get credit and health insurance when you are self employed. If you cannot get health insurance through your spouse, consider this expense carefully. It increases a great deal each year.

5) Remember: Cash flow is everything. Most business fail because of lack of cash flow…not lack of profit. The owners just could not manage their cash flow. Analyze your situation to make sure that this will not happen to you. Save some money while you are still doing your “regular” job to help even out the cash later.

If after analyzing your situation, you realize that you aren’t there yet, keep building a client base to help you to get there faster. Because if you follow these rules, it may take you longer to reach your goal of quitting, but it will help you to go freelance for life!

Want to be one step closer to your goals?  Then get freelance work today at GoFreelance!