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Money tips to help your side business succeed
August 28, 2017, 10:58 am
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When you’re living that side business life, you become part of a growing community of women who are out there embracing their passion projects and pursuing an income outside of traditional models. Bosses everywhere are taking on multiple part-time jobs, running their own small businesses, or freelancing for several clients. This is the freelance economy at work, and there are a ton of benefits to the flexibility and creativity it enables.

That being said, it’s not all fun and games. Without the security of corporate benefits or a reliable retirement plan, trailblazing side businesses are up against plenty of other financial challenges. If you’re already part of this world, you know the struggle is real. Planning ahead, knowing what you owe, and taking advantage of saving tools can help contract or part-time workers have a successful journey toward their long-term financial goals. Learn more about how you can meet your money goals — regardless of how you choose to business — from these tips below.

Maintain three to six months of savings in your account: As a contractor or freelance worker, your income will tend to ebb and flow. Having an emergency fund with enough savings to cover three to six months’ worth of your critical expenses can help ensure you can pay your bills, even during times of low employment. Figure out what this necessary dollar amount is and make sure your bank account is ready to go before you take the full leap into the freelance economy.

Understand how much you need to save:  While you may be feeling somewhat removed from your pals who are working in more traditional jobs , the truth is that many of your financial needs are still the same as theirs. Take some time to establish some goals for what you will need to save for retirement or other long-term goals. There are plenty of tools and calculators available online to help you crunch these crucial numbers on your own. You can still take advantage of investment opportunities, even if you’re not working in a traditional full-time job.

Seek expert advice: There is no shame in asking for help, especially if you’re new to working in the freelance economy. A financial or business adviser will be able to help you figure out what your specific goals are, and they can help you put together a plan to make them happen. An action plan like this should make it a whole lot easier for you to follow through on the other four tips — and to do it effectively.

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