If you're considering making the move to self-employment from a traditional job, this episode is going to help you de-risk the move to full time entrepreneurship!
In this episode, Alex Sanfilippo and Matt Baker discuss how to de-risk the move to self-employment.
They go over different kinds of barriers that people have to get through or get over in order to make the move to self-employment.
They also discuss the 7 Financial Disciplines and why they matter.
The 7 Financial Disciplines:
1. Regularly review your finances
2. A budget: having targets around your outcomes from revenue and expenses
3. A process where you save money for taxes
4. Proactively reducing debt
5. A way to pay yourself out of your earnings so you know what you made
6. Establish a specific structure for your business i.e. Inc., LLC, Sole Proprietorship
7. A process to maximize your write-offs for tax time