Your success in self-employment will depend in large part to your financial savvy. The way you view and handle money can influence the way you run your business — and can even spell the success or failure of your entrepreneurial venture.
Knowing how to handle money properly becomes more important in the light of the financial instability of self-employment. An entrepreneur’s income gives the term “ebb and flow” a higher meaning. Particularly during the first year, money may come in fits and starts, where you may have it one minute and gone the next. As your income fluctuates weekly, monthly or seasonally, the most common worry in your mind is: “When and where will the next check come?”
Handling the fluctuations of self-employment income requires both financial and psychological adjustments. The key is to stay in control of your money at all times, and to squeeze every dollar, specially if you don’t have much of it.
