Importance of career and financial plans in self-employment

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By: MJ Gonzales | Executive Chronicles

What is the use of hanging a wall clock and bringing flashlight without batteries?  Whether it’s rechargeable or disposable, batteries are the source of energy of portable gadgets.  Batteries are like the things you need to survive in your self-employment. Few of the vital backups you need are solid career and financial plans.

Your self-employment and career planning

You can’t just accept any freelance or work from home jobs you encounter. You are bound to fail if you spread yourself too thin.  Instead have a flexible career plan that includes your goals with specific time-frame, conditions you want to negotiate for your situation, and other limitations. With this guide, you’ll measure your growth and carefully land on your desired status. On the other hand, a career plan guides to build your brand and do necessary innovations.

It also helps if you keep on improving yourself by joining professional groups, attending seminars, and reading self-help books. In relation to career plan, you may wasting your time in learning you can’t use if you have no specific career goals.

“Reading, after a certain age, diverts the mind too much from its creative pursuits. Any man who reads too much and uses his own brain too little falls into lazy habits of thinking.”  One of the quirky quotes of popular physicist Albert Einstein.

Financial Planning and self-employment

The scariest part of self-employment is the unstable income especially in the first few months and years. If you don’t have cash buffer or emergency fund, better to slow it down your transition from full-time to freelancing.  This another significance of the career plan that you should combine with your financial plan.

Credit: Pixabay

Find and create several sources of income prior or even if you are already self-employed. At first, those small projects serve as your financial cushion so you have no worries about your expenses.  As your career and finances start to soar, you can drop the small projects that misaligned with your ultimate goals.

On the other hand, don’t be complacent if you feel your income become stable.  If you already achieved your initials goals, level up and secure your future.