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The Step-by-Step Timeline for Going From Corporate Life to Self-Employed Life

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It’s safe to say we can expect a mass exodus of people leaving their corporate jobs to start their own businesses. It seems we can expect this to only grow as more people resent having to return to the traditional work schedule, don’t want to give up the remote work they’ve come to love and in general re-evaluating what truly matters to them in life.

With so much at stake leaving the so-called security of a steady paycheck, it’s important those venturing from corporate life to self-employed life have a timeline to make it a safe, responsible and successful leap.

To help you make a transition from working for a boss to becoming a boss, use the following step-by-step timeline to help you plan.

Decide how much savings you want in reserves — at least eighteen months salary in reserves is ideal. Think of the first year as the climb back to your current income or to a level that is sustainable. If you meet that goal, you’ll still have six months in reserves, which is a healthy place to run a business. If you don’t reach that goal, you still have six months in reserves.

Consider any additional training or certification you want to pursue in the next year, as well as opening a HELOC for added security, business credit cards and anything else that involves obtaining credit. It’s much easier to get credit while employed.

Related: How Self-Employed Individuals Can Feel Connected & Supported

Nine moths before quitting, review your retirement plan and healthcare benefits and figure out how you’ll cover these in self-employment. Begin scheduling all medical appointments to be completed while you’re still covered under your current healthcare.

Also try to establish your budgets. Consider the cost of all the equipment........

© Entrepreneur

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