MADE Maven Special Women's Issue April 2018 | Page 33

MADEINC
that allowed me to maintain that
contract until I secured work with
another company or decided to
terminate it. One of the hardest parts
of entrepreneurship, especially in the
beginning, is consistency of cash flow.
You do not want to make the mistake
of turning away money from someone
who knows and trusts you, and will
likely call on you frequently. If you
are considering quitting your full-
time job, plan to request a freelance
contract with them as cushion. But,
don’t expect to get it. I recommend
that you do not quit your job until you
have saved a minimum of 6 months’
worth of your current salary. It may
sound tough. But running out of
money is tougher.
As it worked out, when I resigned
from my last job I was at my peak
salary, one I honestly did not plan
to make until further in my career.
My lifestyle had definitely changed.
But, as many know about the world
of journalism, where I was coming
from, the money grind is not a pretty
one. Just a few weeks into being
unemployed, I quickly realized I was
going to have shift my lifestyle back
to that of the fresh-of-out-college,
coffee-pushing intern that I once
was. And, that’s the point. More than
likely, you did not start your career
at the salary you’re currently making.
Humble yourself. Discipline yourself.
Remind yourself. Do whatever it
takes to recognize that being a
new entrepreneur requires financial
responsibility. If you accept that
before you even start your business,
you will have won half the battle.
HIRE AN ATTORNEY AND AN
ACCOUNTANT
There is no business too small
or industry too far from needing
these two professionals. It’s easy
to get caught up in the marketing,
branding and sales of your business.
But, one wrong decision can leave
you in the worst of experiences with
the government and the law.
You will need an attorney to create
and review all of your business
agreements and contracts. And yes,
every person, project, deal, service
and opportunity requires written
contract. These contracts will
protect not only your payments but
also your time, how you work, where
you work and what you do not work
on. I’m a writer and even I had to
accept that there are certain phrases
and words that protect me that I am
just not aware of.
As for the accountant, this person is
not just there to help you navigate
budget, payrolls and expenses.
They are there to advise you on
tax requirements and exemptions.
Tax season will never be the
same for you once you become
an entrepreneur. Instead of the
stereotypical time when many
people are waiting on money to
come in from the government,
you will be dreading the money
you will be putting out to the
government, as you will no longer
have taxes automatically deducted
from your income. Again, it does
not matter the level of financial
education or experience that you
have, your company’s finances are
not something you will want to skip
getting an expert opinion on.
As I mentioned, I’m just a couple
of years into this thing called
entrepreneurship. There are other
seasoned pros you can turn to for
advice and books you can read for
tips. I just hope that something I’ve
said here has enlightened you on
both the freedom and responsibility
that come with being a freelancer!
#mademaven
33