The Wall Street Journal recently featured an interesting article on How to Succeed in the Age of Going Solo. Whether you consider yourself a freelancer, consultant or “solopreneur,” this article contains great tips for surviving through those first, rough years.
The best take-away that I found in this article is to “think like an entrepreneur” by treating your new solo career like a true business:
* Have a business plan
* Use a reliable system to track your billable time, your outstanding invoices and your overdue receivables.
* Whether using Excel, QuickBooks, or pen-&-paper, have an idea of what your cash flow looks like and when you might be facing a cash crunch.
* Keep good records of your business expenses and possible deductions. You can’t deduct it if you can’t prove it!
Deb Howard Greenleaf, EA, CEO and Principal, of Greenleaf Accounting Services provides virtual accounting and bookkeeping services and specializes in financial management to consultants, coaches, solo professionals, and other small business owners across the US. Deb is an Enrolled Agent (EA)—an IRS-licensed tax professional—and specializes in small businesses and entrepreneurs filing Schedule C or as an LLC. As an Advanced Certified QuickBooks ProAdvisor, Deb spends her day in QuickBooks Online and specializes in providing QBO support.
