If you’ve ever thought about starting your own business venture or branching out as a freelancer, you’ve likely been attracted to the idea of creating your own income. As your own boss, there’s no limit to how much you can earn — as long as you’re willing to work for it.
While this is certainly true, many of those dreaming of starting their own business don’t stop to fully consider all of the financial costs of starting a business. Even if you work out of your own home, you may need to buy additional office equipment and supplies once you’re using the space full-time. Additional expenses like employment and income tax can take a large chunk of your profits. While you have the opportunity to make more money than ever before, you also need to be more financially responsible than in any traditional career.