There are a lot of great things about being self-employed. You get to set your own hours, you’re in charge of your own future, and you can even wear sweatpants to work if you feel like it. But there are a few aspects of self-employment that aren’t so wonderful. For one, lying awake at night worrying about when your next invoice will get paid.
When you work for yourself, you don’t get a steady paycheck every two weeks. Instead, you are at the mercy of your clients and customers. You could ask for net 30 payment, but if your big client has a standard policy of net 60 or net 90, they’re unlikely to bend the rules for you.
To reduce the number of sleepless nights you spend tossing and turning, learn how to manage your business’s finances. This will help you better plan for the future of your business and your financial life. Here are seven tips to help you get started.