When you go self-employed or start your own business, you typically consider all the things you need to hit the ground running. While this is great, it is also important to consider your personal affairs. When you don’t have the security of an employer who covers your health benefits, and when you are investing and making money with your business, you should focus on personal affairs in order. It is your responsibility now to keep yourself secure.
Here are some top things you should consider to get your personal affairs in order.
#1 Health benefits
One thing that you miss when you start your own business is the health benefits provided by your previous employer. Or you may not have had them at all before. But they can be an important investment for you to make. Health insurance can provide you with peace of mind, in the unfortunate event that something were to happen to you and you are involved in an accident or fall sick. Health insurance can be beneficial financially, as treatments and care can be expensive, and you may also lose your earnings from working. Health insurance can provide you with a safety net, especially if you have family and financial dependents.
#2 A Will
It is not a topic that everyone likes to consider, but writing a will is important when you are investing in a new business. Without one, you risk losing everything you have worked hard for, in the event of your retirement or passing. A will lays out a plan for your investments and estates, which ensures that your assets will be dispersed according to your wishes. For example, you may wish to pass your business onto a friend or a loved one. Without a will in place, your business could end up folding. You may enlist the help of a will writing solicitor to help you put together a solid estate plan.
#3 Separate savings
It is common to want to invest your personal money into your business, but you mustn’t put all your eggs into one basket. If your business doesn’t make it or takes longer than predicted to make a return, you will need money to fall onto to help you live. A separate savings account can be another means of peace of mind for you and your family. If your business is successful, then your savings is a great bonus, and you can use it to treat yourself for all of your hard work.
#4 Work-life balance
When starting a business, it is normal to pour your heart and soul into it. However, if you don’t find a good work-life balance right from the start, you risk burning yourself out, and your business suffering as a result. Taking on a new business will inevitably come with its challenges, and long days, but make sure you create a schedule that works for you and includes some time for yourself.
Remember to think about yourself, and your personal affairs when starting a business.