BiggerPockets Money26 Nov 2021

252: Finance Friday: Self-Employed Revenue, Health Insurance, and Hiring

It takes a leap of faith to leave a W2 job and wander through the hills and valleys of self-employment. With the right skill set, time management, and perseverance, you can come out more profitable (and happier) than you were originally at your old job. But, once you succeed, it may be hard to slow down the self-employment train, and your side-gig could become a full-on business, with the need for employees.

TJ has put herself in a phenomenal position, both financially and income-wise. She left her job to become a full-time consultant but knows she won’t be able to expand without hiring her first employee. Her business would need an employee to bring in more revenue, BUT she needs more revenue to bring on an employee. What would you do in this situation?

Scott and Mindy have both spent time outsourcing and hiring before. They help TJ develop a roadmap to getting her first hire on board while keeping crucial revenue in the business. This episode also dives into self-employed health insurance, project management, and hiring a junior position that can grow into a senior in little time.

In This Episode We Cover

Why it’s imperative to keep your costs low while trying to run a business

What to do once you’ve hit your max capacity for work at your business

Whether or not now is the time for you to hire your first employee

Fully mapping out the cost of a full-time vs. part-time worker on your team

Putting together a business plan that allows you to forecast your business’s future

Health insurance while self-employed and why an HSA plan may be your best bet

And So Much More!

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