Going Self Employed

I think that most people like the idea of working for themselves, and the romantic notions that surround that; you’re time is your own, choose when and where to work, you’re the boss, no one telling you what to do .... But the reality is quite different. The likelihood is that you still have bills to pay, a bank manager on your case, you’re doing crap jobs for people that you don’t like much, etc.
However going freelance or contracting can be very enjoyable, and offers great opportunities. But you really have to do your research beforehand! Firstly, can you afford it? Seriously, forget the possible upsides, can you afford to live on a third or a half of what you earn now? How long could you go with no income? A month? 6 months? And can your family afford it? You may have two salaries coming in to the household now, but you wont soon. And that brings in extra stresses and strains, on many different levels. Of course, once you’re established and the money’s coming in, things are different, but don’t make the leap thinking that it’s going to happen overnight, as it rarely does,