The idea of being your own boss is so tempting – no reprimands, no memos, no bullshit. Imagine following your own schedule and setting your own deadlines – it’s just what you need. If you think this kind of setup works for you, then you’re heading towards self-employment. Being self-employed is not as easy as it looks. But the perks sure are tasty. So if ever you decide on being your own boss, use these tips as your guide:

Don’t quit your job just yet. Plan out your grand plan first. Most people who are contemplating on quitting employment start by testing the waters of entrepreneurship. Since you have a day job, start a small business which you can do for part-time only. At least you still have your steady income to pay for your bills, plus the extra income you can earn from your start-up venture. Try to juggle these two jobs for a while and then when you feel like you’ve gained momentum on the venture, you can finally quit your job and focus on expanding your new business.

Invest your savings. There are several ways how you can make your money work for you — special savings deposit, time deposit, mutual funds, buying shares of publicly listed stocks, or signing up for a pension plan. Being an employee has its benefits of a steady and regular income so if you quit, you have to make sure that you can still afford your future.

Be ready to make major changes in your lifestyle until you have established your business. Shifting to a new status will require you to make adjustments. Salary defined your lifestyle before, and it worked, because it’s a fixed amount. But as self-employed, you will mostly depend on your profits, so there’s no way to preempt how much is coming. The best way is to make a new budget plan, this time with a narrower leeway for spontaneous spending.

If all else fails, can you accept going back to employment again? Business can die anytime, especially if it’s just starting, so make sure you have a fallback. Even if you hate your day job now, you still have to perform your best, so that your résumé can nab you another job if it turns out that being your own boss is not for you after all.