For the self employed, there is also a danger of becoming stale. If you have found that you can do a particular kind of work well and earn good money doing it, it is all too easy to become complacent with the income and professional respect you gain from such a situation. It is also all to easy to grow bored. It is necessary to either grow your own business with new products or services, possibly in partnership with other self-employed people; or to reinvent your business – and probably yourself – altogether. The latter, though is a real challenge and should not be attempted without suitable savings to keep your cash-flow moving. You will find that you can reinvent yourself faster than your clients can.
From Report 103, by Jeffrey Baumgartner.