Most small business owners may set themselves up in the form of a sole proprietorship. Although SPs have some benefits, there is greater exposure to personal liability.
You are probably going to handle a lot of the business aspects on your own. Consider outsourcing at least some of the functions. Many people have a strong vision, motivation, hard work ethic, decisive, and strong skills.
Make sure that you pay yourself a salary and save as much as possible for those times your monthly income is lower. You need to have an ample emergency fund for six months or more to pay for your living expenses.
Being self-employed hits you with the realization that you no longer have paid benefits you may have enjoyed at your previous employer. You still need to have access to some of the critical benefits and purchase them on your own.