5 Top Things Baby Boomers Must Do Before Starting A Home Business
Don't quit your day job just yet. If you are a baby boomer
looking to start a home business, there are 5 essentials things
you must do first before starting your home business.
Leaving the security of a job with established 401(k) plans,
health insurance or other benefits can create a real tug of war
for baby boomers who want to pursue their dreams of owning their
own business.
Analyze Your Exit Strategy
At the time of this writing, the youngest of the baby boomers
are turning 42 and the oldest are turning 60. No matter where
you fall into this group, analyzing and preparing your exit
strategy from your job will be crucial to your long-term success
as a home business entrepreneur.
Create a Financial Plan
How much is your salary now? What are your fixed, variable and
frivilous expenses? Creating a solid plan so that you and your
family will know exactly what the financial picture will be
until your business gets off the ground.
Choosing a Business Model and Legal Entity
There are several business models to choose from; home party
plans, consulting, and affiliate marketing to name a few.
Choosing a legal entity for your business should be discussed
with a tax accountant or your attorney.
Set Business Benchmarks
You wouldn't travel across the country without a road map, your
business is the same. Setting benchmarks will help you to create
a focused plan that will help you to reach your success.
Get a Physical
What does getting a physical have to do with your business? Once
you leave your job, most likely your health insurance will
change. While pursuing your dreams of a home business is
something you are probably very passionate about, it you do not
have good health to enjoy the rewards of your efforts, then not
much else is important.
The baby boomer generation is like no other before it or after
it. Technically, we are considered middle-aged, but we are
anything but middle-aged in mind, body and spirit. We know there
is more meaning to life than a commute to an unrewarding 9-5
job, but there are also important steps we must take first.
About the author:
Patty Gale is a successful entrepreneur who specializes in
helping baby boomers make the transition to a home-based
business. Her "Baby Boomers Home Business Guide" is available
at: http://www.CommuteInYourJammies.com
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