5 Top Things Baby Boomers Must Do Before Starting a Home Based 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 home business.
So what is a baby boomer?
Baby boomer is a term referring to a person who was born between 1946 and 1964. Obviously, the baby boomer generation makes up a substantial portion of the population around the world. But.. when is it right to give up that day job and work from home?
Being a baby boomer myself don't do what I did back in 2006 qutting my job, and as a result my income, without having replaced that income from my home business ventures.
For me I am a 100% guy. That means I am all in and I didn't think that I could run a full time job and the legal career I had whilst also building a business from home. I needed to be focused on my home business 100% so I took the risk, quit my job and a significant income, and started working on my home business by building a property portfolio.
With that experience I can say to you. Don't quit your day job just yet until you have replaced your income. It was painful for me to do so causing me to get into debt. So, what can you do?
Baby Boomer Must Do's
If you are a baby boomer looking to start a home business, there are 5 essentials things you must do.
Analyze Your Exit Strategy
At the time of this writing, the youngest of the baby boomers are turning 52 and the oldest are turning 70. 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.
Do you have adequate savings? If you're married, will you be able to participate in your spouse's health insurance?
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 and starts generating revenue.
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. You have to make the decision based on your personality and what you are best-suited for. Choosing a legal entity for your business should be discussed with a tax accountant or your attorney. Options are sole proprietor, Limited Liability Company or a Limited Company.
Set Business Benchmarks
You wouldn't travel across the country without a road map, your business is the same. Setting financial and business-building 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 and as unfair as it may be, trying to get new health insurance when in your 50's, 60's or 70's can be difficult. While pursuing your dreams of a home business is something you are probably very passionate about, if you do not have good health to enjoy the rewards of your efforts, then not much else is important.
Baby Boomer Must Do's - Closing Remarks
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.
Planning and preparing for your home business now will lead to less headache's later on.
I wish all baby boomers every success in building a home business lifestyle.