5 Top Things Baby Boomers Must Do Before Starting A Home Business

andre1130 Mar 5, 2013 · 2 min read

Restored from the Empower Network archive (2011–2017), lightly edited to meet our current advertising standards. Views are the original author’s.

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 boomers looking to start a home business, there are 5 top things baby boomers must do before starting a 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 them 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 that is sound

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. Unnecessary spending can send you in the poor house

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. Make sure you get enough information to make a sound decision.

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. If you know where you are going and you get off track. You can find your way back easier if you have a plan.

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. Home businesses are started to have freedoms and enjoy what life has to offer, your health is very important.

The baby boomers generation is like no other before it or after it. Technically, they are considered middle-aged, but they are anything but middle-aged in mind, body and spirit. There is more meaning to life than a commute to an mind numbing 9-5 job, but there are also important steps we must take first.

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