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.++Leaving the security of a job with an established 401(k) plan, 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. 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, LLC or Subchapter S- Corp.+++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 40’s, 50’s or 60’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.++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.
Does the idea of starting your own business from home sound appealing? Has finding the right one stumped you? Do you often think that if you could make money at home you would be one very happy person? Then read on and see how easy it is to make money with a home business.++Make Money with Your Interests+Everyone is born with a special talent that sets them apart from others. Your job is to figure out what that talent is and find a way to turn it into a business. One lady I profiled in my book, “The Stay-at-Home Mom’s Guide To Making Money” had always liked horses. When she was younger she didn’t have a horse of her own, so she would groom and feed other people’s horses just for the chance to ride. Now that she is an adult, she has turned that interest into a pet sitting business. While she takes care of the smaller critters, she has niched herself in the area of horse care.++What Are Your Hobbies? +Is your hobby candle making, painting portraits, herb gardening? These are all great home businesses just waiting to happen, and you don’t necessarily have to produce these items to make money. Maybe you could start a newsletter on the subject of your hobby for others just like you. Maybe you could sell supplies to other hobbyists or businesses. Or maybe you could write a book on the subject. Once you start brainstorming you’ll be surprised at all the ideas you will come up with. ++One woman I’ve met online is now the owner of her own portrait sketching business. She actually had two other home businesses before she decided that she could make extra money drawing sketches of people. She does incredible work, and when you look at your pictures it’s hard to believe she hasn’t been doing this longer. Sometimes the business for you is right in front of you; it’s just hard to believe that someone would actually pay you to do something that comes so easily and naturally for you. ++You’re Producing a Product or Service for Your Friends and Family for Free already.++I talk with moms all the time who say their family or friends are always coming to them because they are great at creating a resume, or because they can really put a nice bouquet of flowers together for special events. These are all great ideas for a home business. Seriously consider charging for these services. Let your family and friends know you are in business. They’ve already used you in the past for these things; they trust your work. They will probably enjoy spreading the word and letting other people know that you are open for business. + +Go With What You Already Know A Lot About +Maybe you enjoy your work outside the home but still want to be home with your kids, or want the flexibly and satisfaction of owning your own home business. Use your previous skills to get your business started. Teachers become tutors, secretaries become virtual assistants, graphic artists become — graphic artists. The same can go for architects, photographers, and transcriptionists. You’ll be surprised at the number of jobs you’ve held in the past that could be the key to getting your own home business started now.++Have You Ever Thought, “Why Doesn’t Someone Start A Business Doing…?”++Do you see the need for a particular product or service in your community? Are you trying to figure out why someone hasn’t thought of it and started providing it yet? Why can’t that someone be you? There is no reason why you shouldn’t be the one to see a need, fill it, and make money from it. ++You have many interests, talents, previous experiences, hobbies, and good ideas that are just waiting to be turned into a money making venture. Why not make this the year your home business dreams come true?
Tags: Home Based Businesses