Five Essential Things Baby Boomers Must Do Before Starting a Home Business
Baby boomers looking to start a home business should devise their strategy carefully. If you are a boomer, leaving your day job at short notice to start a business is not advisable. The security of a job with an established income and health insurance or other benefits may seem more appealing than a new unpredictable venture.
However, pursuing your dreams should not take a back seat because you are too afraid to start afresh. Here are five essential tips you should consider before starting a home business as a boomer.
What Is Your Exit Strategy?
The youngest of the baby boomers are nearing their fifties, and the oldest is nearly seventy. Hardly the right time to start a home business, as some may lead you to believe. No matter what their opinion is, it would help if you always pursued your dreams.
Analyzing and preparing an exit strategy from your current job will be your first step towards becoming a home entrepreneur in your fifties or seventies. Check if you have adequate savings. If you are married, consider your spouse’s future or the future of your child.
Create A Solid Financial Plan
This is a no-brainer. Note down your current salary. Make a list of your expenses – fixed, variable, or incidental. Creating a solid financial plan gives you a complete picture of what it is going to be like before the business gets off the ground and after it starts generating revenue. As a boomer, your financial planning will differ from your parents or even your kids.
It’s time you should put a complete financial picture or a roadmap so you don’t end up liquidating your assets or breaking your bank in case things do not fall in place. Do you have to pay for your kid’s college education? Are you planning to buy a second home? These are just some of the questions you need to find the complete financial roadmap.
Choosing A Business Model And A Legal Entity
There are many business models that you can choose from. Before choosing one, keep in mind your skills, experience, and most importantly, your interests. Choose a field where you have some experience and utilize your skill set to do something worthwhile.
Discuss with your attorney or a tax accountant regarding choosing a legal entity for your business. The various options are sole proprietor, LLC, or Subchapter S-Corp. You might have to pay extra for Google Business Listing and SEO, depending on the nature of your business. In short, like any other entrepreneur, you need to know the costs of setting up a new business upfront.
Set Benchmarks And Goals
Setting benchmarks is very important to move forward. Without a list of goals and objectives, you will lose focus on your business, and it will start to fall apart. Benchmarks motivate you to work harder and improve. You might want to do a competitor study and a complete analysis of the market for setting realistic goals for your new venture.
However, if you want to move into uncharted waters without direction, that would be a blunder on your part. Most likely, you will meet the fate of a voyager without a compass, meaning you can land with your start-up just about anywhere.
Shop For Health Insurance Plans
Now you may be wondering what good health insurance would do for you at this age. Moreover, it is tough to get a health insurance plan all over again in your fifties and sixties. But if you are serious about pursuing your dream home business, buying health insurance is a practical option. Without it, the chance of succeeding in your business can be low, very low.
The baby boomer generation comprises primarily middle-aged people who are generally considered only fit for a 9-5 job. However, there is no age limit to pursue your dream. Careful planning and proper use of the available resources are vital for a baby boomer to succeed in a home-based business so late in life. Financial planning should be your priority, along with a solid backup plan just in case everything goes south. It would help if you were not afraid to pursue your dreams.
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