Saturday, January 21, 2023

5 Things Every Baby Boomer Should Do Before Starting a Home Based Business

 

If you are a baby boomer interested in starting a home business, there are five things you must do first. Leave the security of a job with an established 401(k) plan, health insurance, or other benefits. Choosing a Legal Entity and a Business Model are just a few examples. The baby boomer generation is unlike any other generation before or after it. We understand that there is more to life than a commute to an unfulfilling 9-5 job.

There are also important steps we must take first. Planning and preparing for your home business now will save you time and money.

Don't get rid of your day job just yet.

If you are a baby boomer interested in starting a home business, there are five things you must do first.

For baby boomers who want to pursue their dreams of owning their own business, leaving the security of a job with an established 401(k) plan, health insurance, or other benefits can be a real tug of war.

Examine Your Exit Plan

The youngest baby boomers are turning 42 at the time of writing, while the oldest are turning 60. Whatever category you fall into, analyzing and planning your exit strategy from your current job will be critical to your long-term success as a home business entrepreneur. Do you have a sufficient savings? Will you be able to participate in your spouse's health insurance if you're married?

Make a financial plan.

What is your current salary? What are your fixed, variable, and extraneous costs? Making a solid plan so that you and your family know exactly what the financial picture will be until your business takes off and begins generating revenue.

Choosing a Legal Entity and a Business Model


Home party plans, consulting, and affiliate marketing are just a few examples of business models. You must base your decision on your personality and what you are best suited for. The formation of a legal entity for your company should be discussed with a tax accountant or an attorney. Sole proprietorship, LLC, or Subchapter S-corporation are all options.

Establish Business Goals

You wouldn't travel across the country without a map, and your business is no different. Setting financial and business-building benchmarks will assist you in developing a focused plan that will assist you in achieving your success.

Get a Physical Exam

What does a physical examination have to do with your business? When you leave your job, your health insurance will most likely change, and as unfair as it may seem, trying to get new health insurance when you are in your 40s, 50s, or 60s can be difficult. While starting a home business is likely something you are very passionate about, if you do not have good health to reap the benefits of your efforts, nothing else matters.


The baby boomer generation is unlike any other generation before or after it. We are technically middle-aged, but we are anything but middle-aged in mind, body, and spirit. We understand that there is more to life than a commute to an unfulfilling 9-5 job, but there are also important steps we must take first. Planning and preparing for your home business now will save you time and money later.

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