The baby boomer generation is unlike any other generation before or after it, as they are no longer middle-aged in mind, body, and spirit. To start a home business, there are five essential steps you must take before you begin: examine your exit plan, make a financial plan, choose a legal entity and business model, establish business goals, get a physical examination, and get a physical exam.
These steps are essential for baby boomers who want to pursue their dreams of owning their own business, as leaving the security of a job with established 401(k) plans, health insurance, or other benefits can be a real tug of war. The youngest baby boomers are turning 42 at the time of writing, while the oldest are turning 60. Planning your exit strategy from your current job will be critical to your long-term success as a home business entrepreneur.
Don't get rid of your day job just yet. If you are a baby boomer looking to start a home business, there are five essential things you must do before you begin.
For baby boomers who want to pursue their dreams of owning their own business, leaving the security of a job with established 401(k) plans, 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.
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 look like until your business takes off.
Choosing a Legal Entity and a Business Model
Home party plans, consulting, and affiliate marketing are just a few examples of business models. The formation of a legal entity for your company should be discussed with a tax accountant or an attorney.
Establish Business Goals
You wouldn't travel across the country without a map, and your business is no different. Setting 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? Your health insurance will almost certainly change if you leave your job. While pursuing your home business dreams 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.
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