Top 5 Things Baby Boomers must do before you start a home business

Top 5 Things Baby Boomers must do before you start a home business
Do not 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 a 401 (k) plan established 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 baby boomers turn 42 and older are turning 60. No matter where you fall into this category, analyzing and preparing your exit strategy from your job will be crucial to your long term success as an entrepreneur home business. Do you have enough savings? If you are married, you will be able to participate in the health insurance of your spouse?


Create a financial plan

What is your salary now? What are your fixed expenses, variable and frivilous? Creating a solid plan so that you and your family will know exactly what the financial situation will be until your business takes off and begins to generate revenue.


The choice of a business model and the legal entity

There are several business models to choose from, the plans for the house party consulting and affiliate marketing to name a few. You must make the decision based on your personality and what you are best suited for. The choice of a legal entity for your business should be discussed with a tax accountant or a lawyer. The options are a sole proprietor, LLC or Subchapter S-Corp


Set benchmarks business

You do not want to travel across the country without a road map, your business is the same. Establish financial benchmarks and commercial capabilities will help you create a targeted plan that will help you achieve your success.


Get physical

What physics 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 take out insurance on your new 40, 50 or 60 can be difficult. While pursuing your dreams of a home business is something that you are probably very passionate about, if you do not have good health to enjoy the fruits of your efforts, then not much else is important.

The baby boomer generation is like no other before him or after him. Technically, we are considered middle-aged, but we are far from being middle-aged in mind, body and spirit. We know that there is more meaning to life a journey to a 9-5 thankless job, but there are also important steps we need to take first. Planning and preparing your home business today will reduce headaches is later.