When it comes to Baby Boomers and a Home Based Business it’s important to be Open Minded and Creative
Creativity requires a willingness to look stupid, realizing that successful people think differently than unsuccessful people. By understanding that the reason some people don’t achieve their dreams of a thriving home business is because they desire to change their results without changing their thinking.
Baby Boomers and Home Based Business can be a great venture when you fine tune them.
The baby boomer generation is like no other before it or after it. Technically, they are considered middle-aged, but they are anything but middle-aged in mind, body and spirit.
They know there is more meaning to life than just a commute to an unrewarding 9-5 job; but there are some really important steps they must take first. In following these steps, planning and preparing for their home business now will lead to less headache’s later on.
Don’t quit your day job too soon!
In order to make progress in any area you must take action. Successful people succeed through their thinking, their hands being helpers to their brains.
It is know that deciding to leave the security of a job with an established 401(k) plan, health insurance or other benefits can create a real tug of war issue with the baby boomers who truly intend to pursue their dreams of owning their own business.
Some things to consider before leaving your job to start your own business:
1. Determine Your Exit Strategy
If you are a Baby Boomer now, you are somewhere between the age of 43 and 65 probably. It doesn’t really matter where you fall into this group, it is important for you to determine, analyze and prepare a defined exit strategy from your present job.
It’s very important to have an adequate savings stored away. Think of this as, “The Just in Case syndrome!” But really it’s just plain old common sense, or better yet, “Wisdom.”
Also, you need to figure out where your health insurance will come from. A working spouse?
2. Financial Planning
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.
3. Knowledge of type of Business You Want To Start
There are many different business models in which to choose from; such as home parties, consulting, online marketing, and affiliate marketing, as well as, health and fitness, just to name a few. Your decision based must be based on your personality and what you are best-suited for. It should be something you truly enjoy doing or you will fail.
Choosing a legal entity for your business should be discussed with a tax accountant or your attorney. Options are sole proprietor, LLC or Sub-chapter S- Corp.
4. Plan Your Map and Map Your Plan. Set Benchmarks.
Because you wouldn't travel across the country without a road map, it’s just as important that you treat your business the same. Setting financial and business-building benchmarks will help you to create a focused plan of action which will help you to reach your success.
5. You Must Get Physical – Workout
While pursuing your dreams of a home business is something you may be very passionate about, you still need to be healthy. If you do not have good health to enjoy the rewards of your efforts, then not much else is important. What’s the point?
“For the Flower to blossom, you need the right soil as well as the right seed. The same is true to cultivate good thinking.”–William Bernbach
Baby Boomers and Home Based Business can be win win when put together with the right mindset.
“Half of this game is ninety percent mental.”–Danny Ozark
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To Your Success,