by: Patty Gale
Don't 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 before starting your home business.
Leaving the security of a job with established 401(k) plans, 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 of the baby boomers are turning 42 and the oldest are turning 60. No matter where you fall into this group, analyzing and preparing your exit strategy from your job will be crucial to your long-term success as a home business entrepreneur.
Create a Financial Plan
How much is your salary now? What are your fixed, variable and frivilous expenses? 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.
Choosing a Business Model and Legal Entity
There are several business models to choose from; home party plans, consulting, and affiliate marketing to name a few. Choosing a legal entity for your business should be discussed with a tax accountant or your attorney.
Set Business Benchmarks
5 Top Things Baby Boomers Must Do Before Starting A Home Business
About The Author
Patty Gale is a successful entrepreneur who specializes in helping baby boomers make the transition to a home-based business. Her "Baby Boomers Home Business Guide" is available at: http://www.CommuteInYourJammies.com.