5 Top Things Baby Boomers Must Do Before Starting a Home Based Business

By: Tan Bing Song

 5 Top Things Baby Boomers Must Do Before Starting a Home Business

 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.

 Leaving the security of a job with an established 401(k) plan, 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.  Do you have adequate savings?  If you're married, will you be able to participate in your spouse's health insurance? 
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 and starts generating revenue.

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