Are you prepared to start a business from home? Are your personal finances in proper order as you approach your boomer retirement? It's not what you work at that counts, it's how well prepared you are to work at home. First let's assume you are going to work at something that you are interested in and have experience in doing. Are you really ready to be your own boss?
Do you have enough household budgeting funds to carry you and your family for at least six months, while you are getting your business going? Do you have enough life and health insurance for you and your family? Do you have the proper letterheads, stationary, business cards and invoices, or know where to get them, and most important do you have an online accounting system to keep track of your business income and expenses?
You are going to need someone to talk to. This is not like being in an office where you can seek the advice of a fellow worker or manager. Working at home can be a lonely enterprise. Asking your wife what she thinks may draw unexpected and unwanted responses. Be prepared to speak to the dog if you are looking for encouragement when you start a business from home. It's not that your family doesn't want you to succeed, it's just that they may think you're crazy or don't really know what you are doing.
Do you know what you are doing? Do you have a firm grasp of the business you are about to go into? Are you prepared to be on your own? Do you have the mental capacity to handle rejection from potential customers? Are you ready, willing and capable of dealing with the obstacles that may face you?
Be prepared for the "who are you?" question. Potential customers probably know the reputation of that big company you used to work for, but do they know you and your reputation. Can they trust you to get the job done? Can they trust your product or service?
The reason it pays to be prepared is that your earnings level will probably go down for at least a few months from what you were used to in the corporate world. You have to learn to budget yourself. Expense account living that you enjoyed in the baby boomer years heyday is out. Reducing your living costs will become of primary importance. You can't be trying to grow a business and deal with the stress of worrying about personal living expenses at the same time. You have to have your wits about you.
People in their fifties and sixties and ready for boomer retirement are usually well suited to start a business from home. You have the experience and knowledge know how to deal with mini business crisis. You have the self-assurance to deal with customers. Most important you have the instincts and judgment to know how to handle yourself.
It's understandable to have a certain amount of trepidation and nervousness about working at home and being on your own, but don't let that keep you from doing what you want to do and becoming independent. Keep telling yourself you have the background to handle yourself properly.
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This guest article is by Arthur Levine, a freelance writer who is interested in people in the new middle aged boomer retirement group in their fifties and sixties plus who feel like they are in their forties. For more details please see http://newmiddleagedgroup.blogspot.com/. He is also the author of the novel Johnny Oops.
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