Baby Boomers this article is also for you but later on in the article you will see why. One of the attractions of working at home is the vision of freedom it invokes — no time clock, no time sheets, and no one to account to for how you spend your time. Yes, it is an attractive proposition, but like so many attractive propositions there is a heavy downside — you are likely wasting a lot of time.
My husband spends time every day filling out these large spreadsheets to account for his day. He works for a large engineering company and his day often encompasses work on a variety of projects for different clients. He loathes the activity and I have always dismissed it as a waste of time — that is until my home business recently took off and I realized there simply wasn’t enough hours in the day to accomplish all my goals.
Relatively unproductive days
I now have my own spread sheet and agenda for the day and I have improved my productivity and reduced my stress immeasurably. If you don’t think you need a schedule for your home business then think again — and read on.
After a spate of relatively unproductive days when my “To Do” list seemed to grow exponentially every time I looked at it I knew something had to change.
Granted I was going through a rough patch. My home business was experiencing growing pains and taking up more than the usual time, my four-year-old was only in preschool part-time, my husband wasn’t pulling his weight on the home front, and my extended family was experiencing a number of crises. But I’m also old enough to know there is never a perfect time in life — you just live the one you’ve got. These are simply the problems I’m dealing with this year. Next year these problems will be traded in for new fresh ones.
After studying my time and chatting with some other work-at-home folks, I discovered five reasons to embrace the schedule:
1. It’s too easy to waste time doing nonpriority tasks
2. It’s too easy to get sidetracked or distracted from your current task
3. Unscheduled work time can often overlap into your free time until you don’t have any free time at all
4. Your free time can overlap into your work time until you fall behind with important projects
5. Concentrating your time and effort on highest priority projects means more gets done
I’m not the only work at home business person encompassing the schedule. I recently took part in an online forum where men and womenhad moved to embrace it — and found it more freeing than restrictive. After all, you are still the one setting the schedule so you are free to schedule yourself off for a 3-hour lunch, an afternoon, or a whole day whenever you choose.
If you find it difficult setting up your schedule and priorities for the day and week then perhaps your significant other or a friend can help you set your schedule.
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.
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.
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. You have to make the decision based on your personality and what you are best-suited for. Choosing a legal entity for your business should be discussed with a tax accountant or your attorney. Options are sole proprietor, LLC or Subchapter S- Corp.
Set Business Benchmarks
You wouldn’t travel across the country without a road map, your business is the same. Setting financial and business-building benchmarks will help you to create a focused plan that will help you to reach your success.
Get a Physical
What does getting a physical 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 get new health insurance when in your 40’s, 50’s or 60’s can be difficult. While pursuing your dreams of a home business is something you are probably very passionate about, if you do not have good health to enjoy the rewards of your efforts, then not much else is important.
The baby boomer generation is like no other before it or after it. Technically, we are considered middle-aged, but we are anything but middle-aged in mind, body and spirit. We know there is more meaning to life than a commute to an unrewarding 9-5 job, but there are also important steps we must take first. Planning and preparing for your home business now will lead to less headache’s later on.