From Internet marketing to launching consulting services, Baby Boomers are starting home-based businesses that allow them to work according to their own schedule and pace.  They are leveraging their work and industry experience to launch home businesses to create supplemental income.  Some examples are:

• A marketing or sales professional might become a consultant for local small businesses.

• Sales professionals can usually find a commissioned position that allows them to essentially work part-time out of their home office.

• Retired police professionals can set up a home-base security consulting firm.

• Retired teachers set up a part-time tutoring business.

Another approach for baby Boomers to starting a home-based business is to switch to something entirely new, something that energies you.  For example, go into real estate or appraisal.  Both positions allow you to work out of your home according to your own schedule.  Maybe start a Bed and Breakfast.  Or purchase a franchise and build a successful operation out of your home office.  And many baby Boomers make a tidy income simply by selling stuff acquired at garage sales and reselling it for 2-3 times markup on EBay.

 

One place to find bulk goods for resell is at a site called Dollar Days, a premiere online wholesaler and closeout company helping small businesses and entrepreneurs to compete against larger enterprises who buy bulk wholesale merchandise products.  DollarDays offers 25,000 high quality goods at wholesale and bulk prices.  And registration is free!  

Work Part-Time or Full-Time?

Some Baby Boomers just want to supplement their investment and Social Security income with a part-time home-based business, selling a product or service on the Internet for example.  And there are plenty of possibilities that support this approach.  Just be careful of Social Security net income limitations so that you don't get penalized.

If you intend to start full-time home-based business, it is important that you understand what you are getting into and are realistic about cash flow and your financial needs.  The more upfront research and planning you do, the better your chances of success and the less money you will spend.

Other Considerations

Please realize that doing business as a sole proprietor will not protect your personal assets.  You should consider forming a low-cost Limited Liability Corporation at minimum.  This offers pass-through tax benefits while shielding your home and other personal assets from lawsuits.  A good place to get inexpensive legal protection, whether it be an S Corporation or an LLC is Legal Ace.

Keeping good records for tax purposes and business analysis is essential.  A word of advice - unless you are an accounting professional, stay away from QuickBooks.  Rather, go with Quicken Home and Business.  It is much easier and more intuitive for the accounting layman to use, while offering a wealth of features (including invoicing).

Encore for Baby Boomers

According to the Kauffman Foundation, Americans aged 55 to 64 form small businesses at the highest rate of any age group -- 28% higher than the adult average.  There are some excellent resources to assist Boomers in transitioning to private or public entrepreneurial endeavors:

• For rewarding work in non-profit organizations addressing crucial social and environmental areas, visit Encore Careers.  Download free Encore Guide to learn more about pursuing encore careers in education, health care, government and the environment.

• Experience Corps is an award-winning national program that engages people over 55 in meeting community challenges.

• Through programs and consulting, Civic Ventures brings together older adults with a passion for service and helps stimulate opportunities for using their talents to advance the greater good.

• The US Small Business Administration (SBA) and its Resource Partners can help you navigate your personal journey to success, offering special programs and resources for 50+ entrepreneurs.

Home-Based Internet Businesses for Baby Boomers

The Internet offers a plethora of opportunities for home businesses.  If you are considering a home-based online business and looking at the canned offers on the Internet, be advised that there are huge number of scams and rip-off sites out there.  Some appear to be designed to do nothing more than capture your email address to sell to spam sites.  We suggest getting a free Google or Yahoo email address before starting your search, so any spam will wind up in an easily discarded bucket.  You are also urged to check out the Better Business Bureau alerts.

Here is our advice for finding an Internet-based home business that might work for you:

• Don't just jump into something.  Use the Internet to do a lot of research first.  Discover what others have found to work and "not work."  Create a mini-business plan for opportunities that look good and compute your expected return on investment.  Triple what the "home business" site says the costs are, because they never include realistic marketing expenses.

• Never pay money upfront just to find out what the amazing secret to their success is!  In fact, never pay money to anyone until you have thoroughly investigated the opportunity.

• Always review their references and testimonials.  You can enter the site or company name in Google to see what others are saying about them.

• Realize that simply putting up a Website (yours or a canned site) gains you nothing!  The site must be optimized for search engines and then you have to take proactive steps to drive qualified Internet traffic to the site.  This is a long process.

• Avoid all plans based on multi-level marketing!

• There is no easy way to get rich on the Internet!  It takes hard work, just like any other business.  Expect to spend considerable time and money to become successful.

 

 

Recommended Books

	Put Your Business Online The ABC's of Online Marketing and Available Resources

Recommended Websites

• USA.gov - Advice, tools and government regulations that affect running your own business.

• Business.gov - Outstanding site with tons of advice and helpful resources for those contemplating starting their own business.

• VetBiz.gov - A Web portal for military veterans, offering special programs and other resources for entrepreneurial operations.

• Top-Paying-Home-Jobs.com - Screened home-based business opportunities.  Claim to have filtered out the rip-offs and spam sites.  Use a little caution on this site.

• USAHomeBusiness.com - A directory of home business opportunities published by the National Association of Home Based Businesses.

• HomeBusinessMag.com - Home Business Magazine published online.  Lots of useful information for the home entrepreneur.

• SmallBizSmartMarketing.com - This is our small business marketing consulting Website. If you are thinking about leveraging your experience or have a new product, we can help you with business planning and fast-track marketing based on thirty years of real-world experience.

• Entrepreneur.com - Tons of information and resources for starting a home-based business.

• HomeBusinessOnline - A community and clearinghouse of home business information and tools.

• BizStarters.com - Start Your Own Business.  Do Work You Truly Enjoy.  Make a Good Living. Join other aspiring 50+ entrepreneurs who've used our intensive, one-on-one coaching to launch their businesses quickly and professionally.

• HomeBusiness.About.com - Great resource for Baby Boomers who have or are contemplating a home-based business.

• The Franchise King Blog - Check here first if you are thinking of buying a franchise operation.  Franchise trends, tips, traps, and truths!