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Baby Boomers in Business – Why Start a Business?

It’s no secret that as a baby boomer starting a business can be an exciting and overwhelming endeavor but if you make the right choices, and if you do, you’ll never look back and you’ll never regret it. In order to make the right choices it is important to evaluate your goals and motives each step of the way. So ask yourself, why are you starting a business in the first place? There are a lot of reasons to start a business. Boomers are in an especially important transitional phase in their life.

You may start a business to get ready to transition for retirement, supplement your retirement income, to keep your mind and body occupied. Maybe starting a business is a long-term dream of yours, it may be a way of giving back or even boredom meaning a way of doing something meaningful.

Knowing your “why” will go far in keeping you going when the going even during the difficult times.

What are your personal goals?

But you can’t grab an objective out of thin air. So it’s important to take a look at your personal goals so that you can ensure that your choice of business aligns with your personal beliefs, ideals, and maintains your integrity.

If a business doesn’t align with your personal values and morals then you won’t be happy doing it, and most likely won’t be successful either. Most entrepreneurs and small business owners begin their businesses doing something they love. One word of caution however, most entrepreneurs don’t love running a business as much as they do in the business itself. So write own your personal goals and match them with the business choices you have, to determine whether or not the business will get you closer or detract from your ultimate goal.

What are your professional goals?

As a baby boomer you’ve likely already chosen a career path, and developed your interests — consider how starting a business matches your professional goals. Even if the business you are thinking of starting is different from what you have been doing until now, how can you use your lifelong skills you’ve developed over the years? How does it match up with your professional goals? Write down your professional goals, and match those to your business choice — do they fit together? What do you have to do to ensure that they fit together?

What are your wealth goals?

Does the choice of business match up with your financial goals? Mathematically is it possible to achieve your financial goals with the business you are choosing to start? Analyze what it will take for you to achieve your financial goals with the business you’ve chosen. Even if all goes well, how many years will you operate your business and reap the rewards of a successful venture. Is your financial goal realistic? Write down your short-term and long-term financial goals. Now look at your personal and professional goals: Do your financial goals match with your other goals? Is what you seek possible to achieve considering the choices you’ve made?

With any goal that you make you must write them down. Goals that are not written down are often overlooked or forgotten about. In addition to writing the goals down, it is important that you also check back in with your goals periodically to make sure that you are in alignment personally, professionally and financially. In addition, ensure that you are following your path and the steps you’ve created for yourself to reach those goals.

No goal is achieved randomly. While sometimes, it feels as if we make one step forward, and two steps back — the truth is, goals are achieved by acting with intention and direction, which can only be realized with a plan of action that you follow.

Business Insurance: Covering for Worst Case Scenarios

One of the questions new business owners have to ask is “How much is business insurance?” They’ve quit their high-paying jobs in the corporate world, said goodbye to the rat race, and finally followed their hearts and opened a business of their own. It’s what they’ve always dreamed of doing, and the possibilities of it all excite them to no end. But putting up a business is not as easy as it looks. First, they have to think of an innovative concept that’s never been done before. If it has been done before, they have to think of where to put the new business and who its target market is. Second, they have to squeeze themselves into an already highly competitive space, and they have to think of ways to beat their nearest competitors. Building a business from scratch comes with a price of course. They have to invest in capital to actually keep it going. They have to deal with customers and their demands. More than that, they have to deal with a lot of risk. Putting up a business is a gamble, and there’s plenty of risk involved. This is where business insurance comes in.

Business insurance has many faces, because the risks involved in running a business are plenty. What do business owners have to insure, exactly? First, there’s Property and Casualty. A business owner has to insure the property where the business is located, as well as its contents. For instance, the unit where a new cupcake shop is opened should be insured, in case someone leaves the oven on and causes a fire, not only damaging the shop and everything in it, but accidentally killing someone as well. Then there’s Liability. Looking at the same cupcake shop, if something goes wrong with the cupcake mix and a customer gets sick from eating the cupcakes, that customer can sue the shop for personal injury. Liability insurance protects the business from such cases. There’s also Commercial Auto Insurance. When the cupcake shop’s delivery van gets involved in an accident, someone has to pay, right? Businesses rarely run without employees, and when employees are hired, they come with all sorts of demands. Health insurance is something most employers provide for their employees. A cupcake shop owner wouldn’t want to have the head chef sick and unavailable for three weeks, unable to pay his hospital bills. There are more ways to get a business insured from all kinds of risk, but these are the most common.

Looking at all the types of business insurance, one can definitely see that putting up a business is not as easy as it looks. Putting up a business, even one that was properly and thoroughly planned, remains a challenge. But some people are called to do it, and some people are brave enough to follow their passions. There’s risk involved, yes. It’s always a gamble, but with higher risk comes the possibility of higher returns. And risk can be minimized. That’s exactly why business insurance exists.