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.
5 Top Things Baby Boomers Must Do Before Starting a Home Based Business
Things to Get Started in Gambling Business
Gambling is one of the lucrative gaming activities in the society today. It is lucrative in the sense that it renders endless possibilities for a businessman to earn more money.
This is where the reality sinks in, that, in gambling, the only person who gains from it is the business man or the owner of the gambling business. This is because people who play gambling games usually end up losing more as they continuously try their luck by adding more bets and risking more money, and even property.
With this fact, no wonder why more and more people are resorting to put up a gambling business, especially now that the Internet is incessantly growing at breakneck speed.
Moreover, with the advent of the Internet, setting up a gambling business online is relatively easy. Best of all, you don’t just get to earn more money but get to penetrate the industry faster and even better because of the wide diversity that the Internet can cover.
No wonder why in the United States alone, commercial casinos have accumulated almost $29 billion in just a year of gross revenue.
In fact, commercial casinos are prevalent in the US nowadays. There are currently 28 states that have Indian casinos, 11 have commercial casinos, and 40 states have lotteries. All in all, the US has 445 commercial casinos.
So for people who want to start gambling business, especially those online, here’s how:
1. If a person wants to start an online gambling business, it is important to get the needed items first. The most important thing of all is the software. Be informed that this costs millions of US dollars. This goes to show that people who want to start an online gambling business must be really rich.
2. Whether online or not, starting a gambling business needs an approval from the government. This goes to show that the gambling business being put up is legal and conforms to the rules and regulations set up by the law.
3. For online gambling business, it is a must that the owner has to be a licensee of an online gambling software provider. In this way, the business owner will be able to receive the necessary equipments and software needed in the online gambling business.
Indeed, gambling business can be very lucrative, especially if it is a legal one. And just like any businesses, proper management is the key element in order to succeed in the industry.
Business success strategies – 5 Things I Did Right in 2005
All in all, I'm pretty happy with how 2005 turned out. My business is taking off. I've built a solid foundation to support even more growth (which I forecast for 2006) and I've even managed to take some time off.
I'd like other entrepreneurs and business owners to feel as good about their business as I do about mine, so I thought I'd take a moment to share 5 things I attribute to my successful 2005.
1. Attended seminars. This one is HUGE. Nothing beats getting out of your office and away from your computer and actually meeting people face to face. I've come away from these events with clients, joint venture partners, and more. (And that doesn't even include the great information I absorbed and was able to put to use in both my business and my clients' businesses.) If you only put one of my 5 tips to use, this would be the one to do -- that's how valuable I've discovered attending seminars to be.
2. Hired a coach. Again, this was another tough decision to make, but I'm really glad I did. It's difficult to see your business objectively, so having a neutral observer on your team is extremely valuable. Coaches help you get out of your own way (and believe me, that's a biggie for us entrepreneurs.) They can help you with both your inner game (your habits and mindset) and your outer game (your skills and business structure).
3. Started systemizing my business. Unless you want to be chained to your business night and day, you have got to start systemizing your business. Yes, all businesses should have systems in place, even if you don't have anyone else working for you and you primarily sell services. The best part is when you do have systems in place, your business suddenly starts running a lot more efficiently and effectively (and you can start sleeping better at night and relaxing on vacation).
4. Outsourced. For all you control freaks out there, this one is for you. If you don't start hiring some help, I guarantee you'll never be able to grow your business because you'll be constantly doing tasks you have no business doing. Do yourself a favor and get some help...NOW. I've just hired a project manager/director of client services, plus I have 2 backup writers and 2 virtual assistants. Building a team has been a big stress reliever for me.
5. Focused on my inner game. Shifting my mindset away from "freelancer" to "business owner" was another big piece of the puzzle. As soon as I made that shift, all the other four techniques fell into place because it suddenly made them easier to do.
It's tough to change your inner game on your own -- hiring a coach is probably the fastest way to do this. But there are some good resources out there if you want to begin dabbling in it first. Do a search and see what comes up, I started my journey with free ezines and articles.
Creativity Exercise -- Make 2006 the best year ever
Go back and reread my list. Now get out a piece of paper and start brainstorming ways you can integrate my tips into your business. Which one do you think will bring the quickest results? Which one will be more difficult for you to start doing? Which is the one you SHOULD be doing?
Have fun with this exercise, really play around and see what comes up. Don't censor yourself, just write down the answers that bubble up even if it doesn't seem right. You might discover something important about yourself and your business that might be the key to launching you forward faster than you ever dreamed possible.
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 before starting your home business.
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.
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.
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.
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. Choosing a legal entity for your business should be discussed with a tax accountant or your attorney.
Set Business Benchmarks
You wouldn't travel across the country without a road map, your business is the same. Setting 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. While pursuing your dreams of a home business is something you are probably very passionate about, it 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.
Business Opportunities - 9 Things To Look For
If you are considering striking out and starting a new business, you have probably been investigating what are known as "business opportunities". A business opportunity is usually a complete package that contains a product or line of products, and a marketing strategy for selling that product.
Any business opportunity worth considering will either have a track record that you can investigate and evaluate, or it will have a clear statement of the plan, the potential, and the up-front costs. Before investing any time or money in a specific business opportunity there are some things you should consider. Here are some of the more important ones:
How long has the business opportunity been in business? - Before investing time and money in marketing a business opportunity it is important to determine how long that business opportunity has been operating.
If it is a new concept that has not been proven in the marketplace, you have no assurance that it will even work.
Does the company have a fixed address and phone number? - This may seem obvious to you, but the fact is, thousands of "companies" operate with nothing more than a website and an email address. Many of them are here today and gone tomorrow. Make sure the business you intend to deal with has a fixed address, physical location, and established phone number.
Does the business opportunity have some successful members you can talk to? - Most business opportunities will show you "testimonials", but these are often untrustworthy. They could even be completely fabricated. Ask the owner of the business opportunity for names of real people you can talk to. Call them on the telephone and ask them to share their experiences with the program. This will not only provide you with valuable first-hand information about the program, but it will give you a list of advisors who many be happy to help you along the way.
How much initial investment is required? - In many cases a proven business opportunity with a successful track record will involve some kind of initial investment. This could involve an initial amount of product inventory, a program subscription fee, or possibly a piece of equipment required to produce or finish the product. You should not assume that a business opportunity that is free to join is a better investment. Usually a free-to-join business opportunity will involve other costs such as marketing and advertising fees. Nobody gives away "opportunities" for free.
What you have to determine is whether a specific business opportunity has a successful track record, is managed by honest people, and offers you a realistic chance of actually making some money. These are the things you must weigh against the entry costs.
What is the realistic income potential of the business? - Have a careful look at the numbers and projections provided by the business opportunity. Then talk with actual members who are using the program to determine if they have been able to turn those numbers into reality.
Are there extra fees such as yearly or monthly subscription fees, shipping costs, or minimum purchase requirements? - Make sure to get a detailed list of all the fees involved in operating the new business. These things may not seem significant now, but they can easily eat into your profits later.
Who controls the money? - When you generate sales for the business opportunity what assurance do you have that you will get your share of the profits? This is the primary reason not to deal with "fly by night" outfits that have no track record. Again, the best way to get an accurate reading on this is to talk with people already using the program.
Does the business opportunity supply marketing materials and person-to-person mentoring? - One of the most difficult parts of starting a new business is "learning the ropes". It can be extremely helpful to have advisors who have first hand experience in making the program work. The same goes for marketing materials. You will have enough to do without having to create brochures, ads, and newsletters for your new business.
How much control of your new business will you have? - Be clear on who owns the business, and who controls the way it is developed and marketed. You may want to diversify your product offerings in order to avoid being at the mercy of "head office". Remember that you are trying to create a business that has long term value. This will involve considerable investment of time and energy on your part. You don't want your business to be completely dependent on the stability and integrity of a single supplier.
The ideal business opportunity is one that is offered by a stable company with a proven track record. The business opportunity should require low initial investment and have high profit potential both in the short term and in the long term. It should allow you to build a profitable business of your own that will be a source of income far into the future.
12 Things Nursing Taught Me About Owning a Business
Have you ever wondered whether you're cut out to be an entrepreneur? Nurses sometimes tell me they aren't sure if their nursing career has prepared them to start and succeed in their own legal nurse consultant practice. Yet even the most routine nursing job is full of life lessons that apply to the business world.
My first job as an intensive care nurse in a major medical center prepared me for business success. Subsequent jobs reinforced those early messages. I invite you to look closely at your own nursing career and discover the lessons that will help you succeed as a legal nurse consultant.
Success Lesson 1 — Find Your Passion and Turn It into a Business
As much as I loved my work with critically ill patients and their families, my inner voice told me I wouldn't be working in a hospital forever. As a young nurse, the vision of myself working in the ICU at age 40, 50 or 60 just wouldn't come into focus.
With only 6 years of nursing experience, I left the hospital and started my legal nurse consultant business. From there, I listened to my inner voice and reconnected with my first passion teaching. At age 8, I spent hours every day teaching an imaginary class. Today I am privileged to teach, coach and mentor nurses to live their career dreams. I turned my passion into a business, and since then I haven't worked a single day.
Listen to your inner voice, and you will find your passion. Many nurses have reconnected to their passion through legal nurse consulting, a choice unknown to them before they took my program.
Success Lesson 2 – You Have the Power to Take Control of Your Career Destiny
Patients heal faster when they take control of their health and practice healthy habits. Even the smallest positive action can give a patient a sense of control and empower the healing process.
I learned this lesson time and again as I struggled to gain control of my own nursing career. Each time I refused to give in to the frustrations of working within the healthcare system and took a positive step on my own, I felt better. With every step I grew, I thrived and I came up with new ideas to further my sense of control and satisfaction.
The same is true about your career. You have the power to practice the healthy habits essential to take control of your career destiny. Educate yourself about the steps to achieving career health, including new career options like legal nurse consulting. Then take action on those steps. You really can take control of your career destiny.
Success Lesson 3 – Don't Give in to Fear
As a nurse, I frequently treated patients who had the same progressive disease, yet experienced dramatically different outcomes. We all have known patients who lived years after their predicted demise and other patients who should have lived but didn't because they gave up or didn't want to live. The fact that so many elderly patients die within months of losing a spouse is a solid example of the mind-body connection. In almost every case, the patients who died too soon had given in to fear.
There's also a mind-business connection that will influence the health of your business. When I give in to fear, I become the biggest obstacle to my success. That was true when I started my business 19 years ago. That is true today.
Fear will paralyze you instantly. Practice mind control and exercise your mind daily for positive thinking. Shake off your lack of confidence and negative thinking. Don't wait for an MI to stop inhaling the toxic smoke of fear. Don't let fear be the reason you don't live your career dreams. Always remember the mind-set of the patients who live and the patients who die.
Success Lesson 4 – Nurses Can Do Anything
As nurses most of us have brought patients back to life. We all can recall at least one miracle story a case where, with our help, a patient survived against all odds.
Whenever I face a business crisis, I remind myself, "I'm a nurse and nurses can do anything." I've repeated this same message for 19 years, and it has helped me overcome every obstacle.
If you can heal sick patients and handle life-threatening emergencies as easily as you make your bed in the morning, you really can do anything – especially something as straightforward as starting a business.
Success Lesson 5 – You Can't Climb Mount Everest without Practicing on the Foothills
I had to have extensive education and training just to qualify for my first nursing job. All the lessons from that job helped prepare me for the next. Each successive nursing position required new and different skills necessitating more training and education.
The same applies to owning a business. Today I handle things easily and successfully that seemed impossible 19 years ago. But that's because I've been in training for what I do now ever since I became a nurse.
If you're frustrated with your nursing career, don't feel like you've thrown your life away. No experience or job is a waste. Everything you have done has trained you to move up to the next level. Above all, don't let the fact that you're not trained to climb Mount Everest stop you from pursuing your dreams of becoming an independent legal nurse consultant. Your nursing training and experience was the first step. Start the next step of your training today, and you will make that climb to start your successful legal nurse consultant business.
Success Lesson 6 – The Nursing Process Is Your Friend
When I left clinical nursing, I thought I could set aside the "nursing process" forever. I couldn't have been more wrong. Business requires that same process of assessment, diagnosis, planning, implementation and evaluation. Every project I take on requires me to assess the possibilities and needs, diagnose the problems, plan how to achieve my goals, implement the plan and evaluate my results.
Your nursing jobs have prepared you well. You can apply the nursing process to any business situation and challenge. You will thank your nursing instructors for this one. Every time you review a medical-related case, interview with an attorney or face a challenge in running your business, you will rely on the process they taught you.
Success Lesson 7 – Act Quickly and Decisively
As an ICU nurse, I learned that seconds made a difference in patient outcome. That's true for nurses in any specialty. I rarely had lots of time to ponder or brood over a clinical decision.
I have applied the same principles of acting quickly and decisively in business, too. Am I always correct? No. Do I make mistakes? Yes. Yet because of my nursing experience, I'm never paralyzed into inaction and I've been able to make the most of numerous opportunities I would have missed without acting quickly.
Don't miss your chance to succeed. Learn to act quickly and decisively, and you will grow your legal nurse consultant business.
Success Lesson 8 – What You Focus on Is Where You Achieve Results
In nursing I was often overwhelmed by short staffing, heavy caseloads and lack of support from hospital administration. I soon learned to triage and focus on what I needed to do to heal patients in this less-than-ideal environment. Nursing taught me that where I focus my time is where I achieve results.
That skill comes in handy in business. It's as important to triage and prioritize your actions in business as it is when working with patients. Every day I'm confronted with dozens of challenges, five things that must be done at once, and 20 new creative ideas for my business, but I rarely panic. The organizational and multi-tasking skills I learned as a nurse have served me well.
When you start your legal nurse consultant business, you will not receive any extra hours in the day. In fact, the days will feel shorter. Even the general public knows that working conditions for RNs are worse than ever. Your ability to focus on what's really important under these conditions is the perfect preparation for your successful legal nurse consultant practice.
Success Lesson 9 – This Is Just Business, It's Not Breast Cancer
Ministering to patients and family members helped me put life with all its problems and challenges into perspective. Today when I overreact to a problem or feel I'm in crisis, I think of sick and dying patients. I think, "Now fighting for your life is a REAL problem."
In business I've had lots of ups and downs. When the down moments come, I remind myself, "This is business – not breast cancer." This helps me focus positively on solving the problem rather than embarking on a pity party. I've thrown plenty of those "parties", and they never helped me solve a single business problem.
As you grow your legal nurse consultant business, it helps to ask "So what if this month is not as successful as I planned?" or "So what if my best attorney-client retires?" and to remember its just business, not breast cancer.
Success Lesson 10 – Illness Can Wake You Up
As a nurse I treated many patients who only began to live after they almost died. We've all had patients who said they are glad they got sick, because while they were well, they weren't living the life they wanted. The health crisis forced them to wake up, reassess their lives, decide what was truly important to them, and go for it.
Not every day is a healthy business day. Some days I wake up to a disease challenge in my business. Surprisingly, it's the business ills and mistakes that often awaken me to creative ways of injecting my business with new life.
If your career is facing a health crisis, this is your opportunity to wake up and change things for the better. Legal nurse consulting is one way to restore the health of your career.
Success Lesson 11 – Business Is Personal
Even though technical skills are vital for an ICU nurse, the relationships with patients and their families were what mattered most to me. Those relationships paid off one day when I made a mistake. Because of our relationship, the patient requested that I continue being his nurse despite my error.
Legal nurse consulting is a service business where you will apply the same relationship principles you learned in nursing to your attorney-clients and prospects. Provide quality service and excellent work product that no other legal nurse consultant can replicate, and soon you'll feel like you're in a short-staffing situation all over again.
Success Lesson 12 – Healthy Patients Take Care of Themselves
We've all worked with healthy and unhealthy patients and we've seen the effects of poor health habits on the human body. The health of a pregnant woman is often dramatically reflected in the health of her offspring.
To run a successful company you must enjoy an optimal state of health. Give yourself permission to take care of yourself. I love my business, but I love myself more. After all, without a healthy me, I couldn't muster the energy to give 110% to my clients and employees every day.
Every lesson I learned from nursing, I apply to my business today. You've already learned similar lessons yourself. You don't need another hospital job to help you succeed in business. Take a moment to revel in all nursing has taught you. These lessons will multiply your success when you transfer them to your new legal nurse consulting practice.