The Importance of a Plan
Because a solid foundation is essential to a strong entrepreneurial start, months and sometimes even years of preparation are critical for any budding entrepreneur, let alone a savvy boomer woman such as yourself. From building up financial reserves to crafting a well-researched business plan, boomer business owners must dig the well long before they\’re thirsty.
Thinking they were eventually planning on starting a business some day anyway, all too often boomer women get fed up with office politics, jump the corporate ship, and land amid the initial icy waters of entrepreneurship. With no plan in place, and little savings to help them stay afloat, nest eggs are soon depleted and woeful regrets pile up.
Smart boomers start their businesses long before they abandon the corporate paycheck. They save. They make projections. They plan. They put a limit on how much of their retirement funding they\’ll tap into (if any).
They also spend time thinking about what they want to do in their own businesses, as their innate passions are often completely different from their lifelong careers. While the boomer executive-turned-consultant is a common path, I\’ve seen accountants become event planners and lawyers become realtors. Tapping into what drives you, versus what you\’ve always done before, is the key to any successful entrepreneurial endeavor.
Determine what you need to get started, and begin crafting, then implementing, your action plan before 9 am, after 5 pm, or on the weekends. Laying the groundwork while still collecting a paycheck (and hopefully stacking the savings deck) will position you for a strong and profitable start.