If you are a Baby Boomer looking for a Retirement Online Business as a new challenge in our retirement, an online business of our own could be the dream job we've been looking for. It allows us to do something we love on the schedule that suits us best. But can we really afford such entrepreneurial freedom? With the right financial strategy, the answer can be a resounding yes.
Finances can make or break any new business, but managing finances wisely is especially critical for baby boomers, who are notorious for not saving. The median net worth among boomers is just $107,000 (not counting home equity), according to AARP, and fewer than 44 percent of boomers have any investments at all.
To join the self-employment ranks, Baby Boomers should first figure out how much money we'll need to launch and operate our online business for six months to a year. Operating out of our home will keep startup costs low, but you'll still have expenses. Make a few calls or search the Internet to determine average prices for your estimate.
Next, decide where we'll obtain seed money. Because it's often difficult to get bank loans for a startup, other options include our personal savings or credit cards. But one thing we don't want to do is tap into your retirement savings or pension.
Once you have determined expenses and funding sources, we need to develop a plan for covering our living expenses. Remember that in the early days of the business, we may not be able to take a salary. Set aside enough funds to cover our living expenses for at least two years.
Another way you can keep our risk low and our standard of living intact during startup is to try out the new job on a part-time basis while we're still working full time. That buys us time to learn the ropes, plus we'll reduce the need for that two-year financial cushion.
If Baby Boomers start with the right financial strategy, our retirement online business will have the best chance to be successful without risking our future. 
Book: Unofficial Guide to Starting a Business Online (Unofficial Guides)
DVD: Internet for Business
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