Since nearly every Baby Boomer I know who is approaching retirement - or is unemployed - is planning to start a home-based business, I get deluged with questions like "What type of business should I consider?"

The obvious answer is to leverage your work experience, contacts and expertise to create a business that can be run from a home office. In most cases, this is the fastest path to success.

But thinking about it more, there are other important considerations:

• At some point, you will want to really retire or at least cut back on your involvement in a business. Then, it would be nice to have something that gives you ongoing residual or passive income. Membership and subscription-type businesses are good for this. So are royalties from self-published ebooks. And good MLM opportunities -  they can yield solid, ongoing revenue streams as well.
• If you create your own business, do so with the objective of creating intrinsic value that can be sold at some point. This advice is also applicable for those who buy into franchises.
• Your ultimate success depends on whether you enjoy what you are doing. If so, then it's not "work." Rather, you will be motivated to spend the time, energy and resources necessary to achieve success. Besides, we only have so much time left, and isn't it better to spend it doing something that really rocks your soul?!

Personally, I have created and operate seven websites under my LLC ("Pacifica Endeavors"). It pays the bills and has never seemed like "work" to me. And my schedule is flexible - I make time for the gym, golf, bicycling, reading, coffee with friends and going to the movies with my sweetie. Considering this dismal economy, life is good.