Member Article

50 is the new 30 when it comes to starting a business

People in their 50s and 60s are starting businesses that they plan to run until they’re 80.

The so-called ‘silver start-ups’ are on the rise.

According to the Global Entrepreneurship Monitor, around 11 per cent of adults aged 35 to 64 were in the early stages of starting a business in the UK last year, only a third less than adults aged 18 to 34.

Emma Jones, CBE, founder of Enterprise Nation, said: “The idea that you have to be a young twenty-something to start a business is a myth. We are seeing more and more people starting businesses over 50 and beyond - with many planning to work into their 80s.

“People over 50 have so much value to add to the workforce and many want to capitalise on their talents and expertise by being their own boss and working for themselves.

“For many it’s a financial decision, for others it’s about mental agility and keeping fit and healthy. It’s wonderful to see so many using our free StartUp UK resources to help them start and grow well.”

Grace Clarke, from Erdington, Birmingham, is about to start her first business aged 67. Her company will sell the beautiful turbans she makes and designs aimed at women who, like herself, have lost their hair after cancer treatment.

She also wants to offer counselling and advice for people going through similar experiences via blogs, podcasts and YouTube videos.

Grace, a former company administrator, who retired just before the pandemic said she felt she had plenty of experience to offer the world – and didn’t ever plan to spend her days watching Netflix.

She decided to pick up the skills she needs to start-up by fusing the free practical resources from StartUp UK, a joint initiative from small business support provider Enterprise Nation and Currys Business, HSBC and Intuit QuickBooks.

Grace said: “I’ve got loads of energy left and I’m planning to work as long as I am breathing. I enjoy it and want to give something back from the experience I’ve gathered through my working life.

“It’s not a question of needing to financially. I’ve seen an opportunity. Post-Covid more people are thinking about their mental health and general well-being. The NHS is stretched, so people now recognise they need to look after themselves.”

Christine De Ionno, was made redundant from her job as the CEO of a mental health charity in the height of the pandemic in December 2020, when it closed along with other charitable institutions due to reduced donations. The 67-year-old mum of two from Lewisham decided to launch a social enterprise called CA Counselling Associates to put her own experience in the sector to good use.

Christine said: “I can’t imagine slowing down or giving up working. I get a lot of stimulation from working, it keeps me mentally well and healthy - and the state pension is not great.

“I now have a steady stream of clients and a timetable for work for the day. I want to make a meaningful contribution to society. I plan to work on this business into my 80s.”

Christine says the support she found at StartUp UK has helped her understand the key fundamentals such as finance and marketing, including social media. She also takes part in most of the daily lunchtime webinars offered by experts in the Enterprise Nation network on key business skills.

“I tune in while I’m making my lunch, it’s my community,” she added.

Details on the resources available from StartUp UK are available on the Enterprise Nation website.

This was posted in Bdaily's Members' News section by Business News .