Starting a business and becoming an entrepreneur has become one of the most popular trends in 21st century. But do you need to be young and aspiring in order to successfully run your own business?

Prime (The Prince’s Initiative for Mature Enterprise) claims the opposite. Statistic data show us that around 40% of 4.5 million people who work for themselves are above the age of 50.

People who are over 50 face certain barriers that prevent them to be fully active and engaged in the workplace. Some cannot afford themselves to remain unemployed and retire because they still haven’t saved enough money, have large bills that need to be paid, they are taking care of dependents or simply – one doesn’t feel old, has a lot more to offer and just won’t be fulfilled by living a retirement life.

But we find that it is not easy for over-50s to remain employed and in the past 8 years over 1.4 million 50 to 69-year-olds have been forced to early retirement. Prime says that the country is the one who loses too, not only over-50 individuals due to a lack of earnings.

The employment of capable over-50s could influence UK’s economy greatly. The population is ageing and the increase of Britain’s workforce is declining and it is projected that the increase will be only 4.5 % in the next two decades by comparison to an 18.2 % rise during the past two decades.

It is believed that the UK economy could boost if the employment rate of 50 to 64-year-olds matched that of 35 to 49-year-olds. Prime helps older people in starting their own businesses by providing support, organizing workshops and networking events. As older people have a lot of experience and a high level of skills, owning a business is a viable route for them.

Cranfield School of Management conducted a research which suggests that businesses owned by over-50s surpass the average business performance.

If you are starting your business for the first time in your life, you will need to create your business plan, bring certain decisions and answer some key questions. Define your reasons for starting this business, define your goals and what you want to accomplish.

  • When you start your business, how will you measure your success?
  • Who are your potential customers?
  • Who are your competitors and what do they do well?
  • What is your product or service?
  • Can you start small and grow with your sales?
  • Who do you know who can give you advice and support?

These are just some of the questions you have to answer in order to create a proper business plan.

When you become your own boss, things won’t be easy and you will only succeed with hard work, but on the other hand you will be able to devote to other aspects of your life.

One of the key traits that will help you is flexibility and adaptability, because you will surely have to change your business plan and adapt it to new conditions and circumstances.

Choose to do something that you are passionate about because it will help you when you’re staying up late working or simply when things don’t go the way you planned. Surround yourself with positive and optimistic people and be prepared to put in the long hours.

The over-50s are not less dedicated and capable when compared to younger entrepreneurs.

Prime’s actions are engaged towards helping over-50s to believe in themselves and not be put off because of their age.

Posted by Norah Martin

Norah has been timidly exploring the world of marketing for years, finally taking the plunge and becoming a small business owner herself. She is now devoted more than ever to the exploration of the latest trends, and has become quite addicted - she spends way too much time reading up on the latest social media crazes.