Over 50s: the new age of start-ups?

Are you beginning to think you are topping out of the work place because you are 50+?…..

Think again! You are only just beginning!

According to recent surveys and a report from Engage Mutual ‘Nearly half the UK’s self-employed are over 50 years old, and one in six businesses now started in the UK are by over 50s. The great news is that the businesses started by this generation have more than double the chance of succeeding within the first 5 years, compared with those founded by the younger generation.

– and why do they seem to be thriving?

It’s a way to invest

With finances (usually) more stable in our 50s and beyond, and financial commitments such as mortgages slowly coming to an end, older entrepreneurs have more capital to put into a new business than they may have done in their younger years. This means that only 13% of over 50s require a bank loan for their start up and those that do, are usually more likely to be accepted than their younger counterparts. Generally due to having a better credit rating, more security and sometimes even a better thought-out business plan.

Research also revealed that the average annual turnover for an over 50 entrepreneur is around £67,500 – so for those of us who do have a business idea and the money to turn it into reality, it’s a way to adding to our savings pot – rather than relying on it if the next job does not happen to come along, and can potentially turn savings into something bigger.

See how I am starting my next business making sure I retire happier and wealthier!

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