Over 50s Entrepreneurs: Advice for Starting Your Own Business

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Posted on: 12 May 2015 by Bryan Smith

Evidence suggests that those decades of acquired knowledge means that 50-plus entrepreneurs are boosting the UK economy.

Retirement is painted as the ultimate leisure opportunity, filled with luxurious holidays, hobbies and days with the grandchildren. However, for many, retirement is a hard and unwelcome change – in fact, many over 50s struggle with the transition from a life of work to the land of leisure. As a result, many retirees dream of starting their own business but are unsure of where to begin. Some even feel that because of their age, they will not be taken seriously, but evidence suggests that those decades of acquired knowledge means that 50-plus entrepreneurs are boosting the UK economy.

With that in mind, here are some key pieces of advice for starting your own business.

All Things Legal

There are many important legal issues when setting up a business, including registering the company, notifying the tax man that you are self employed and sorting out insurance. If these are areas you have not explored before, this process can seem a little daunting, but there is a wealth of advice to help.

Visit the UK government website for advice on tax and national insurance, keeping financial records, registering your company and writing a business plan.

Ask for Help

The most successful entrepreneurs know their own strengths and weaknesses and realise when they need to ask for help. No matter what your issue, there will always be a source that can offer advice.

If you are facing issues with computers, the internet or technology, Age UK offer training courses to help you hit the ground running. If you are unsure of the best way to increase your company's presence online, speak to marketing and advertising experts. Or for general business advice, try the government website.

Connections and Relationships

Sometimes, what you know can be just as important as who you know. Creating connections, networking and building relationships will help your business to succeed.

In your decades of work, you may have built a steady stream of friends and acquaintances who can offer knowledge and expertise. If you are branching out into another area, there are networking events for different niches and businesses. Or if your business involves creating or shipping products, work on building relationships with suppliers and courier services.

As someone aged 50-plus, starting your own business is a brilliant way to fill your spare time and keep your brain active. Plus, you could see financial reward and boost your pension pot. 

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