Now more than 25% of new UK companies are being established by individuals aged 50 years and over and they have a better success rate than is usually experienced by new small businesses.
The National Endowment for Science, Technology and the Arts reports that from 2001 to 2005, this older group of business people established 93,000 new firms in the UK, creating 400,000 new jobs. Many of these new businesses were in IT and the arts, fields normally considered the area of interest for younger people.
In the UK, currently, only about 33% of the over 55’s age group are employed. Since it is difficult to find employment for this group, starting a new business has increased appeal.
A 2007 Kingston University study found that the average revenue for a business run by someone over age 50 was £67,500 with 10% having revenue of over £100,000. The motivation given was: 39% wanted the enjoyment involved in running the business, 29% mentioned a better work/life balance and 24% liked not having to answer to anyone else. 9% work alone and half said they were happier than ever before in their life.
Another appeal was the fact that no externally imposed retirement age was applied to them.
There are a number of websites that have been created to assist older people start their own businesses in the UK: Mature Enterprise has two websites primeinitiative.co.uk and primebusinessclub.co.uk . The Age and Employment Network is at taen.org.uk and special business finance is available at zopa.com .
This group of individuals have great knowledge and experience and the results demonstrate that success in running their own business is possible.
We help UK small businesses by sending them qualified prospects from our Local Search facility in our Business Directory, at no cost to them. Our Directory has 1.6 million businesses listed and the majority are small businesses.
Monte Huebsch, CEO.
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