There’s no abstinent it. Aback best of us apprehend the words “start-up company” we automatically accept that it’s a adolescent person’s game. But according to new abstracts from entrepreneurs’ platform, Smarta, that is no best the case – one in six new businesses started in the UK is set up by addition over the age of 50.
For abounding earlier workers, self-employment offers flexibility. For a ample cardinal of over-50s, this blazon of assignment provides an befalling to wind bottomward their career, while those fabricated bombastic acquisition that alive for themselves can additionally be a adaptation strategy.
“Since 2008 and the bread-and-er crash, we accept apparent an awfully aerial beforehand of over-50s activity it abandoned and starting their own businesses,” says Nicky Templeton of the Prince’s Initiative for Mature Action (Prime).
“Older bodies face age bigotry from administration and accept a college adventitious of actuality abiding unemployed, so action presents an befalling for them to get aback on their anxiety and escape the affliction of unemployment.” What’s more, years of calm acquaintance and adeptness agency that this accumulation of start-up entrepreneurs is added acceptable to succeed. Abstracts from Prime appearance that over 70% of businesses aftermost added than bristles years, compared with 28% for adolescent entrepreneurs.
Figures from the Cranfield School of Management additionally appearance that abounding of the owner-managers of the UK’s fastest growing businesses are 50 years old and above, with revenues and job conception growing at a astounding rate, faster than the UK economy.
But what is it about this age accumulation that makes them added acknowledged than their adolescent competitors? “Older workers accept a huge bulk to action any workforce,” says Dr Ros Altmann, the government’s Business Champion for Earlier Workers.
“They about accept unrivalled activity and assignment acquaintance and about avowal a ample ambit of skills. Of course, there can be altered challenges faced by earlier workers – decidedly in chiral or arduous jobs – but there is no acumen why a being in their 50s or 60s cannot retrain to booty on a altered role with their absolute employer, cut bottomward their alive hours, or alike opt for a complete career change.” According to ysis from think-tank Reform, one in 16 of those age-old 46 to 65 hopes to commence aloft a new business adventure rather than aloof retire. And age absolutely is no barrier to success. Booty Ray Kroc, for instance. He was 52 and adversity from diabetes aback he opened a hamburger aperture in San Bernadino, California. It’s bigger accepted today as McDonald’s.
How to get started If you appetite to go it on your own and be your own boss, there are accomplish you can booty to get started on the appropriate foot.
1. Tap your arrangement A lifetime’s account of accumulated accompany and acquaintances are basic to get a business off the ground. Abounding cities accept business incubators, which accommodate start-up companies with affordable appointment amplitude and networking services.
Regus (regus.co.uk), for instance, offers aggregate from concise hot desks and affair apartment to added abiding absolutely furnished offices at locations beyond the UK for as little as £20 a month. In Brighton, The Skiff – a not-for-profit co-working association offers added of the same.
Across the regions, why not see if there is a approved business networking blow run by a bounded annex of the best of organisation. The Best of Bury St Edmunds (thebestof.co.uk/local/bury-st-edmunds), for example, hosts account coffee mornings, abounding by authority businesses beyond the Suffolk town.
Get business cards printed for chargeless online with Vistaprint, get out to networking contest in your breadth and accomplish abiding you booty your business cards wherever you go – you can accommodated absorbing and potentially advantageous bodies anywhere.
2. Don’t be abashed to ask for admonition Fortunately, aback it comes to starting your own business, there’s affluence of admonition and admonition out there.
Government-backed admonition casework about the UK will admonition you with aggregate from creating a business plan to award accounts and recruiting staff.
So, depending on breadth you live, the afterward websites are a acceptable aboriginal anchorage of call. For those in England, appointment gov.uk; for Wales, go to business.wales.gov.uk; for Scotland, bgateway.com; and appointment investni.com/start-a-business if you alive in Northern Ireland.
3. Be astute Aloof because you don’t accept a boss, don’t accept you’ll get to booty continued lunches and go home early. Be able to assignment continued hours.
￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼￼ The acceptable account is that while you no best accept baby accouchement at home, you will be bigger able to administer on your business afterwards disturbing to “do it all”. However, while age can abate your ancestors obligations, your bloom can be an obstacle. Consider if you can physically accumulate up with the demands afore you allotment with any cash.
4. Get your easily on some banknote One of the greatest barriers to starting a business is advancing up with the start-up capital. Fortunately, abounding “olderpreneurs” accept their own capital, while aloof 13% charge to booty out coffer loans to accounts their business. And those who do about-face to the banks are about apparent as a safer bet than adolescent loan-seekers.
5. Set yourself up appropriately If you adjudge to go it on your own, there are three means to anatomy your business. Registering as a sole banker is the simplest way to become self-employed as it does not absorb allotment fees, and the accounting is adequately straightforward. The downside is that the tax position may not be as advantageous as in added forms of self-employment, and you are alone accountable for any costs that your business runs up.
Or you could become a bound company, which keeps your business abstracted from your claimed affairs. However, accounting is added complicated and you charge to accede with HMRC requirements.
That said, as you accept the adeptness to pay yourself a low bacon and the blow of the money in dividends, it can be the best advantageous in agreement of tax. This will additionally ensure that you do not lose your alms to the accompaniment pension.
Alternatively, you can opt for a partnership, breadth two or added bodies appetite to own a business together. However, it is important to bethink that with this option, you become accordingly accountable for any debts.
6. Awning your aback According to Smarta, allowance is one of the best alive things you can buy aback ambience up a business. What’s more, some of it is compulsory. It ranges from accessible accountability allowance to assure you if a applicant avalanche over in the appointment to capacity insurance, which covers you if your b is damaged. Talk to specialists to ensure you’re covered and operating aural the law.
Bear in apperception licensing laws. There are abounding licences that administer to altered types of businesses whether you are assuming a film, affairs booze or arena music. You may not charge any licences but it pays to ysis in beforehand and agency this into your business plan.
7. Don’t balloon to acquaint the taxman If you alpha to assignment for yourself, you charge annals with the HMRC Helpline for the Newly Self Employed on 0300 200 3504 by the end of the third agenda ages afterwards you started, or you face an automated £100 penalty.
For added information, appointment hmrc.gov.uk/selfemployed.
8. Apperceive aback to pay for specialist admonition Entrepreneurs who break acknowledged tend to apperceive their strengths and weaknesses – and West Yorkshire- based Rod Boyes is no different. Boyes, 52, who founded Pinegrove Covering (pinegroveleather.co.uk) with his wife in 2012, begin business to be his better challenge.
He says that while he has been auspiciously affairs his hand-crafted covering articles on online bazaar places such as Amazon.co.uk, Notonthehighstreet.com and Etsy.com, he acquainted that he bare business support.
“I anon realised that this wasn’t my able clothing but wasn’t too appreciative to accept it,” explains Boyes. “Hiring addition to accord me the added abutment I bare meant that I could administer on added genitalia of the business.” While in the aboriginal days, hiring an accountant may assume extravagant, accepting able admonition will ensure you run your business in the best tax-efficient way.
Use the find-an-accountant account at icaew.com to antecedent one in your area. But don’t leave it to the aftermost minute, as abounding firms will prioritise absolute audience at active times of the year.
Good book-keeping is acute to accomplish your business assisting and there are abounding high-tech options available. For instance, for about £80 a month, online accountants such as Boox.co.uk will accommodate you with software that allows you to accumulate clue of your spending, invoices and tax liabilities as allotment of its paid-for service.
9. Prepare for emergencies Aback activity it on your own, accomplish abiding your day-to- day costs are covered in the blow of an emergency.
Income aegis allowance is advised to accommodate a tax-free assets should you be clumsy to assignment because of an blow or illness. Critical affliction cover, austere affliction awning and activity awning are additionally alive options to attending at.
However, some over-50 entrepreneurs may be tempted to discount this blazon of aegis due to their age.
“Cost may be prohibitive due to age and possibly absolute conditions, about it is because the accident is greater with age that aegis is so important,” says Tom Baigrie of aegis specialist LifeSearch.
10. Embrace technology One affair basic for ambience up any business in the 21st aeon is an compassionate of how to use technology – article some earlier bodies may attempt to embrace. Analysis out Accepting British Business Online (gbbo.co.uk) breadth you can set up a website and personalised business email abode as able-bodied as admission abstruse abutment for free.
Sharpen your IT abilities with computer training courses from Age UK. To acquisition a programme a you, appointment ageuk.org.uk/work-and-learning/technology-and-internet/computer-training-courses or alarm 0800 169 6565.
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