Starting your own business is not just for the young. Many older people are deciding to take the leap into working for themselves, from reasons varying from having been made redundant from their old jobs, or even to just top up their standard salary or pension.
Some may worry that they are too old to start their own business over the age of fifty, but statistics show that the more mature business owner is actually more likely to succeed in this endeavor, being more likely to possess the accumulated skills necessary to successfully run a business.
Indeed, the Office of National Statistics not long since carried out a Labour Force survey, which concluded that around a fifth of all people in the work force who are over fifty are business owners!
If you already have a business idea, the next step is to create your own business and marketing plans, probably the most vital ingredient of your business development. The business plan is there to help you determine your aim for the business, and how you intend to implement your ideas.
This document is always particularly important if you are hoping to gain financial backing from banks, other financial institutions or investors.
However, one of the upsides of going into business for yourself at a more mature age is that you are more likely to already have the capital you need to begin such a venture, without having to rely on others.
The marketing plan is also important for outlining who you are aiming your business at, and how you intend to attract their custom. Some mature business starters may feel that this step is unnecessary, particularly if it is a field in which they have already worked for many years, but it is still advised to prepare one just to be sure you that have covered all the angles.
If you dont already have an idea for a business, then it should not be too difficult to find one. A mature worker is likely to have years of experience to draw on. For example, retired teachers could offer private tutoring services, or a retired IT manager could quite easily begin their own IT support service.
There are various reasons why a mature person may want to start their own business, from those that are the same as any other person greater flexibility and a healthier balance between their working and home lives etc or issues such as mobility problems that make working outside of the home difficult or even impossible.
A home-based business is an excellent solution to such problems, and there are many possibilities for such businesses, from selling products over the internet to becoming a franchisee in an already established industry.
Also, in addition to the many support organisations already in place to support new and small business owners, those over fifty also have specific places they can go for advice and assistance.
PRIME is the primary source of aid for the mature worker wishing to go it alone, and will also offer business loans of up to fifteen thousand pounds through the Zopa-PRIME Olderpreneur Loan Scheme, in addition to various other financial aid options.
Starting a business over fifty is no impossible dream. In fact, it could be the beginning of an immensely satisfying new lease of life.