1.Why Start a Business?

Is this you?

You will soon be retiring from full time employment but you’re not really ready to retire.
You need but can’t find a job.
You need or would like to supplement your pension income.
You don’t want a boss!
You always wanted to start your own business and you now have the time to devote to it.
You are able to fund your business through redundancy payments, savings, inheritance, retirement or other funds, you can negotiate attractive loan terms, or your new business idea doesn’t need much funding.
You find that your life in retirement is full but unfulfilling, lacks direction or just isn’t what you expected and you want to find new purpose.

If any of these statements resonate with you, then you could well be on your way to becoming an ‘olderpreneur’, defined as a first-time entrepreneur over the age of 50. You will need a good idea, an excellent understanding of the market you will be operating in, a viable business plan and a clear assessment of the financial risks you may be taking and whether you can avoid or mitigate them.

Interesting reading on this topic: Over-50s are the new business start-up generation; Why more and more over-60s are starting a business; How to know if you should start a business in your 70s; The age advantage: how female ‘olderpreneurs’ are starting businesses in midlife ; Six signs you are not ready for entrepreneurship