8th February 2018
Research carried out last year showed that nearly 50% of all self-employed people are over 50. The increase in people leaving corporate careers at this time of life and setting up a business so they can do the job they’ve always wanted to do, has resulted in a contribution of more than £119 million to the UK economy, according to the Centre for Economic and Business Research.
There are a number of reasons why people choose to start their own businesses later in their careers rather than earlier. For some, redundancy has forced a change, and many people in their 50s feel – no matter what the legislation says – that they are too old to be offered a job in their chosen field.
For others, the world of corporate rules and regulations, meetings, competition and managerial style has lost its shine, and they want to try something different. Mortgages may be nearly paid off; children may have left home and that makes it a good time to take a risk or two.
What’s particularly interesting about this sector of entrepreneurs is that, whilst some of them move into consultancy, using their significant experience and established network to win freelance business, others leave their original career behind and set themselves up to do something completely different – dog walking, business coach, catering, leadership training, public speaking – jobs that let them use their talents, skills and business knowledge to create something new and fulfilling.
If you’re considering leaving your career and starting something new, it’s always worth having a chat with a business adviser. Some people start their new businesses alongside their day job, only handing their notice in when the business is established enough to bring in enough money. Others take redundancy or early retirement and use lump sum payments to invest in stock or equipment to help them get off to a good start.
However, like all things, a successful business starts with a good plan. The more you understand what’s involved in setting up a business, marketing yourself, knowing your market, setting your pricing and more, the better position you will be in. In your corporate career, you are likely to have had to concentrate on one job, whilst marketing, finance, HR, IT and legal resources were all to hand. When you set up your own business, you are in charge of all those things, so a plan and access to advisers you trust can make all the difference.
Talk to us about setting up in business – either as a limited company, a partnership or as a sole trader. We can help you to plan, find funding and set up your systems so that you begin your new career in control and with all the organisation you need in place from the very beginning.