Entrepreneurs are now more likely to be over 55 rather than in the 25-to-34 age bracket, according to Castle Cover.
Research from author Barrie Hopson found that 48% of over-50s are more likely to succeed in creating their own business than any other age group. He puts this down to them being "more mature, less stressed, usually [with] better interpersonal skills with customers [and] more reliable".
"Rather than give up, [people aged 50+] are experimenting with new ventures, portfolio careers, part-time work and volunteering," he adds.
How to start your own business
So if you're over 50 and thinking about setting up a business, here are a few simple tips to get you started.
- First things first, get to know your market. Is there a need for your product or service? How much would people be prepared to pay for it? Where would you sell it? Will you have any competition? If you do, then what will make your offering different?
- Write a business plan. Identify some short and long-term goals, set your priorities and come up with realistic timescales. Research has found enterprises that use a business plan tend to stay in business longer than those that don't. They also have higher sales figures and make more profit. You'll also need a plan to secure funding for your business.
- Tap into your network. Put all the contacts you've built up over the years to good use and start telling them all about your new business. Even if they aren't directly in the industry you're going into, chances are they'll know somebody who is and you never know what help you might stumble across.
- Get a website. This is an essential shop window for most businesses today. It's your chance to introduce yourself to new customers and to communicate with existing ones.