Money & Rights

Setting up a Business for the Over 50s

The now common phrase "there's no such thing as a job for life" may be part of the reason that the over 50s are now responsible for more than 25% of British start-ups. Yes, "olderpreneurs" launch thousands of companies every year, they are less likely to fail than their younger counterparts and they're just as likely to choose sectors associated with the young- tech for example.

In order to do so successfully, however, first consider a number or factors. Here we look at some of the most important considerations for those who are over 50 and are wanting to start a business.

Choose a Niche

It may not come as a surprise than many of the steps required to start a business when you have turned 50, are just the same as at any point during you life and the first thing you should consider is the type of business you want to start.

Begin by thinking about your skill set, what sort of demands there are in the marketplace and how much capital you have (or don't have) to get set up. Many businesses, such as book keeping or accounting, cost very little to set up and there;s always a demand. While retail companies, for example, can be far more expensive.

Research the Market

Researching the market is something that does hand in hand with choosing a niche. Find out is there is a demand for the niche you are considering, how much competition there is out there and how to best identify customers.

Also, look at the type of support you will need for your business, excellent advice and forging connections will act as a real advantage moving forward.

Putting Yourself Out There

Before you actually start your business,a comprehensive business plan should be prepared, setting out aims, objectives, projections and how you will market the business. Marketing is more important then ever and the tools you use to do so are many and varied.

Email is considered the most effective form of marketing, but for this to be effective you need a database containing lots of addresses- something that is built over time. Social media mat act as a good place to start, along with a website that you can direct people to. Regular posts on Facebook, Twitter or Instagram, that contain a link to your website will help you to get you noticed.

In addition, listing your business in online directories will make you easier to find and help with SEO for your website.

Setting the Wheels in Motion

Depending on the type of business you are starting, setting the wheels of motion will involve a variety of activities. For retail or eCommerce businesses, for example, it may entail ordering or producing you first bath of products. Meanwhile for online services, it may just be a case of your website going live.

Irrespective of the type of business, however, you must make sure that you have the legal formalities covered, registering the company and letting HMRC know what you are doing is important, as is the requirement to start keeping financial records in the form of company accounts.

Starting your own business can be one of the most rewarding things you do in life, particularly if, at over 50, you can use you experience and stamina to get you started in the right track.

Have you started a business in your 50s? What tips do you have to share?

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