The olderpreneur is forging ahead with new and innovative business ideas and has the knowledge and experience to make them work.
There is a real trend particularly for women in their 40’s and 50’s to start up their own business and you only have to visit any of the regional Women in Business network style events to see how much energy and enthusiasm is out there – for all sorts of reasons – olderpreneurs are a growing band.
Figures show that businesses started by older people tend to have a 70% chance of surviving the first five years whereas for younger entrepreneurs the figure is only 28% – a huge difference!
Increasing numbers of women are deciding in later life to give their own business a go and making a success of it….
The Telegraph recently commissioned a poll of 750 female business owners and this raised some interesting findings;
- women with children felt that they weren’t on an equal playing field when looking for funding when starting up against male counterparts
- Women with children who had left home felt empowered and able to devote time to develop their business
- Some felt women were more adept at ‘juggling things’ and so could handle business start up well
- Some felt there was a real drive for older female entrepreneurship and recognition
- Greater life expectancy and inheriting money enabled dreams to be put into reality
- Some may choose this route due to inadequate pension provision or discrimination in the job market
So if you have been nurturing an idea for a business or service and you feel the time is right – go for it – there is a wealth of fellow olderpreneur support out there!
How can we help if you are an olderpreneur?
At Coachhouse we regularly provide coaching support to people who have started their own business and need someone to help them see their goals clearly and explore any issues along the way. If you think about it, many who start up businesses ask friends and family for their views and these are almost always encouraging – after all, its your friend/daughter/aunt and you want them to succeed so it is much harder to be in the role of critical friend or to guide that person to really look at all the potential benefits and drawbacks in a constructive way – people tend to look through rose tinted glasses.
Some tips to help you if you are thinking of starting up
- Set out a clear business plan for the first three years with specific aims and objectives and be clear on the milestones you want to achieve along the way
- Make sure you regularly review how you are doing against these goals along with your financial planning
- Take good advice from professionals
- Invest in any learning or training you need to do – do you need particular certificates or qualifications?
- Make time to go to some business or network events – not only to see if you can spread the word and gain customers, but to gain reassurance, test ideas, ask opinions, share difficulties or frustrations with others in the same boat – it’s important to feel that we are not alone
- Think about your PR and what may be available for free and what may be worth paying for
- Consider any patents, legalities, unique selling points you may have and how you can best market these
- Celebrate your successes!