7 reasons why business owners over 50 are successful: what the research says

1. You’re part of ‘Generation Experience’
   People over 50 are contributing £602 billion to UK plc every year¹, making a huge economic contribution across a range of activities, from paid employment to charitable giving. Over 50s are thriving, and if you’re not ready to retire yet, why not take advantage of your position and transition into corporate ownership?
   
   
2. You’re more likely to succeed
   Research from Aston University and Age UK has found that 48% of the over 50s succeeded after 5 years in business compared to only 29% of those aged 18–49 years old², suggesting the age bracket has the experience, contacts and capital needed to succeed over their younger peers.
   
   
3. You can achieve a better work-life balance
   46% of entrepreneurs over 50 say they started a business for a better work-life balance³, and owning a business at this age gives you the perfect opportunity for flexibility.
   
   
4. You have the knowledge to share
   It’s an old trope, but it’s true – with age, comes wisdom. It’s likely that within both your professional and personal lifetime you have faced the challenges, failures and skills development that put you in a perfect position to run your own business.
   
   
5. You may have an established network of contacts
   Along the way, many older people will have built up a close network of contacts they can draw on to increase their chances of success.Leveraging these relationships can significantly reduce the barriers to entry and increase the likelihood of success⁴.
   
   
6. You can put your passion into a job you enjoy
   The Office of National Statistics Over 50s Lifestyle Survey⁴ asked older people what would make them return to the labour force. Among those who said they would consider a return to work, 54% gave the reason as a desire for social company or a job they would enjoy. It’s not just about the money – turning your business idea or side hustle into a fully-fledged success is within your reach.
   
   
7. More needs to be done to fight for fair representation
   Despite the over 50s being the fast-growing demographic in the UK, holding the most spending power, only 29% of TV adverts feature characters over the age of 50, with just 12% in lead roles⁵. At Silverpreneurs^®, we would love to see fairer representation of our powerhouse demographic, and we’re committed to sharing your stories, showcasing our over 50 business owners and helping them to realise their true worth.

If you’re interested in developing your business plan, creating a knock-out marketing strategy, and forming a lasting community with like-minded business owners over 50, then please get in touch to find out more about the Silverpreneurs^® programme, including the start dates for our next cohort.

1. https://newsroom.saga.co.uk/news/generation-experience-over-50s-revealed-as-gbp-600-billion-economic-superpower
2. https://www.telegraph.co.uk/business/sme-library/managing-your-business/rise-of-the-olderpreneurs/
3. https://a.storyblok.com/f/102007/x/43e14e6240/access-all-areas-older-workers.pdf
4. https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/datasets/reasonsworkersaged50yearsandoverleftemploymentduringthecoronaviruscovid19pandemicbyage