I am over 50, why is now the time to start my own business?

We have all been impacted by Covid-19 both in our personal and business life and a lot of us have been reflecting on what our values are and what we need to keep us happy and focused.

We are all different and different things will be of interest to us. 

I had always wanted to run my own business but never had the courage to do this until I was offered voluntary redundancy after 31 years of service.  The challenge was daunting but I was not happy in my job and needed a change, interestingly after I had left so of my former team mates said it looked like a weight had been lifted off my shoulders.

Why is now a good time for the over 50s?  We have all seen the pressures on the job market after the pandemic and a number of companies are looking at being more flexible with the workforce – could you use a consultant for 1-2 days a week rather than a permanent employee?

The over 50s have a wealth of knowledge as they will have worked for 30+ years, so why not use that knowledge to support a new venture.  This could be doing in effect the same job but on a consultancy type basis rather than just for one company.  Mckinsey are using the term “reimagine” to describe the change but their work and discussion is more about current business rather than start-ups. However, if you have recently been made redundant and are thinking what to do next, consider starting your own business and reimagine the rest of your working life.

Economist are talking about a resurgence of business start-ups during and economic down turn that we also so in the 2008 era, so now could be a good time to embrace the change in the working environment. From research, starting your own business after the age of 40 demonstrates a high success rate.

If we look at the reasons why I should start my own business:

  • Be my own boss
  • Flexibility of how much and when you want to work
  • Potential personal tax benefits
  • Government funding – in this unprecedented time
  • Keeping your mind active and having a sense of purpose
  • Working in new areas across many business sectors
  • Meet new people and be re-inspired
  • Add to the knowledge base
  • Give back to others that need your help

Things that may be not so positive

  • Having to prospect for your own work (if this is new to you)
  • A level of uncertainty about monthly income
  • Feeling isolated

I am not sure how and where to start? Contact us at info@silverpreneurs-ltd.com

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