close menu

Olderpreneurs: The UK’s new start-up generation is much older than you think

by Scott Brown | May 03, 2017
  • Becoming an entrepreneur is not only for the young, and while age may dim employment prospects for those in their mid-50s, nothing's stopping an experienced worker striking out on their own. In the UK a growing number of these olderpreneurs are realising that they have the skills, experience and finances to start a business for the first time.
    Older entrepreneur outside bookshop

    The timing is right

    Often, high-earning employees are laid off in their mid-50s to improve a company’s bottom line. This means the dream of a leisurely retirement is replaced with the reality of having to keep working and earning a steady income. In these situations, self-employment becomes an attractive option.

    Usually lump sums of money in the form of retirement funds, transfer valuations on final salary schemes, redundancy payments and even inheritances start arriving in a person’s mid-50s. This money can be used to inject much-needed start-up capital into a new venture.

    In addition to this, the UK is ranked in the top 10 countries with the most favourable conditions for entrepreneurs to start up new businesses. It also climbed from tenth position in 2015 to fifth in 2016 on the renowned Forbes Best Countries for Business list.

    Olderpreneurs, a boon for the UK economy

    Olderpreneurs have been shown to be more successful than their younger counterparts. Businesses run by owners in their 50s drive up revenues three-and-a-half times faster than GDP growth — 11.5% compared to 3.1%. Older entrepreneurs also create jobs at a rate more than seven times faster than the UK economic average.

    So it’s simple: More olderpreneurs is good news for the UK economy. If the employment rate of 50- to 64-year-olds matched that of 35- to 49-year-olds, the UK economy could be boosted by £88 billion. This shows that these old dogs have a few new tricks to teach the younger generation

    Why the older generation does it better

    While those in their twenties may have the energy to stay up all night and work, older entrepreneurs bring other formidable advantages to the table.

    A broad knowledge of business built up from years in the workforce, as well as potential management experience and large professional networks are just some of the reasons why so many olderpreneurs are successful.

    People who start a business later in life are also more likely to do something they are passionate about. When experience and passion are involved it’s easy to see why the seniors are currently doing so well.

    Don't be daunted, seize this opportunity

    The amount of work involved in launching a business can be daunting at first, but owning one’s own business promises a great level of autonomy and fulfilment.

    With the right help, and the drive to be successful, you too can join the new (older) generation of entrepreneurs.

    Thinking of starting up a business and showing the young ones how it’s done? Give our accounting department a call on +44 (0) 20 7759 7553 or send us an email on accounting@sableinternational.com and we’ll help you make a fist of it. 

    We are a professional services company that specialises in cross-border financial and immigration advice and solutions.

    Our teams in the UK, South Africa and Australia can ensure that when you decide to move overseas, invest offshore or expand your business internationally, you’ll do so with the backing of experienced local experts.

    • Man cutting coin with table saw
      10 cost saving ideas for your small business
      Nov 20, 2019  |  by Scott Brown
    • Confused businessman
      Hiring your first employee for your UK business? This is how much it costs
      Oct 31, 2019  |  by Scott Brown
    • business plan
      Step-by-step guide to writing a business plan [template included]
      Aug 29, 2019  |  by Scott Brown
    • female-entrepreneur hot air balloon
      Why we need more women-owned businesses
      Jul 16, 2019  |  by Scott Brown
    • crowdfunding lightbulb
      7 ways to finance your small business
      Jul 16, 2019  |  by Scott Brown
    • Businessman looking to the future
      How to get your business ready for the future
      Jun 19, 2019  |  by Scott Brown
    • Guide to UK PAYE tax forms
      A guide to UK PAYE tax forms P45, P60 and P11D
      Jun 14, 2019  |  by Kobus Van den Bergh
    • Cut-taxes
      The 2019/20 tax year changes: What they mean for you
      Jun 10, 2019  |  by Scott Brown
    • confused
      Do you need to complete a Self Assessment tax return?
      May 29, 2019  |  by Kobus Van den Bergh
    • Tax refund money
      11 excellent ways to spend your UK tax refund
      Apr 09, 2019  |  by Kobus Van den Bergh
     
     

    South Africa

    Cape Town

    Regent Square
    Doncaster Road
    Kenilworth 7708 +27 (0) 21 657 2120

    Durban

    25 Richefond Circle
    Ridgeside
    Umhlanga 4320 +27 (0) 31 536 8844

    United Kingdom

    Croydon

    One Croydon
    12-16 Addiscombe Road
    Croydon CR0 0XT +44 (0) 20 7759 7514

    Australia

    Melbourne

    9 Yarra Street
    South Yarra
    VIC 3141 +613 (0) 8651 4500

    Sable International is a trading name of 1st Contact Money Limited (company number 07070528), registered in England and Wales. We are authorised and regulated by the Financial Conduct Authority in the UK (FCA no. 517570), the Financial Services Conduct Authority in South Africa (1st Contact Money [PTY] Ltd - FSP no. 41900) and hold an Australian Financial Services Licence issued by ASIC to deal in foreign exchange (1st Contact Group - AFS Licence number 335 126).

    We use cookies to provide the best website experience for you. Using this website means that you agree to this. How we use cookies.