There is a growing trend for ‘Silver Start Ups’; namely people of older years, shunning the notion of compulsory retirement and starting a new business. Indeed, research reveals a 18.7 per cent increase in start up business amongst the over 65’s and a 10.8 per cent increase in the number of so called Silver Entrepreneurs, defined as aged between 55 and 64.
Simply Business – a business insurance provider – recently analysed 350,551 requests for quotations and found that the over 55’s account for 7 per cent of all new business start ups.
The 25 – 34 year age group still accounts for the highest number of start ups (35 per cent) but the greatest growth area is amongst those in the older age bracket. Moreover, new start up business now accounts for 46.9 per cent of insurance applications, showing an annual growth rate of 2.99 per cent for the period 2010 – 2011.
This compares with drops in 2008 of -3.6 per cent and -0.14 per cent in 2009. Moreover there is now greater start up growth and activity outside of London; historically the UK’s entrepreneurial hotspot.
An increase in entrepreneurial activity
Whilst the greater London area enjoyed a 3 per cent increase in activity – in itself a triumph given the trading climate – the Midlands, South East and South West saw an average increase of around 4 per cent. With the exception of Northern Ireland, the Eastern region topped the UK charts with a 4.52 per cent increase in entrepreneurial activity. These heartwarming figures will come as no surprise to anyone involved in the support and encouragement of start up business. Countrywide, we enjoy a plethora of skills and experience which offer targeted advice, facilitate networking and results driven education.
As a Fab after Fifty entrepreneur and self employed business mentor – and one of only 50 UK Female Entrepreneurship Ambassadors; I have first hand experience of helping many start ups – some of which could be described as Silver. My own anecdotal evidence supports the view that a more flexible attitude to work and career planning, coupled with increasing life expectancy and the shifting sands of pensions: public and private, have encouraged many to consider a revitalised career as they approach the nominal age of retirement.
There are many reasons for wanting to launch a new business later in life and they may not all be financial. You may have dreamt of being your own boss and you may decide to enjoy more control of your remaining working days but, whatever the reason; Silver Start Ups are boosting the UK economy considerably.
Mary-Jane is a Business Mentor and Columnist working in Norfolk. You can contact her at firstname.lastname@example.org and read her online http://goo.gl/KCFP5 Please feel free to leave a comment and share your own experiences.