smallbusiness.co.uk: Helping your business think big

Better with age

Not so long ago a government report concluded that two-thirds...
Have your say »

RSS

Growing numbers of 'olderpreneurs' going into business

Jan 21 2008

Increasing numbers of over-50s are setting up their own SMEs, according to one business expert.

Enterprise company Prime said that this phenomenon can be attributed to the demographical influence of the baby boom, as there are now more people at this age.

Ian Stobie, marketing and research officer with the company says that there were two different types of 'olderpreneurs' going into business.

'Some people are doing it because they need the money, because they need a livelihood, and they therefore don’t have much in the way of resources,' he says.

Mr Stobie added that there are also those who are setting up the businesses 'they've always wanted to' as they've now got time to work on them.

A recent survey from Prime found that men are most likely to be contemplating setting up a business in the financial and business service sector and construction.

Women are more likely to be thinking about establishing a business related to health and social care and in manufacturing activities.

Comments

There are currently no comments on this article

Barclays Business Start Up Account

Everything you need in one place from help with planning to getting more customers, to FREE seminars and a credit checking service to help you get paid quicker. Plus, up to 2 years FREE banking (conditions apply). Apply online

Grow your business with factoring, an alternative to business loans

Balance your cashflow with factoring and use the funds to grow your business. The more you invoice the more you can borrow, no need to re-negotiate with the bank. Compare factoring quotes online.

Barclaycard Commercial – Visa Gold and Platinum Credit Cards

Great benefits including Travel Accident Cover, 90 day Purchase protection, extended warranties and cardholder misuse insurance. Plus enhanced business travel insurance for Platinum cardholders. Get up to 56 days’ interest-free credit, when bills are paid in full and on time each month. Also enjoy exclusive discounts in association with Visa, the AA, Rymans, Reed Learning and Daisy Telecom. Find out more.

Polls

Latest News

Banks continue to be tough on lending to SMEs

Banks say 'no' to SMEs

Figures released by the British Bankers’ Association (BBA) confirm that lending to small businesses is in decline.

‘Banks are not supportive,’ say SMEs

Bank managers are among the least trusted group to approach when owner-managers are seeking financial advice, according to research from Close Invoice Finance. 

SMEs hit by stealth bank charges

A thaw on bank lending to businesses is being nullified by a raft of new stealth charges, claims Clifton Asset Management.

Business lending still too steep

Banks are imposing extra charges, increasing interest rates and demanding personal guarantees for lending to small businesses – and the government’s Enterprise Finance Guarantee (EFG) scheme has done little to help.

Bring on 2010, say SMEs

UK businesses expect market conditions to improve in the last quarter of what has been a desperate 2009, a new survey has found.

Darling turns heat up on banks

Alistair Darling will today urge banks to increase SME lending.

Steep fall in GDP scuppers Chancellor’s predictions

The economy fell at a much sharper rate than expected in the second quarter of 2009, according to the Office for National Statistics.

Inflation falls below two per cent

Inflation has fallen below the Bank of England’s target rate of two per cent for the first time since 2007.

‘Quantative easing must continue,’ say economists

Economists have criticised the Bank of England’s decision to stall its quantative easing programme.

SMEs 'seek funds from family'

The number of small and medium-sized enterprise (SME) owners who would consider borrowing money from friends or family has doubled in the past year, a new study suggests.

BCC: Firms face tough recovery

The British Chambers of Commerce (BCC) Quarterly Economic Survey claims that the worst of the recession has passed, but businesses still face tough conditions.

Guides & Tips

The numbers have to add up if you're looking to borrow from a bank

What banks want to see from SMEs

So why aren’t banks lending to small businesses? Rose Lewis, a partner at financial consultancy Pembridge Partners, outlines what banks want to see from SMEs before agreeing to show the money.

Are banks backing your business?

SMEs tell us how the banking situation is affecting them

Bank loans for small businesses

Banks are beginning to post healthy profits again, but SMEs say they are still being hit hard by lending terms. Here we speak to entrepreneurs, analysts and bankers to find out the reality of credit conditions.

Don't Miss

Banks can be on another planet when it comes to growth capital

Finance Options for Start-Ups

Rose Lewis, a partner at financial consultancy Pembridge Partners, explains the various financial alternatives for the intrepid small business owner when a bank decides to play hardball.

Loans scheme for start-ups falls flat

Last month the government launched a finance package to help struggling small businesses access bank loans, but SMEs say they aren’t seeing the benefits.

Your first business loan

If your business plan and financial forecasts are sound, you may be feeling brave enough to approach a bank for funding.

Store

FT Guide to Personal Tax

Formerly the Lloyds TSB Tax Guide, the FT Guide to Personal Tax is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc and Jonquil Lowe, this unique guide gives step-by-step advice to completing your tax return as well as over 230 tax-saving tips.

FT Guide to Business Start Up

Formerly the Lloyds TSB Small Business Guide, the FT Guide to Business Start Up is now published by Pearson Education. Written by Sara Williams, CEO of Vitesse Media Plc, this unique guide has sold over two million copies. It offers practical advice about starting and running your own business.

Growth Company Investor

Growth Company Investor is widely recognised as the leading magazine for investors interested in AIM and smallcap companies. Published 10 times per year, and brought to you by an award-winning analyst team, it offers subscribers unrivalled insight into high-potential smaller companies. Subscribe today with a 50% discount in your first year.