How to start a business when you're over 50
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Posted: Mon 3rd Feb 2025
Ever contemplated starting a business but felt sidelined by your age? Do you believe that opportunities are primarily for the young and restless, leaving seasoned professionals like you on the sidelines?
Think again! Age can be your greatest asset in the entrepreneurial realm.
In a world that often glorifies youth and innovation, it's easy to underestimate the wealth of experience and knowledge that comes with age.
Yet, more and more over-50s are defying these stereotypes and becoming successful entrepreneurs.
Starting a business in your 50s can be a transformative experience that allows you to make the most of your unique insights, skills and networks. With the right strategies and mindset, this can be the best chapter of your career.
Whether you're motivated by passion, the desire to be financially independent or the wish to leave a legacy, it's crucial to know the steps to harness your experience and avoid common pitfalls.
This blog outlines some essential tips to guide your journey and help you take that leap with confidence.
The rise of the "encore entrepreneur"
The term "encore entrepreneur" refers to people who start a business venture later in life, often after retiring from traditional careers or deciding they want more control, purpose or passion in their work.
This isn't a niche trend – it's a growing movement. In fact, people over 50 are among the fastest-growing groups of entrepreneurs in the UK.
Why is this happening?
Longer life expectancy: Many people realise they could live another 20 to 30 years after retirement and they want to stay active, engaged and financially secure.
A desire for purpose: After years in the workforce, people often crave meaningful work that fits with their passions.
Financial freedom: Some over-50s start businesses to supplement pensions or savings, while others see it as a chance to create generational wealth.
Consider the story of Brave Starts founder Lucy Standing, who noticed a pattern. She saw that many people over 50 wanted to change careers or start businesses but felt unsupported.
She created Brave Starts to fill that gap, offering tailored programmes to help older entrepreneurs thrive.
This story isn't an exception – but proof that the best time to start might just be right now.
Why starting a business at 50 and over is an advantage
Many people focus on the challenges of business ownership later in life. But what if we flipped that perspective?
What if your age isn't a disadvantage but your greatest competitive edge? Here's why:
1. Experience equals wisdom
Think about everything you've done in your career – managing projects, leading teams, navigating office politics, solving complex problems. These are skills many younger entrepreneurs are still trying to develop.
For example:
Leadership: You've likely managed people or projects, giving you insight into delegation, motivation and strategic planning.
Financial acumen: Budgeting, forecasting and managing finances are second nature to you, even if the context was different.
Problem-solving: You've faced – and overcome – challenges, which means you're resilient, adaptable and resourceful.
While younger entrepreneurs may have fresh ideas, you bring a depth of knowledge that can't be taught in a course or gained from a few years in the workforce.
2. Networks that work
Over the years, you've built connections – former colleagues, industry peers, mentors and friends. These networks can be invaluable when starting a business:
Finding clients: People already trust you, which makes it easier to secure referrals.
Building partnerships: You know people across industries who might collaborate or offer advice.
Accessing resources: Whether it's finding a reliable accountant or a talented graphic designer, your contacts can save you time and money.
Networking isn't about handing out business cards, but making the most of relationships you've cultivated over decades.
3. Emotional intelligence matters
One of the most underrated business skills is emotional intelligence (EQ) – the ability to understand, empathise and communicate effectively with other people.
As we age, our EQ often improves because of our life experiences.
This helps you:
build stronger relationships with clients
resolve conflicts effectively
lead teams with empathy and understanding
In short, your people skills are a superpower that can set your business apart.
4. A clearer sense of purpose
By the time you reach 50, you likely know what matters most to you. You're less driven by other people's validation and more motivated by purpose, passion and legacy.
Maybe you want to:
turn a hobby into a business
give back to your community
create something meaningful that reflects your values
Whatever your reason, having a strong "why" can keep you motivated when challenges arise.
Overcoming the myths: "Am I too old to start a business?"
Despite all these advantages, doubts can creep in. Let's tackle some common myths head-on:
Myth #1: "I'm not tech-savvy enough."
You don't need to be a tech genius to run a business today. Tools are more user-friendly than ever, and there's a wealth of free resources available to help you learn.
A good tip is to focus on learning one tool at a time. Start with what's essential – like setting up a website or managing social media – and build from there.
Myth #2: "I'll never get funding."
While some funding programmes do target younger entrepreneurs, the key factor for investors isn't age – it's the quality of your business idea.
In fact, many older entrepreneurs don't need the financial cushion of outside funding, because they can:
bootstrap using personal savings
use existing assets
tap into professional networks for partnerships
And if you do need investment, angel investors and crowdfunding platforms are often more interested in your business's potential than your date of birth.
Myth #3: "It's too late for me to learn new skills."
Lifelong learning isn't just a buzzword – it's a necessity in today's world. The good news? Your brain is capable of learning new things at any age.
Whether it's marketing, coding or social media management, there are thousands of online courses (many free!) designed to help you upskill quickly and effectively.
Practical steps to get started
Starting a business can feel overwhelming, but breaking it down into manageable steps makes it achievable. Here's how to begin:
1. Find your "why"
Your "why" is the foundation of your business. It keeps you motivated during tough times and guides your decisions.
Ask yourself the following questions:
What problem do I want to solve?
What am I passionate about?
How can my experiences add value to other people?
2. Identify your transferable skills
List the skills you've developed throughout your career. Think beyond your job title – consider capabilities like communication, leadership, budgeting, negotiation and problem-solving.
Then ask: How can these skills help me in my business? You might be surprised at how much you already know.
3. Research your market
Before investing time and money, make sure there's a demand for your product or service. Again, some more questions to ask yourself:
Who are my ideal customers?
What problems do they face?
How can I solve those problems better than my competitors?
Talk to potential customers, run surveys and study competitors to gather insights.
4. Start small, think big
You don't need to quit your job or invest thousands of pounds right away. Start small – test your idea, refine your product and grow organically.
Many successful businesses began as "side hustles". This approach allows you to limit the risk while building confidence.
5. Embrace digital tools
Technology can make running a business easier – for example:
Social media: Platforms like Facebook and Instagram help you reach customers for free.
Email marketing: Tools like Mailchimp and Constant Contact allow you to connect with your audience regularly.
E-commerce platforms: Shopify, Etsy and eBay make it simple to sell products online.
Funding options for your business
While funding can be a challenge, there are several options for mature entrepreneurs:
1. Bootstrapping
Many entrepreneurs over 50 use their own personal finance to fund their businesses. This approach allows you to maintain full control over the business and avoid debt.
2. Small business loans
Government-backed programmes like Start Up Loans offer funding with reasonable interest rates. While stats show fewer applications from people over 50, this may be due to a lack of awareness – not eligibility.
3. Angel investors and crowdfunding
If your business has high growth potential, consider pitching to angel investors or launching a crowdfunding campaign. The key is a strong, well-researched business plan.
Keep in mind that investors don't care about your age – they're most interested in your idea, your strategy and your chances of success.
The power of community and mentorship
Entrepreneurship can feel lonely, but you don't have to do it on your own.
1. Find a mentor
A mentor can offer guidance, feedback and encouragement.
Look for experienced business owners or join mentorship programmes through organisations like Enterprise Nation (who manage the government's Help to Grow: Management Course) and the British Library's Business & Intellectual Property Centre (BIPC).
2. Join entrepreneurial networks
Groups like Enterprise Nation and Brave Starts connect entrepreneurs with resources, events and communities where you can learn and grow.
3. Peer support
Sometimes, your best support comes from people who are on the same journey. Join local business groups, online forums or mastermind groups to share experiences, challenges and wins.
Final thoughts: Your time is now
If you're over 50 and dreaming of starting a business, the time to act is now.
Whether it's coaching, consulting, creating art or launching an online store, your skills and experience give you a unique advantage. Don't let fear or doubt hold you back!
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