News

October 11, 2013

Does entrepreneurship begin at 60?

Almost one million people in the UK have started a business or pursued their dream job after turning 60.

According to research conducted by Retirement Assured, 28% of the over-sixties are choosing to work into their later years to fulfill a life ambition and do something they've always wanted to do. And 31% have spotted a good opportunity and felt they had to go for it.

Despite the risks of setting up a business, 21% of entrepreneurs in this age group say they are in a better position financially now to take on the challenge than they were when they were younger.

For 27%, pursuing their dream job is more about the mental stimulus and personal reward than making money. However, according to the research, 18% say they continued working into their later years because they needed to supplement their income, but decided that if they were going to have to work they would at least do something they're passionate about.

Having more confidence (22%) and greater skills and knowledge (23%) are also key drivers. The most common businesses for the over-sixties include bed and breakfasts, bakeries, book dealing, dog walking and home boarding and antique shops.

However, it seems that Britons of all ages are keen to work for themselves. A new survey by 1&1 Internet finds that 40% of Britons have "seriously considered" starting up their own business.

33% of those surveyed had considered starting a side project in tandem with their existing job, to boost family income. Other motivations included the opportunity to be their own boss (17%), a better work/life balance or family life (12%), and passion for a hobby (12%).

The poll of over 2,000 Britons shows that the minimum income expectation from a sideline business is on average £25,000 gross per year. Men are slightly more inclined to work for themselves, it seems, with 43% of men keen to start up compared to 38% of women.

Related resources:

• Q&A: Olderpreneurs ARTICLE
• How I became an olderpreneur CASE STUDY
• Part-time entrepreneurs ambitious to grow NEWS