Free advice for older entrepreneurs

The accountancy body ICAEW has recently launched a new Business Advice Service to promote the use of ICAEW Chartered Accountants to businesses. Under the scheme the network of 3,200 offices of ICAEW firms throughout the country who currently participate in the Business Advice service offer SMEs and start-ups an initial, free, no-obligation meeting to discuss their business needs.

As business startups are now increasingly a key post-retirement or redundancy option for older people who want to continue working, this is interesting news. Evidence shows that those who take (and act on) advice prior to setting up a business and work with trusted advisors throughout are more likely to succeed.

Later this month, from June 25 to 29, the organisation is hosting a Business Advice Week, providing a range of free events, seminars and conferences. Topics will include access to finance, initial start-up advice and planning growth. There will also be extensive opportunities to network with business owners and meet local advisers, banks and other local business organisations.  

Further details about events in each region can be found at the ICAEW website: http://www.icaew.com/en/about-icaew/what-we-do/act-in-the-public-interest/policy/enterprise/icaew-business-advice-service/bas-week-events

 

“Madonna generation” of women aged over 50 defy jobs recession

In its latest Work Audit report, published today, the Chartered Institute of Personnel and Development (CIPD) looks at how the jobs recession that began in 2008 has affected men and women across the age spectrum:

The report Age, gender and the jobs recession, which is based on official statistics from the Labour Force Survey paints, at least in some areas, a largely encouraging emerging picture for older women workers, both employed and self-employed.

However, such a report, also put into context with a detailed analysis of today’s latest employment figures, needs more space than can be given here.

Below is a link to CIPD’s own press release and above a link to the report itself.

http://www.cipd.co.uk/pressoffice/press-releases/Madonna-generation-women-over-50-defy-recession-180412.aspx

Giving older consultants a bad name

The model of older workers moving into consultancy in later life in order to both meet their own career and life aspirations and to free up jobs within the talent pipeline in their previous workplace is a good one.

It’s unfortunate then that stories such as the one reported in the Daily Mail cast an unfavourable light on the practice. The article comments on examples of paying retired senior police officers what appear to be large sums for consultancy services.

Of course, daily consultancy rates taken out of context can appear high but fail to take into account the non-paid downtime that is a feature of most consultants’ working lives. In this case, this expenditure may still have added up to value for money for the services delivered compared to continuing to pay these individuals as employees, considering their experience.

However as Jonathan Isaby, of the TaxPayers’ Alliance commented: ‘Very serious questions need to be asked about how former police chiefs seemingly went through a revolving door that saw them retire, only then to be paid exorbitant amounts of money.

This doesn’t do the cause of most ordinary individuals doing reasonable and valuable amounts of consultancy work post-retirement any favours at all.

http://www.dailymail.co.uk/news/article-2120300/Police-chiefs-hire-retired-colleagues-1-100-day-act-consultants.html#ixzz1qDbfWSHZ

 

Starting a business in later life – eyes wide open

(by Dr Dianne Bown-Wilson)

I was delighted to be on Radio 4′s Woman’s Hour today talking about starting a business in later life. My role was to point out some of the perils and pitfalls – not easy in the few short minutes you get to give a soundbite or two.

However, the woman from Ely who they were featuring as a case study (having set up a wool shop after a career in nursing) was a great example of how to do it. Planning, focus, understanding her market – she has got off to a great start and has realistic expectations for the future. In short, she’s a great role model for older people (particularly older women) whatever their business aspirations. What was especially good was how much she seemed to be really enjoying it…

While starting a business in later life is no different in essence to doing so at any age, it would be helpful to see positive role models like these more widely publicised and to have some sort of forum where olderpreneurs could share their experiences - good and bad.

The government has highlighted self-employment as an option for keeping older people in the workforce. However, it’s far from the simple panacea it seems. The problem is that starting a business is really very easy; sustaining it and turning a profit can be extremely difficult and that’s really where help and advice is needed.

At in my prime we have a few case studies on our website of people who’ve set up businesses   (http://www.inmyprime.info/examples.html).  But we’re always looking for more. If you’ve started a business in later life or are thinking of doing so - please contact us at enquiries@inmyprime.info . We’d really like to hear about it.

Thinking of starting a business?

Hear what we had to say on BBC Radio 4 Woman’s Hour

Click Here to listen

The Future of Retirement

In amongst all the hot air currently surrounding pension ages and retirement it’s good to come across a cool oasis of sanity and reason.  The Future of Retirement, a newly published and highly readable discussion paper from the International Longevity Centre, is just such a refuge and well worth a read as an overview of key issues.

The paper provides a useful summary of the history of pensions and their link to retirement. It also covers the reasons behind individual retirement decisions, the socio-economic trends behind changes in average retirement age, factors relating to the emergence of gradual and semi-retirement, and whether retirement is experienced differently by different groups.

The report also examines future trends in retirement and links to extended working lives.

Amongst the conclusions are recommendations that more resources need to be committed to preventative healthcare to enable longer working lives, and that job quality for older workers should become a priority for employment policy – both factors that we ourselves have long promoted. 

The report also calls for more research into the self-employment experiences of older people in light of evidence showing that self-employed older people only remain so for very short periods.  As we have often said, our experience in working with business start-ups and small businesses is that as self-employment is not a viable, money-generating option for the majority of people at any age, the challenges are unlikely to be any different for those in later life.  Most people love the idea of having their own business but certainly in the current economic climate the likelihood of success is extremely slim.

Click here to access the paper

National Olderpreneur Roadshow kicks off next week

It is now well-documented that people over 50 setting up their own businesses have a greater chance of success than any other age group. But, if you are contemplating doing this, where do you start?

Well, here is one answer. Over 50s with this idea in mind can come along to PRIME’s Olderpreneur Roadshow which kicks off in Bristol on 23 September. PRIME (The Prince’s Initiative for Mature Enterprise) is the only national organisation that offers practical support to Over 50s considering setting up their own business or becoming self-employed and their Olderpreneur Roadshow is part of a practical package of support the charity offers Over 50s including a Business Club, Olderpreneur Loans Scheme and  Mentoring.

At the FREE roadshow anyone over 50 who wants to find out whether self-employment or setting up their own business might be for them, can come along. They will hear from local ‘olderpreneurs’ about their experiences, and from inspirational business speaker Tom Edge, author of “Age Is No Barrier”. They will also be able to quiz local business support organisations and network with other Over 50s wanting to start up on their own.

The Roadshow will run from now until early 2010 and after Bristol, it will move to Leeds on 14 October, Birmingham on 4 November, London on 10 November and Manchester on 9 December.

“The potential for economic growth partly driven by the Over 50s could be a big factor in the success of the UK’s businesses and in our future.  However, they need better targeted support and guidance. Many have care responsibilities.  A significant number have a health condition or a disability. Nevertheless, flexible working and a good work-life balance can be key to the Over 50s remaining in work, which is why self-employment or setting up their own business is such a good option”, says Laurie South, Chief Executive of PRIME.

For more information and /or to register for a free place visit; http://www.primebusinessclub.co.uk/events/

Case studies needed

We are often approached by journalists who need real life case studies of people in their prime (i.e. 50s and 60s) to interview for newspaper or magazine articles they are writing. Just at the moment we have a request for women who are currently planning a retirement dream – the interview will focus on financial planning aspects and will be published in a new financial services magazine coming out early in 2010. The closing date for potential interviewees for this is September 18^th. 

However, on an ongoing basis, we are always happy to hear from anyone in this age group who feels they have an interesting story to tell, particularly in relation to a special achievement in later life or perhaps starting a business or taking a change of direction. We can feature you on the Prime Examples section of our website (www.inmyprime.info) and of course, could then contact you if we were approached by a journalist looking for case studies such as yours. For those of you who do have a business it can be a great publicity opportunity and, this aside, your story can be a huge source of inspiration and a role model to other people who are rethinking their lives.

Please get in touch!

Email enquiries@inmyprime.info

How to run a business

New research carried out by PRIME (the Prince’s Initiative for Mature Entrepreneurship) shows that one in six new businesses in the UK is started by someone aged 50+, despite a systematic failure of business support providers to offer services to this age group.

Their ‘Generations Forgotten’ survey reveals that despite the needs of olderpreneurs being included in the government’s 2008 enterprise strategy, the main focus of business support services remains on younger enterprise.

At a time when older people are being encouraged to start their own businesses as a way of countering the prejudice and discrimination that still exists in terms of gaining new employment or retaining existing jobs, the over 50s need all the help they can get in order to create sustainable enterprises.

Much is talked about the suitability of older people for entrepreneurship (e.g. skills and knowledge, perseverance, stability, flexibility) and on paper, starting a business per se is generally pretty simple. But in arguably the worst recession most people have ever known, the focus has to be on helping older people to create low risk businesses that will actually make them money – and not just pin money but a living wage.

That said, probably the government aren’t the best people to advise on that…

Read more of the Generations Forgotten report at:  http://www.prime-cymru.co.uk/downloads/PRIME_report_Generations_Forgotten_2009.pdf