by: Dick Stroud
For the past couple of years I have been banging on about the fantastic marketing opportunity to provide products and services to assist the 50-plus who are starting their own business.
The US has been clearly showing this trend but few in the UK have picked up and done anything about. I have spoken with a few franchising companies but other than nodding sagely they didn't change their strategy and target the older entrepreneur.
Yellow Pages has done some research and come to the conclusions that approximately one in six (16%) fledgling businesses in the UK each year are started by the 50-plus.
The most popular areas of business are:
1 Professional and business services
2 Retail, hire and repair
3 IT and Telecommunications services
4 Arts, sports and recreation
5 Media and creative services
I thought this was an interesting comment from the research: "The majority of senior start-up entrepreneurs view freedom and happiness at work as much bigger motivators than making money. More than a third of over 50s said the reason for setting up on their own was 'to do something they enjoy', while nearly a third again wanted to achieve a better work/life balance".
Clearly a lot of this group is starting their business because they need the dosh, but a sizeable number are doing it for fun. Maybe now companies,who can assist start-up businesses, will take this group seriously.