Torfaen Business Voice - November 2017 Edition

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Baby boomer generation transforms UK’s business landscape in a decade, reveals Barclays Business The number of businesses run by the over-55s has increased 63 per cent in the past decade The fastest-growing age group of business owners over this period is the over-65s, with a whopping 140 per cent increase Liz Earle, MBE, has been brought in to help advise the bank on how best to serve the needs of this booming mature entrepreneur market 21 August 2017, London: Barclays Business has found that far from being ready to retire, many over-50s and over-60s are proving it’s never too late to fulfil ambitions of being their own boss. Barclays data reveals there has been a 140 per cent increase in the number of business owners aged 65 and over in the last decade - the fastest-growing age group. Over the same ten years, businesses run by those aged 25-34 grew by a much more modest 23 per cent; firmly challenging the presumption that the world of start-ups is dominated by those in their twenties. In fact, the data suggests that entrepreneurial spirit increases with age: entrepreneurs over the age of 55 grew by 63 per cent over the same period. What’s more, new businesses set up by the over-55s are having a significant impact – Barclays estimates that start-up businesses set up by those aged 55+ in 2015, contributed over £7billion to the UK economy in the following year. Barclays has identified an opportunity for the industry to better cater for the needs of these ‘olderpreneurs’, so the bank invited Liz Earle on board as an Entrepreneurial Business Adviser. With her extensive business credentials, and her experience in setting up enterprises at both a young age and later in life, Barclays asked Liz to join forces to advise how better to support its ‘olderpreneur’ customers, with particular focus on the opportunities and challenges faced by business-owners in the 50 plus age bracket. Deb Reader, Barclays Business Banking Manager, commented: “It is fascinating to see this new emerging trend of ‘older’ entrepreneurs. At a time when they could be planning for retirement, the over-55s are utilising their skills by putting their wealth of experience and business knowledge to use, breaking down stereotypes in the process. “We are passionate about supporting companies of all shapes, sizes and ages no matter where they are in their journey. That said, we are keen to focus on this growing segment of entrepreneurs and provide the support they need to make their business ideas a reality. Working with Liz brings a fresh perspective to the needs of the over 50s in business, to help us deliver first-class service.” Based on her wealth of experience during her career, Liz Earle has shared her top tips for those looking to start their own business in later life. Liz Earle’s top 5 business tips for mature entrepreneurs 1. Have confidence in your abilities – whether you are Manufacturing taking your career in a new direction, or returning to work after time away, believe in the values you bring to the table. Your wisdom, experience and ability to see the bigger picture will be great assets to any business, and will complement the skills offered by the younger generation 2. OCTOBER Knowing your subject is key – never stop reading and researching your business’ subject (in libraries, not just on Google!) to ensure an in-depth, wise and considered knowledge on it 3. Know your business strategy inside out – Once you have the concept thought out, you need to know, and be able to explain to others, how it translates into a business. This is fundamental to securing support and financing. Practice your pitch to friends and family so that when it matters, you can present your idea in a clear and concise way Liz Earle commented: The older generation adds so much value to the workplace in any context – bringing a wealth of experience and industry contacts to the table. I’m not surprised to see so many budding entrepreneurs of my generation, but it’s great to see them taking the plunge in later life, rather than feeling it’s too late. 6 TORFAEN BUSINESS VOICE | NOVEMBER 2017 NEWSLETTER 4. Get tech savvy – technology and social media are crucial to a modern business, and they don’t have to be intimidating. There is plenty of support available to older entrepreneurs around these topics, you can even visit a Barclays branch for free support from Digital Eagles on how to utilise technology for your business 5. Always take your time, even if you feel like it is limited – I have always said “if it has to be now, it has to be no”. Never let anyone rush your decisions, each one you make could have a long-term impact on you and your business, so it has to be right.
Thinking of setting up a business in Torfaen? Discover what support is available from Torfaen Economy & Enterprise Many people thinking about setting up a business want to work for themselves and have the freedom and opportunity to turn their dream into a reality. There’s a huge array of opportunities out there across all sectors – from IT to food and drink, fitness to technical writing, floristry and horticulture to beauty and boutiques. The world can be your oyster! If you have the drive, enthusiasm and inspiration along with an appetite for hard work, then you’re off to a good start. An estimated one in three business start-ups in the UK succeed in the first three years of business. To make sure yours is one of them it is vital that you do your research and get the support you need in the early stages. Torfaen Economy & Enterprise recognises that there is an abundance of passion, energy and imagination in this borough and strives to support the development of local people. If you have a big idea, or you know of someone who wants to start their own business or enterprise then why not take advantage of our free, confidential and professional advice and support for new business start-ups. We can also help with your start up finances! Torfaen Economy & Enterprise and Gateway Credit Union are working together to offer a Business Start-up loan of up to £1,500 for new businesses and those trading for less than a year. We have already helped 17 businesses across Torfaen, including Coopers Café, Rockabellas Boutique and Cullourz Tattoo Parlour. If you know of any Torfaen resident or new business who could benefit from our support and this loan, please contact Gaynor Wakeling, Business Development Officer at Torfaen Economy & Enterprise: E-mail: gaynor.wakeling@torfaen.gov.uk or call Gaynor on 01633 648371 TORFAEN BUSINESS VOICE | NOVEMBER 2017 NEWSLETTER 7
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Torfaen Business Voice - November 2017 Edition

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