Torfaen Business Voice - November 2017 Edition (English)

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.
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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.