In the UK, over 43% of new business owners are aged fifty or above. That means that four out of ten new business are started by the over fifties, this is a 66% rise from ten years ago. To most people there is no right time to start your own business but it seems the number of self-employed ‘olderpreneurs’ have doubled in recent years. There are roughly 4.6m self-employed people in the UK, with the number raising each year and 43% of them are over 50’s.
A start-up owner has criticised a government scheme designed to help entrepreneurs get their businesses off the ground after it failed to help him secure finance. Tim Tarrant sought help from the New Enterprise Allowance (NEA) to kickstart his fishing tackle sales and rental business, Hooked, in Stalham. But the former pet shop manager said he failed to secure a loan with his NEA business mentor’s help – leaving him with just a £65-per-week allowance from the scheme to buy stock.