Money
Retirement
Mature entrepreneurs - working in retirement
Would you rather wear out or fall apart? Most of us it seems prefer the former, writes business expert Frances Kay
According to the Office for National Statistics, there are currently more over 55s than under 16s and population ageing will continue to rise.
The over 50s are fitter, more skilled and better off financially than ever before.
We're expected to have at least 25 years of active life past the half century mark, which is why an increasing number of people keep life interesting and fulfilling by working beyond retirement.
Starting a business after the age of 55 may be driven by necessity in some cases, while for others it's an opportunity not to be missed. We may have unfulfilled ambitions, time at last to do something different, or a desire to turn a much loved hobby into a means of generating cash.
There are risks and sacrifices involved, particularly if you've not been your own boss before, such as having to cut back on a busy social life, managing without a salary, not having staff. But the rewards are great too.
A friend of mine, an insatiable traveller, started her own tour company when she was in her fifties. She takes groups of people on special interest holidays. For her this is the perfect combination of working for pleasure. Another friend, a professional photographer, began making replica antique wood and brass cameras for collectors and at the age of 75 he's still going strong. His skill and knowledge of photography made this cash generating scheme possible.
The key is to start small, keep overheads low and stick to your budget. Many successful entrepreneurs began working from their kitchen table, spare bedroom or garden shed.
So what form should your business take? The sole trader is the simplest type of enterprise. A partnership, as the word implies, is a business with two or more proprietors. A limited company is the third option - this is a legal entity in its own right which carries with it some bureaucracy.
Seek help or advice from your bank or accountant as a first step. Other useful organisations are: The Federation of Small Businesses – www.fsb.org.uk; The Institute of Directors – www.iod.com; CBI Small & Medium Enterprise Council - www.cbi.org.uk; Business Links – www.businesslink.gov.uk.
Alternatively, consult The Good Non-Retirement Guide 2008, published by Kogan Page (www.kogan-page.co.uk).
If you're over 50, you can do something you never dreamed of, be your own boss, realise cash from a favourite hobby or pastime, work part or full time. Whatever it is, make sure you enjoy it.
* Frances Kay is the editor of The Good Non Retirement Guide 2008, published by Kogan Page, www.koganpage.com, paperback, 544 pages, £16.99
* The Good Non Retirement Guide 2008 is available as a special offer to Saga readers. To obtain 20% off the retail price (postage & package are not included in the offer) readers should call or email the distributor, LBS, on 01903 828503 or mailorders@lbsltd.co.uk and quote Reference code MF322.
