Saturday, August 02, 2008

Buoyant market for 50-plus start-ups

I know I have said this numerous times, but once more won’t harm. There is business to be done targeting the 50-plus who want to start-up their own businesses.

Yellow Pages commissioned Kingston University’s small business research centre to look at the market metrics. They found that a sixth of all new businesses are founded and run by people over 50.

Older entrepreneurs annually contribute £24.4bn to the UK economy with an average annual turnover of £67,500/business - 10% have revenues in excess £100,000

What motivates older entrepreneurs? Answer, a desire to do something pleasurable (39%) followed by achieving a better work/life balance (29%) and not wanting to work for someone else (24%).

The study found that nearly half of all entrepreneurs over 50 are happier that they have ever been, despite the fact that 79% work alone.

These people need accountants, solicitors, franchise providers, office equipment, serviced offices – the list goes on and on. I cannot see anybody targeting this market. Dick Stroud

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