Starting your own business? there is help!

Thursday, 01 December 2011

Growing numbers of older people have turned their back on the nine to five and are using a lifetime of experience to go it alone. Laurie South is Chief Executive of PRIME, the UK charity that helps over 50s set up their own business. Here he sets out the assistance that is readily available.

If you are reading this, the idea of starting your own business has probably crossed your mind a few times. Well let’s see if we can make starting your own business a real option!

PRIME is delighted to join with other partners across North-West Europe in developing Senior Enterprise which is designed to encourage a greater degree of engagement, through a variety of means, of those aged over 50 with enterprise. Starting a new business alone or with a partner is one of the ways we have in mind. This initiative is being supported by the EU through INTERREG IVB North-West Europe and is a very exciting development. We are working together to develop the very best means of tapping into the enterprising talents of those aged over 50. Have a look at www.seniorenterprise.ie and you’ll see what it is all about.

As you consider whether entrepreneurship is for you, you may be wondering where to go for help. In the UK with the reduced funding for Business Link, which is a key place for advice, it may appear that it is getting harder to find business start-up support. Help is still at hand, however. If you are over 50, workless (and nearly four million people aged 50-65 are) or under threat of redundancy, my advice is always to get onto www.primebusinessclub.com and register your details (just click on the top right hand corner of the home-page and fill in the form).

We will send you a pack which will go into greater detail than I can here, but we will also tell you about events and offers through a regular newsletter. We can also show you where you can get more help.

Like many people PRIME meets, you may be wondering what type of business you could set up. If that’s the case, PRIME has developed a booklet, ‘Ideas for Business’, and runs workshops for just this eventuality. These look at your skills, experience and help identify a niche that you will enjoy filling and which will give you an income. Enjoyment without the income will soon lead to misery.

There are a range of skills that you will need to develop. These depend on you and your business idea. You might need to learn more about marketing, accounts, digital media, or market research. But this is the time to fill those gaps in your knowledge. The good news is that there is a lot of free help still available.

The government has announced that there will be a large cadre of free business mentors available - eventually. A mentor can be a tremendous help as a critical friend or as someone to make you think your ideas out fully.

You will need to write a business plan. Hopefully by now you will know where you are going and have a very good idea of how to get there. A business plan will make you think all these aspects through and ensure that you know how the finance will work. How detailed the plan is must be down to you, but the clearer your thinking at this stage, the easier it will be later.

And so your business starts. Most businesses develop gradually rather than starting with a bang. This allows you to test things out and make changes without the glare of publicity.

Easy? Maybe easier than you thought but it can be a lonely road. My final piece of advice is to make sure you have a good group of supportive friends around you, the kind of people who will take you out for a drink after a week where everything has seemingly gone wrong. They are worth more than their weight in gold.

Good luck and see you on www.primebusinessclub.com