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OVER-50s ARE THE NEW BUSINESS START-UP GENERATION.

Age discrimination does not exist when you are your own boss. The growth in self-employment since 2000 has been fueled by the over-50s who are finding it increasingly hard to find full-time work. With the sheer number of baby-boomers now approaching retirement age, the era of the “olderpreneur” is upon us. Age may have dimmed their employment prospects, but older people often have the financial firepower to start up their own businesses — with the potential to embark upon a second career, doing something that they always wanted to do. Pension freedoms have made it possible to access retirement funds from the age of 55, plus transfer valuations on final-salary schemes have soared in recent years. This means it is possible to access valuable lump sums — or even borrow against the value of a pension — in order to fund a new venture. Others have started consultancies with redundancy payments. This is also the age when inheritances can arrive, with some opting to use these to start businesses. Some older workers have turned to the franchise route, buying into a ready-made business and starting a branch in their local area. This was the choice of 64-year-old who took early retirement from a large IT company, but realized after a year that he was bored stiff. He is now running his own bookkeeping practice, and relishes his new found flexibility. Here, we present tales from the “oldies but goodies” who have carved out a new niche for themselves by starting their own business six ways that budding olderpreneurs could raise the funds to go it alone.
1. Ernestine Shepherd; 78, world’s oldest female bodybuilder started at the age of 56.
Ernestine started working out when she was 56, thanks to her sister for that inspiration. Today, she takes classes for mostly senior women and older men. She started her classes with just 10 people and now some mornings people can’t get in the room.
people who started business after 50
Image Source: dailymail.co.uk
 
2.  Radha Daga; 73, founded a food company
indian startupsWhat started as an export garment business eventually led to a food business. At 73, Radha Daga, founder of Triguni Foods which supplies Magic Upma to Indigo Airlines has shown that age is just a number. This housewife turned entrepreneur not only manages a 8 crore company but also gives employment to 100s of underprivileged women.
Image Source: Livemint
 
3. Deborah Ramsey; survived layoffs with her entrepreneurial skills at 56.
After suffering through a couple of corporate layoffs Deborah became a business founder. In 2008, she opened Natural Wellness and Spa which offers services and products to women and seniors.

Source: overfiftyandoutofwork
3. Wally Blume; going solo at 62.
best startupsWally spent over 20 years in the dairy business, and then he spent a few years creating an ice cream business with some partners. It eventually had a big hit flavor and Wally decided to go it alone and mortgaged his house to buy out his partners and start Denali Flavors. The company has eventually had over $85 million in annual sales.
Image Source: darrylkimball
4. Mary Tennyson; started her business at 63.
Mary Tennyson came up with her idea after her 92-year-old mother stumbled, fell and broke her hip. Her mother had trouble carrying a bag. So, Mary came up with the idea of a pocketbook that attaches to a walker, which was called StashAll.
age is just a number
Image Source: Bloomberg
Six ways to finance a second career in retirement
1) Pension-led funding.
2) Become a buy-to-let landlord.
3) Set up a franchise business.
4) Consider alternative finance.
5) Get help from the government .
6 Get started on auction sites.
This is not a new phenomenon. The founders of McDonald’s, Coca Cola, and Kentucky Fried Chicken were all over 50 when they established their businesses.
So, if you have reached your half century and are thinking of becoming an entrepreneur, above are some inspiration.They were all ordinary people like us but they decided to ditch the typical retirement life or quit their not-so-interesting jobs and be their own boss.

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