Career opportunities at 50+ It’s never too late to make a new start
James Roberts, digital content and development manager at Brookson
As the number of people self-employed in the UK hits a record 4.6 million, it’s emerged that 70% of the growth in recent years has come from people over 50.
Why are so many 50+ workers choosing to break away and start their own business?
The rise of the silver self-employed
1 in 5 working people over 50 are self-employed.
A record 2 million people aged 50 and over will have their own business by 2020.
Of the UK’s self-employed workforce, 96% are not interested in looking for an alternative job.
43% of the self-employed and 27% of employed workers are 50 or over.
It’s easier to start your own business when you’re older. You’ll be able to draw on:
Experience and skills from past employment
Network of contacts built up over a lifetime
Savings with which to self-finance start-up costs
Did you know?
Businesses founded by over-50s have a 70% chance of lasting 5 years, compared to just 28% for younger people. They also show outstanding growth rates.
Where do you see yourself?
The most common roles for the self-employed are in construction and taxi-driving, but recent years have seen a rise in management consultancy and related jobs, in which 50+ workers can benefit from their accumulated experience.
Key considerations when making your decision
Gain financial independence
Lack of company pension
Over-50s find it difficult to progress in companies, with twice as many over-50s as under-50s not being offered development opportunities. This can be a hassle for new business owners. Using an accountancy firm can relieve the burden and allow you to focus on your business.
Flexible hours and days
Longer hours on average
One in five over-50s in employment wish they had more flexibility in their hours.
However, self-employed people are happier about their work-life balance, as they have more control over their time.