The barriers to starting a business post 50
As you reduce the amount of time spent in full-time employment or retire completely, your options open up immensely.
This transition can be significant. It’s one of those life-changing events that requires you to plan, to adapt and to address challenges and opportunities face on. For some people, their sense of identity goes through a difficult phase. No longer the CEO of an organisation, they become the ex-CEO.
I was interested recently in the idea of people setting up their own businesses in retirement. So I chatted to Suzanne Noble of Advantages of Age for episode 10 of The Retirement Café Podcast who specialises in helping people over 50 take the steps needed to bring their business idea to life.
Suzanne’s own personal story sheds light on why she founded Advantages of Age. At age 50, attempting to join the London technology start up industry, Suzanne very quickly realised she was the oldest person doing so. She also found there was very little support for her. The objective of Advantages of Age is to challenge the media narrative around ageing, with a specific focus upon business.
Entrepreneurial vs. working for yourself
The term ‘entrepreneur’ can be quite daunting for people who have always been employed. But when I talk about setting up a business, I don’t just refer to life-long entrepreneurs, but to anyone who finds a way to work for themselves and contribute to society in retirement.
Your business could be anything from dog walking to painting, all the way through to launching a new product or service.
Suzanne finds that what many over 50s really need is the support to realise their many years of experience are hugely valuable. This support comes in the form of a network of people they can bounce ideas off or ask for specific support. Setting up a new venture can be a lonely place, so peer to peer support is invaluable. As Suzanne explains, this support will fundamentally help to boost your confidence and make the transition from employee or retiree to business owner or entrepreneur smoother.
In the interview, Suzanne shares examples of clients who’ve taken their experience to build a new working life in retirement and tips on how you could do the same.
About Suzanne Noble
Suzanne Noble had enjoyed a successful and varied career which included PR for big entertainment brands, founding a TV company, creating a baby sling company and launching money and time saving app Frugl.
Then, age 50, attempting to join the London technology start up industry Suzanne very quickly realised she was the oldest person doing so. She also found there was very little support for her, which led to co-founding Advantages of Age. The objective of Advantages of Age is to challenge the media narrative around ageing.
Suzanne believes it is never too late to start a business if you have the right attitude.
Through a combination of social events, a Business Academy for those over 50 and a popular Facebook page, Suzanne has worked to create a support network to help people over 50 get the confidence and knowledge to have further success in their careers and lives.
You can listen to my fascinating discussion with Suzanne Noble in episode 010 of The Retirement Café Podcast.