Newspaper article The Journal (Newcastle, England)

Silver Start-Ups: Will You Take the Plunge? A New Wave of 'Silver Start-Ups' Could Be on the Horizon, Says Vicky Shaw

Newspaper article The Journal (Newcastle, England)

Silver Start-Ups: Will You Take the Plunge? A New Wave of 'Silver Start-Ups' Could Be on the Horizon, Says Vicky Shaw

Article excerpt

Byline: Vicky Shaw

WHAT are you looking forward to when your main career comes to an end? Easing back a bit and taking a dream holiday? Or planning to throw yourself into a new, exciting business venture? Well, more and more of us may be doing the latter, according to new research, which suggests there could be a rise in older people becoming later-life entrepreneurs, partly as a result of the new pension freedoms which recently came into force.

what 'idea is The findings show that far from putting their feet up, many people eligible for the new pension freedoms are seeing this as an opportunity to stay in work - and fulfil a lifelong dream of running their own business.

talk to people have Margaret People are considering trying their hand at all kinds of businesses, from tea shops to manufacturing businesses or alternative medicine, according to the findings.

One in 10 people approaching retirement are considering using their savings pots to become a later-life entrepreneur, according to pension investment specialist Axa Wealth.

Its survey of 1,500 people aged over 55, found that 10 per cent are considering drawing money from their pension to start a small business or go into consultancy.

The new freedoms, which started on April 6, allow people aged 55 and over to take their pension money as they wish rather than being required to buy an income with it (called an annuity).

More than one in three (35 per cent) people planning to set up a new business said it had been a lifelong dream. One in four were inspired to turn something which had previously been a hobby into a venture which could earn them some money.

And nearly one in five (19 per cent) said they wanted to carry on using skills they had built up during their careers.

So what could this new wave of 'silver start-ups' look like? The research found that there were some regional variations in the types of businesses people planned to run.

For example, plans for tea shops were found to be particularly popular in the South-west of England and manufacturing facilities were a common goal in the Midlands.

Formulate your Businesses specialising in alternative medicine, travel, accountancy, computer repairs and art galleries also featured highly, according to the findings.

and who But is the idea of putting your retirement money into a business dream a wise investment? done it Mountford Well, who better to ask than Margaret Mountford, who became well-known for giving her straight-to-the-point views to budding businessmen and businesswomen on the BBC's Apprentice series.

Mountford says it's important to remember the hard work and stamina needed to set up a business, and also that many businesses fail.

People should consider whether they can afford to take risks with their retirement money, and some may want to take advice or seek out a mentor, she says. …

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