According to research carried out by Clydesdale and Yorkshire bank, more than a quarter of small businesses in the United Kingdom are started as a result of redundancy or retirement. The research also reveals that a number of businesses are set up to follow a lifelong dream, or develop a hobby.

Over a million people aged 55 or over have set up a new business following their retirement or redundancy. These “older-preneurs” take advantage of their retirement and follow their dreams to start a new business. Over 500 small business owners from all over the United Kingdom took part in the survey, revealing almost a quarter of older-preneurs set up a business following redundancy, while 12 percent set up a new business venture following retirement.

The director of small business banking at Clydesdale and Yorkshire banks, Gary Lumby believes that people realise as they get older that owning your own business can be a more rewarding experience than working for an employer. He said:

“As a society, we are living longer and understand that age and experience bring much more. So it should be no surprise to see people wanting to put their experience to good use rather than just seeing retirement as a time to switch off.”

Trevor Baylis, the celebrated inventor of the wind-up radio, started a company which helps other inventors, and was in his sixties when he started the business. For any older-preneurs out there, he says:

“If somebody’s got an idea for a business or an invention, I’d therefore really encourage them to seek the correct help, advice and support and then push ahead with it.”

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