THE children have flown the nest, your finances are basically stable and - most importantly - you're fed up of working for someone else. It's time for a new challenge.
The number of "silver start-ups" - new businesses set up by the over- 50s - is increasing. The additional confidence that comes with age, along with the experience and wide network of contacts already established, provide the perfect impetus for starting a business.
In 2000, just 1.7% of new businesses in Scotland were created by women aged from 45 to 54; by 2004 that figure had soared to 5.6%. According to UK-wide research by Barclays Bank, men aged 55 and over are now responsible for up to 26,000 such start-ups a year, and women 7000, but the gender gap is narrowing.
"There is a difference between being pushed or being pulled into entrepreneurship," says Lesley Hetherington, programme director at the Hunter Centre for Entrepreneurship, part of the University of Strathclyde. "Confidence plays a big part. Women may not want to play the corporate game any longer. They don't like the glass ceiling and decide to do something else.
"You might not have cash but you probably have a credit rating by that age, and the network you have build up by then can become very important. There is no age discrimination among entrepreneurs in the same way there is about employing people over 50. Seasoned investors tend to look for an A-grade team, and it's probably easier for an older person to put together what looks like a credible board of advisors."
In what we are often told is an ageing population, older workers are chasing self-employment for a variety of reasons, including shifting values, innovative technology and the chance to put years of business savvy to personal use. For Scots women, the most important motivations are a sense of freedom, financial independence and the challenge of entrepreneurship, according to the most recent Global Entrepreneurship Monitor report.
Julie Hall, from the Association of Scottish Businesswomen, also acknowledges the role of the family when it comes to starting a business. "It's easier to do it when children are older or have left home, but then there are women who are having families later, in their forties, who have decided they want to start working for themselves," she says.
"I think a lot more women want different choices in life nowadays, and probably a better balance. Some have been in senior positions within the corporate world and have decided that they don't want to do it for the next 10 or 15 years until they retire. Many are disillusioned with their company and think they could do it better. They have contacts and think they can start up easily. And a number want to do something totally different, and think that if they don't do it now, it will be too late.
"At 50 you are certainly not past it," she adds. "You have an overall understanding of a lot of issues and definitely have more confidence. You have more contacts and know where to go to find information. You are less frightened to ask for help, and the bank doesn't seem so intimidating. Some exceptional 20-year-olds have that drive and determination, but more people have it in their fifties."
Jim O'Conner of Scottish Enterprise's Business Gateway says: "Age should not be seen as a barrier to staring up on your own. The experience gained through a lifetime of work is invaluable, and often investors are more likely to want to be involved with someone who has a track record of success."
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