New Gen Start-Ups: Your New Start?

The world as we know it has changed beyond what we could ever have imagined as eager young graduates or when gaining experience in our very first job. The days of a job – or even a whole industry – being for life are most definitely gone, and adaptability is now the greatest tool we have in developing and sustaining a fulfilling career throughout our lifetimes. Unlike the emerging Generation Z, over half of whom state they would like to start up their own business, huge swathes of the Boomer generation will simply not have considered striking out alone. And yet with some of the shakiest job prospects as sectors change and yearly restructures become the norm, and more financial security, it's a perfect recipe for finding your new start through self-employment. There are so many skills, experience and contacts that you have developed throughout your working life that you can bring to the table – and you certainly won’t be encountering any erroneous age discrimination if you’re the boss.

The Investment Power Of You

While some workplaces may not recognise the value that you can bring, turning your energy and considerable experience into a start-up venture is a recipe for success. You have many years of understanding about the workplace, combined with the capacity to think outside the box. Often, boomers have the requisite financial power to turn business dreams into a reality as well. New relaxations in regulation around pension schemes have now made it possible to access funds flexibly, while final salary schemes which aren’t heard of today are making it possible to access the lump sums needed to finance your own business venture, or borrow against the value of pension funding.

Building Your Second Career

It's also possible to see it as an opportunity to change lanes and retrain or pursue a passion project that you simply didn’t have time for in the treadmill of corporate life before. As many boomers are finding that their dependants are growing up, the time to take a few calculated risks comes into play. Take the time to consider your options – could you parlay what you’ve done best in your working life into a consultancy business? Could you take a distance learning programme such as a masters or an online BBA to give you the knowledge backing to change industries? Is there something that you’ve been involved with as a hobby or a labour of love that you could convert into a business opportunity? And if starting again completely from scratch isn’t for you, but the idea of self-employment still appeals, then could running a franchised business be a better solution?

Working Flexibly

For years, the myth of success being the corner office has been sold, but older employees are now beginning to realise something that their younger counterparts have been championing – that work-life balance is the biggest prize of all. Too many workers of this generation ave burnt themselves out to satisfy ever-escalating company demands or corporate targets, perhaps missing out on being present at key family moments or suffering mental and physical ill health as a result. Starting up your own business may feel risky, but the reward is that you're in charge of your whole day –  an intoxicating freedom that has the potential to completely reframe your whole way of thinking around what success is. You have the freedom, the talent and the capacity to make this happen, so develop your business plan with confidence.