Why the over 55’s need a business: Facing the pensions crisis head on.

Why the over 55’s need a business: Facing the pensions crisis head on.

by Jan 19, 2020local community, pension crisis, small business support, start-up training, sustainable businesses, Uncategorized


Since the over 55s are facing reduced pension pots or having to wait longer to receive their pensions, it is important to make sure that this segment of your community is able to access training. Giving them new skills, including teaching them about digital processes and systems can help to support them to set up and run their own business. 


Why is this necessary?


If you are looking to engage with your local community and support them to become self supported, then training will go along way to help. Regardless of your age there is increased competition in the marketplace as traditional jobs have become obsolete. There has been a shift in skillset as there is more requirement to acquire digital skills. Those with the right skillset and experience tend to be favoured for jobs.


On top of this, the over 55s group are facing increased challenges with pension pots being reduced leading to this segment needing to work for longer or if they have already heading into retirement, to find employment to top up their income. 


Why encourage them to start up a business?


The benefits to running your own business are far reaching, from the ability to work in something that you are passionate about, to being able to pick up new skills and own something that is yours. Despite the rules around not being discriminated against because of age, experience does count. Often this will mean that this segment are overlooked for opportunities because they do not have current and relevant experience. The old adage, that it is easier to get another job, when you are in a job, may not apply to this segment. Particularly if they left the workplace some time ago. Some might be concerned about trying to join the workplace this late in their career. This is even more concerning for them, if it has been some time since they did work in an office or other industry. Lastly if they are over the official retirement age, then they may struggle to get themselves a job. 


The benefits to running a start up course for the attendees

By running a course that they can get involved in, they will be introduced to a local network of people that are in similar situations looking to start up their own business. This becomes the start of their support network, which will be important when they go out on their own.  Business owners can be faced with self doubt, or times when they want to run their business challenges by someone else who is in their shoes who might have experienced similar challenges that they are having. 


How does this benefit your council?


If you give you local community the skillset to be able to run their own business, then the hope is that they are able to make this a successful venture and to be financially independent. They will be more engage with your local authority as a result, wanting to support your initiatives. In the future they may also look to hire new employees which will create jobs for your local community. If they look to take on premises to run a shop, cafe or other physical site, this can deliver valuable revenue back to your council through the collection of business rates. You will also be encouraging the development of a more connected local community and society. People may make connections that they might not have had the opportunity to do beforehand. This leads to a more supportive local community where people are more inclined to be involved in helping others where they can, giving working experience or employment opportunity to others and will help to instil a sense of pride within the local community. 

If you are interested in finding out more about running a start up training course for your local community, contact us here.

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