Self-employment

So you are thinking about self-employment? Or maybe you have already begun to explore the possibility of becoming self-employed.

At PRIME Cymru we think this is a great route for any over 50 year old to explore.  But why?

We are all living longer and therefore needing to finance ourselves later on in life.

In Wales, we currently have over 250,000 people between 50 and state pension age who are economically inactive – this is equivalent to more than one in three of all people aged 50 to statutory retirement age in Wales that are currently not working.

As a result of the continuing downturn in the UK economy during 2011/12 people over the age of 50 are now disproportionately affected by redundancy and long term economic inactivity and are 5 times less likely to secure alternative employment than a person in the 16-24 age group.

On an individual level this means that many older people of working age are surviving on very limited means (with large numbers of them in receipt of incapacity benefit payments) often leading to older age poverty in retirement. It also means that society as a whole does not benefit from the great wealth of skills and experience which older people possess.

With over 250,000 people over the age of 50 seeking work and many more worrying about redundancy, mature workers need to think about other ways to finance themselves.

Self-employment is a very viable option as it offers the following opportunities for mature workers:
  • Financial independence
  • The chance to use all the skills built up over a lifetime of working
  • Flexible working hours
  • Opportunity to rise to a new challenge
  • Personal development and motivation
  • Combat social isolation and ill health borne out of unemployment
  • Achieve a certain lifestyle choice
Why Self Employment
Many people do not want, or cannot afford to stop working and have gained a vast amount of skills, knowledge and experience over the years. With the pension age steadily increasing, more and more people will need to continue to earn a living into their 50s, 60s and 70s to reduce the inpact of older age poverty. Self employment as an option can give people flexibility and a valuable income.
Resources
We ensure that you have the most relevant resources readily available. We pride ourselves on acting quickly to your needs and providing, comprehensive information fast.
Mentoring
If you are over 50 and thinking about working for yourself, PRIME Cymru can offer you free help and assistance to achieve your goal.
If you have an idea for a business we have people throughout Wales, and the person in your area will have the local knowledge and contacts to help you. He/she will meet with you and help you develop your business idea into a reality.
On-going Support
We understand how important it is to have someone to help you think through your ideas and your mentor will continue to support you whilst you get your business going.
We have already helped more than 1600 people in Wales achieve their dream of working for themselves.