In light of substantial media coverage over recent weeks on the influential UK suffragette movement, the celebration of women’s roles in both home and the workplace as well as the major liberation women won in the right to vote has been overwhelmingly recognised.
Whilst there is no denying that there are still milestones to overcome for women to achieve equality, it is inspiring to understand just how many women start-up business are setting up, especially in older age.
Known as the ‘olderprenuers’, women aged 50+ are making a stance with women start-up business. In their 20’s and 30’s women’s support at home to their partners and children still falls primarily on them despite how women’s roles have evolved since that of their mothers. In addition to holding down part-time or full-time work, women devote themselves to the daily juggle of work and supporting the family unit whilst children are at school so that they may offer them the best that they can through the younger years.
As the children grow up and leave the family home for university and other ambitions, it is certain that through the post millennium decades women are now seeking new ways of using their time to fill the void that for many years has seen them juggle so many aspects of life.
‘Women are used to juggling’ says, The Telegraph in a recent article – The age advantage: how female ‘olderpreneurs’ are starting business in mid-life.
“research suggests that businesses started by older people tend to have a 70 per cent chance of making it through the first five years, whereas among businesses started by younger entrepreneurs, the figure is only 28 per cent”.
The article explains how older women are setting up businesses with far more experience. With a clear vision as to what they would like their new company to look like they are ready to launch their women start-up business. Older women have the time to invest in their new company as well as the confidence to drive and grow the business.
What drives women start-up business?
The enthusiasm for setting up a business could also be for a number of reasons, such as fulfilling a long-time ambition, being inspired to improve the way in which a business or service was currently offered, wanting to do something with free time, topping up a pension pot or just embracing the desire to start something completely new.
For whatever individual reason, in a recent US survey by Guidant Financial Baby Boomer 2018 Small Business Trends, the results demonstrated that those setting up business in later life are likely to “live longer and healthier lives with the need for more than their retirement plans to fund their lifestyles”.
Are you thinking of setting up your own business or currently undertaking a new venture? Selling a service or product line will require insurance protection. Here at Crendon Insurance Ltd we provide a variety of insurance packages to suit start-up businesses including women start-up business and all policies can be tailored with bespoke options, depending on the nature of the business. To find out how we can support your company from day of launch, please contact our women start-up business insurance team.
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