Small steps…
While I’ve been offline, the world has moved on. Now it’s time to catch up.
TOUGH TIMES
It’s been quite a while since I stopped working on Silver Startups, for personal reasons. During this time, we’ve had the coronavirus, the lockdown, the NHS in chaos, and an array of government schemes to help employees and businesses keep going. Many months and another national lockdown later, it’s clear that the economy will get worse before it gets better.
The magnitude of the recession caused by the virus is unprecedented in modern times... Forecasts for GDP point towards a large decline in 2020. The Bank of England in early November forecast UK GDP growth of -11% in 2020 and +7¼% in 2021… Even when the economic shock of coronavirus does eventually dissipate, the crisis may result in lasting damage to, and/or structural shifts in, the economy. [1]
The number of unemployed people aged over 50 in the UK has increased by a third in the past year.
There were 371,000 unemployed older people in July to September 2020, a 33 per cent rise from the 280,000 unemployed over-50s during the same period last year. The figures… issued by the Office for National Statistics and analysed by job site Rest Less, suggested this was the biggest percentage increase of all age groups and significantly more than the national average increase of 24 per cent. Stuart Lewis, founder of Rest Less, said the UK was facing a “less well-documented” long-term unemployment “disaster” among older workers. [2] As a result of Covid 19, people over 50 need more help and support than ever before.
GROWING SUPPORT FOR THE OVER 50S
Back in early 2020 I recruited seven coachees (two of them work together) so I could learn more about how to address the specific needs of older people who want to start up in business and to present their progress at a symposium at the British Society of Gerontology in July. I also took on an eighth coachee with an established business, who wanted help to ensure it kept going until retirement in five years. Then my husband’s illness and the impact of Covid threw everything into disarray. I went offline, but was pleased to discover that support for senior entrepreneurship has been growing. Here are just a few new organisations:
We’re here to inspire today’s generation of over 50s and 60s to get the most from life – focusing on lifestyle, learning, financial wellbeing, work, dating, volunteering, community and more.
I strongly recommend that you visit this website, it has a comprehensive section on jobs and careers which could be very useful..
We're the premier one-stop-shop and online community for entrepreneurs over the age of 50…Included in the $2,999 tuition (for those who enroll by mid-December): a customized WordPress website; a brand toolkit; website copy reviewed by a copywriter, an automated email marketing series setup and marketing templates.
Turning your business idea into reality starts here
Now that I’m back online, I am trying to figure out whether to continue Silver Startups or leave it to others and focus on hobbies like fiction writing or piano. Being on my own during Covid has made it too easy to detach from the world but I don’t think this is right for me.
So I will probably take my own advice and stick around for a while longer 😊.
what we’ve learnt so far
Spending time talking with my coachees and observing their progress has made me think about what has worked, what hasn’t worked and what else could be done.
Pre Screening
I recruited coachees on a first come first served basis. Feeling that everyone should have the opportunity to try to become self employed or start a business, I ruled out any kind of pre-screening. The purpose was not to gain a high success rate, which pre-screening may have helped, it was to learn about what they needed to be successful.
But many people over 50 who have lost their jobs are suffering from mental health conditions triggered or worsened by the stress of redundancy.
It took me awhile to understand why I made no progress with two of my coachees. For a coaching session to be successful, the coach and coachee(s) need to discuss certain aspects of the business and then agree which actions need to be completed before the next meeting. These actions could include doing structured desk and/or field market research, reading articles on specific topics, reflecting on issues, completing financial spreadsheets etc. If the coachee is unable to complete the actions, then no progress can be made. For two of my coachees, any progress has been impeded by the state of their mental health. Both are talented, capable graduates, but they tend to undermine themselves. I am not equipped to give them the support they need, and had I charged them for my services, they would have wasted a lot of money (which, from my understanding, they already have with other coaches). Apart from sensitively advising them to seek professional help, there is little else I can do. If anyone reading this has any recommendations I would welcome them.
Upon reflection, I still believe everyone should have the chance to start their own business, but there is a need for an in-depth initial discussion during which barriers to success can be addressed. Both coach and coachee need to know what to expect from the other.
Pre Training
With one exception, all coachees have attended one or more business training courses, had advice from local business advisors and/or read business books. They all agree that learning about how to run a business before starting up and getting a coach is the best way forward.
How important is coaching?
These are comments made by the coachees about the importance of having a business coach:
...helps me develop and clarify my ideas
…helps clarify my ideas, helps me focus, helps with figures and financials, builds my confidence
…helps you to apply your learning to your real life situation and to focus on what you need to do to meet your objectives
…it’s good to have another person observing what we are doing, motivating us and helping us stay focussed
…you helped me clarify how I want to move forward
They all believe that coaching is very important. It can be costly, however, and there needs to be a way to minimise these costs.
coachees’ progress
The pandemic has delayed all of the coachees’ start up activities, and they’ve all been affected by further challenges typically faced by the over 50s, including family member illnesses, physical and mental health problems, bereavement, loss of income and caring duties. But they are all soldiering on – I suppose there is no option.
T is a dance instructor and is well on her way to success. She has spent lockdown gaining qualifications, having her dance programmes validated, and moving her business online. She has succeeded in attracting significant grant funding and is now attracting sponsorship from well-known organisations. Meanwhile, her new business is growing.
S1 took time to decide between three business possibilities and after intensive research and reflection, has chosen to set up a business that offers mindful poetry and dance workshops. She is now devising a business model that will enable her to generate sufficient income, while preparing to deliver her first contract in January.
C and H decided, after lots of research and reflection, to start a care home consultancy and training business. The business has set up a Facebook page and website and hopes to launch in early 2021 – or as soon as Covid allows.
S2 also took time to decide which direction to take, and after this decision was made it seemed obvious! She is now a health and wellbeing coach, working towards specific qualifications, getting her brand known and building her business.
The other two startup coachees have not been able to focus on one idea, although they know I am always happy to speak to them.
R, the coachee with the established craft business has been very busy because it’s thriving right now. His business is one of the Covid winners, but he knows that as soon as life returns to normal, he will need to focus on a plan that will ensure a financially secure retirement. I’ll be there for him.
THE FUTURE OF SILVER STARTUPS
I’m delighted and relieved to learn that while I’ve been away, progress has been made to support senior entrepreneurs. I’m still deciding what I want to do with Silver Startups, but until then I will coach and blog as I did before.
COMMENTS
If you have any comments on this post, please complete the Comments box below. I would love to hear from you!
For regular news and updates, please join my mailing list by completing the popup form or the form at the bottom of the Contact page.
Best wishes
Viv
[1] https://commonslibrary.parliament.uk/research-briefings/cbp-8866/
[2] https://www.peoplemanagement.co.uk/voices/comment/coronavirus-live-blog