5 tips for over-50s to sustain startup success
Posted on: 30 May 2018 by Amy Smith Brown
Making the switch to self-employment is a bold move when you’re over 50 — but with prior planning, it’s one you won’t regret.
Developing a unique product or service, testing market demand, securing investment and hiring the right talent are elements that can take you to the starting blocks — but they don’t provide your business with long-term stamina and agility.
With that in mind, here are five tips for over 50s to sustain startup success.
- Data protection
You’ll likely have a decent general awareness of data protection — but as a business owner, you’ve got bags of new responsibilities.
If you want to be a responsible business that processes and stores staff and customer data securely, take time to study SME data protection guidance from the Information Commissioner’s Office — it might save you from a hefty non-compliance fine.
In the UK, it’s mandatory for employers to contribute to enter their staff into a pensions scheme which the company chips in to — failure to fulfil this ‘auto-enrolment’ duty can result in punishments levied by authorities.
Getting advice on your employer duties under the Pensions Act 2008 from The Pensions Regulator helps you get to grips with keeping your pensions provision above board.
- Digital marketing
Building a user-friendly website that’s adaptable for mobile use and learning about Search Engine Optimisation (SEO), paid search and social media can help your business capture valuable local custom — and build a positive reputation further afield.
Developing your digital strategy with an agency like Attercopia helps you increase your online presence and climb the rankings on influential search engines.
Networking is the lifeblood of many local businesses — offering the opportunity to meet with suppliers, potential collaborators and valuable new clients.
But some events can be expensive and turn out to be ineffective because there’s the wrong mix of attendees for your purposes.
So joining a local chamber of commerce will help you make the right connections by hooking you into a pre-existing grid of high-calibre local organisations.
- Health apps
Being proactive in promoting balanced staff diet, exercise and mental health choices will help the people who drive your business take care of themselves — good news for your conscience and your bottom line.
Protecting employees with a healthcare app from Cigna or a similar organisation will help them access medical care and advice when they need it most, so that they improve and maintain their health.
The initial financial outlay is offset by the long-terms benefits of a workforce that’s in peak condition — unforeseen absences can be particularly damaging for small businesses that might lack reliable contingency cover for vital roles.
Taking on board these five tips for over 50s to sustain startup success will provide you with peace of mind and allow your business to shine.
What are your tips for a sustainable startup? Share your thoughts in the comments section.