RISE IN NUMBER OF BABY BOOMERS STARTING THEIR OWN BUSINESSES

The number of people in their 50s and 60s either starting a small business or freelancing for the first time almost doubled in the past 12 months, according to a survey of micro and small business owners conducted by online freelancer marketplace PeoplePerHour.

The figures revealed the 55-plus-year-old demographic was the fastest growing age group on the PeoplePerHour website, with an 88 per cent rise in new micro and small business owners registering in the past year.

The range of businesses they are running is wide and varied, but the top three sectors in terms of numbers are internet based businesses, retail and property.

And the statistics suggest it’s never too late to start a business - with 64 per cent of those older small business owners revealing it was the first business they had set up.

PeoplePerHour also asked small business owners across all age demographics how they felt about running a business, especially in the current climate.

38 per cent said it was challenging and that the next six months would be make or break.

When asked what they would do if the business failed, almost half said they would start another company.

Questioned why they started a business in the first place, 33 per cent said they wanted to work for themselves for a better work-life balance, 26 per cent wanted to pursue a hobby or passion and 12 per cent said it was for financial freedom.