In the next 10 years it is widely predicted more and more older people will look to embark on a new business venture rather than retire. It is almost certain that the UK Government will raise the retirement age to 66 this year and as we are all expected to live longer it is perfectly feasible for this age to be raised again, possibly once and maybe twice in the next decade.

The erosion of final salary and defined benefit pension schemes, coupled with low interest rates, means the older generation will have to either work longer or live on less money than they had previously expected. Experience, knowledge, wisdom and connections will all provide a great platform for people to start their own businesses later in life. If you are reading this and fall into the above category, a good place to look for advice is

Businesses need vision, ambition and drive to aid future success. None of these factors are age discriminatory, we just all associate those terms with younger people. If you are healthy, have a good business idea and could do with the income then why shouldn't you start your own business?

Whatever path you choose, whether you need funding or not, make sure you have a well thought out business plan and seek professional advice on how to get started. Contact a local chartered accountant; the money spent for an hour's consultation will be well worth it, and they can either help or point you in the right direction as to how you should inform HMRC:

Marketing your business and how you are perceived will also be key to your future success, so once you have chosen your business name think about buying some quality business cards to help present yourself in a professional manner. These don't have to be expensive but do need to be good quality, as should anything else you leave with a prospective client or supplier.

The internet is a good source for products like this We allow customers to design their own business cards and business stationery. If you are just starting a business later in life, let me know how you get on.