Starting a business: I'm a mindset coach - my ideas on how to start up a new small business in the UK after 60

• More people over 60 are embracing entrepreneurship, inspired by Gen Z's flexible work mindset
• Record numbers of individuals aged 60+ are starting businesses and thriving financially
• Starting a business later in life offers the benefit of decades of personal and professional experience
• Mindy Paul shares advice on leveraging passions, seeking mentorship, and overcoming fear to succeed
• With the right mindset, it's never too late to turn your entrepreneurial dreams into reality

Starting a business and building wealth is a lifelong ambition for many - but not achieving it in your younger years doesn’t mean the dream is out of reach.

According to mindset coach Mindy Paul, those with a desire to follow their passions and become their own boss should take a leap of faith - and look to Gen Z for inspiration.

Mindy says there is a growing trend of ‘olderpreneurs’, and starting a business later in life can be hugely rewarding. The benefits of embracing entrepreneurship post-60 are many, he says, and now could be the perfect time to take the plunge.

“It’s interesting that we’ve seen such an uptake in the number of people over the age of 60 starting their own businesses or going self-employed,” he says.

“In fact, recent data shows that self-employment among individuals over the age of 60 has reached record levels, coinciding with a dramatic rise in millennial and Gen-Z millionaires, whose numbers have more than doubled in the UK over the past five years.”

This rise in older entrepreneurs may be driven by a growing openness to the flexible, passion-led approach to work often associated with Gen Z.

This mindset shift is paying off - today, one in five (22%) UK households led by someone over 65 now has total wealth exceeding £1 million.

“As well as this, we’re also witnessing the younger generation changing the model of work, with retirement in the traditional sense being actively rejected and instead realising that business ownership and wealth can offer a stimulating, independent lifestyle no matter your age.

"A lot of people think that you should slow down after you retire, but people who adhere to this restrictive notion rather than making the most of their newfound freedom are less likely to realise their aspirations of becoming successful and affluent.

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"Those that just go for it instead of thinking they can not do it are the ones who achieve the most in life, as we are seeing with young entrepreneurs more and more. We deprive ourselves of opportunity when we dwell on all the "what ifs".

“You never give yourself the chance to succeed; you play small, and you remain in your shell. While it is wise to plan for potential risks, it is much wiser to plan for potential outcomes.

“As well as this, just because you’re older doesn’t mean you’re any less capable. If 20-somethings with relatively little life experience can, why can’t you?

“In fact, starting a business later in life gives you the advantage that young entrepreneurs don’t have, which can help you be more successful: decades of professional and personal experience that will help you succeed.

“So no, it’s never too late to get going, make those dreams a reality and stop being held back by limiting beliefs.”

Tips to get started in running your own business post-60

Start with leveraging your passions

“One of the most important things you need to do when starting your own business is leverage your passions, experience, and skills. Starting with familiarity helps you build confidence and strive for what you want to achieve.”

Lean on the advice of younger generations

“If you’ve been inspired by the younger generation to start your own business, make sure that you lean on younger mentors who have built success where you get the opportunity.

“Every generation has something to offer, and Gen-Z and millennials may even offer you fresh insights or perspectives you might not have thought of as they have had the advantage of growing up on the internet.”

Don’t be afraid to make that move!

“Feeling scared about your next move? Don’t bury your head in the sand. Instead, reframe your fear as fuel. Remember that the fact it scares you means it matters. Let those nerves propel you forward, not hold you back.”

Don’t wait until you ‘feel’ ready

“If you do this, you’ll put things off forever. Get used to doing small things that move you forward, keeping in mind that you’re doing the best thing for your future self, not just your present comfort.

You’ll make mistakes and that’s okay!

“It’s not about never slipping up or making mistakes. It’s about what you do after. No one is perfect, and you’re bound to make mistakes, but you can’t let it hold you back – move forward and learn from those mistakes instead of giving up altogether.

“Very few people do that, and that’s what gives you the edge and will make you successful.”

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