Becoming self-employed in your 60s
This is a blog that I wrote a few years ago. At that time, I was running my company Catfish Web Design. Unfortunately Covid had a negative impact on my business and after 25 years I decided to call it a day.
I hadn't really anticipated reinventing myself in my 60s but I've done it many times before having had a colourful and varied work history. I set up Catfish Web Design in 1999 but before that jobs included: fundraiser for Scope, advertising (well, it was the 80s and everyone was doing it), designing and making clothes under my Mama Oclo label, painter and decorator, cook in a small London bistro, and theatre administrator / producer.
Last year I resurrected Trash Chic, which had hitherto been a hobby when I first relocated to Cambridge. I have always shopped for secondhand clothing, have an eye for the quirky and offbeat, and simply love creating outfits out of unlikely bedfellows.
It's not easy. My income stream is a trickle but I am in heaven sourcing, reclaiming, upcycling and selling. My collection is growing rapidly but carefully curated and the joy I feel in my new 'career' is immense.
Anway, enough about me ... here's the blog.
The number of self-employed people aged 65 and over has more than doubled in the past five years.
I know lots of people who have decided on a change of career at this stage of their life and either left employment to set up on their own or are already self-employed and want to change tack. If you’ve worked in a corporate environment for years that is probably the last thing you want to do. If you’ve sat in front of a computer 24/7 for the past 'X' number of years you may wish to get out into the fresh air.
It could be that you want to utilise some of the skills from your previous job or you may prefer to do something completely different … something that you thought could only be a hobby.
Whatever you choose it’s perfectly possible to make a success of a business in the ‘third age’ that can give you great flexibility in your working life, a job closer to home and enjoyment in what you do.
There are of course practical steps you need to take but mindset is essential. Be positive and don’t let lack of confidence get in the way. Remind yourself of the experience and the skills you already have and capitalise on these.
Most of us cannot survive without a job because we need to pay the bills but it’s also important that we do something that allows us to thrive.
The reasons for starting a business will influence everything else. Do you need to earn as much as you think? Make a list of your outgoings to work out the amount of money you need to live on. Or is your goal to bring in substantial survival income? Even if your main aim is to bring in a substantial income, you still need to do a job you are passionate about.
Top tips for starting out in business:
Have confidence in your abilities.
Trust your gut instinct.
Know your subject.
Get more training if necessary.
Have a business strategy.
Surround yourself with positive people.
Don’t be afraid to ask business colleagues and friends for advice and guidance.
Get tech savvy.
Go networking. There are bound to be lots of groups near you. You may need to try a few to find the ones that will work for you.
Use the experts when you need to: accountants, web designers, marketeers, photographers.
Finally ...
I'm going to add another couple of tips here. Be open minded about opportunities. You never know where they may come from. I've had some great pop up events where people have really understood my collection and I've sold lots of items. But I've also had days when I feel as if my clothes and I are invisible and I worry that I'll cover the cost of the pitch. Even if the footfall is low and no-one appears to be interested in your wares, there are always other traders to talk to and some camaraderie. I've made some useful contacts, been given tips and found like-minded people to collaborate with.
Be bold with your pricing. Low pricing can often hold small businesses back. Pricing isn't a science, it's an art and it's not tied to who you are or what you're worth but to the value others get from what you do. Price is a perception of value and people spend a lot more when they feel they're worth it and deserve the best!
I'd love to hear from others who have changed direction 'later in life'. We all have a story to tell.
Get in touch with me at shop@trashchic.co.uk
