Mentoring for the Over 50s

Since the project started a year ago, the Chamber’s Over 50s business mentors have engaged with more than 50 people aged over 50 who are looking to go into business and be their own boss. Business advisors Fiona Grist and Lynda Draper are often helping older people who have been made redundant or who are at the early stages of retirement.

“Most of our start-ups are lifestyle businesses,” says Fiona Grist. “For younger people, access to finance is a major issue in starting a business, but the over 50s are often in a better position. They often have funding, whether that’s through redundancy or early retirement, to do something in business that they’ve always wanted to do. They have a greater maturity too. Their concerns aren’t really any different from anyone under 50 when it comes to starting a business. They can be a bit more cautious and risk averse, especially if they’re investing their savings or redundancy money.”

Help, advice and guidance begins with a one-day start-up course at the Chamber. These sessions are run every month, as Fiona explains.

“We go through market research, marketing, elevator pitches and getting people to talk comfortably about themselves and their business. We cover cash flow, forecasts, tax, National Insurance and VAT, bookkeeping, raising finance, business plan, legal status, insurances. It’s a real primer and a taster for each area.”

The workshop is followed up with 1 to 1 mentoring from Fiona or Lynda, every month until the business starts, followed by regular support for the next three years. Mentoring is very informal and can include home visits or chats over cups of coffee, in a relaxed environment. There are also regular drop in sessions at the Chamber, bringing together start-up businesses.

“Our role is to ask questions and make suggestions,” Fiona says. “Sometimes people – men and women – can be lacking in self-confidence because of what has happened to them in the past, perhaps with redundancy or unemployment. Our job is also to help and encourage. Lots of people need help with being able to sell. Self-belief and self-confidence are hugely important.
“The message is definitely ‘you’re not on your own’. Isolation and loneliness are definitely big problems for society and the Isle of Wight community. We’re helping to support people by encouraging them into self-employment, helping people who have come out of a work environment, preventing them from becoming isolated.”

Island Business January / February 2019

Island Business January / February 2019

Events

february

19feb11:00 am1:00 pmMember tour of Rapanui/Teemill Factory

21feb9:30 am4:00 pmFree One-Day Business Start Up Course

21feb9:30 am4:00 pm50 Plus Start Me Up - Free One-Day Business Start Up Course

26feb9:30 am3:30 pmThe Art of of Project Management

march

01mar7:30 am9:30 amIW Chamber Business Breakfast at Island Sailing Club

05mar7:30 am9:30 amTuesday Tea and Toast Networking at Slug and Lettuce

06mar9:00 am10:00 amThe Benefits of Joining the Isle Of Wight Chamber

07mar9:30 am12:00 pmSocial Media Training for Beginners with Chris Court Associates

07mar1:00 pm5:00 pmSocial Media Interactive Workshop with Chris Court Associates

12mar10:00 am12:30 pmAdventurous Networking at Adventure Activities - Morning Session

12mar12:30 pm2:00 pmIW Chamber Networking Lunch at Adventure Activities

12mar2:00 pm4:30 pmAdventurous Networking at Adventure Activities - Afternoon Session

18mar(mar 18)9:30 am22(mar 22)12:30 pm5 Day Sales & Social Course

19mar9:30 am11:30 amHow Can I Raise My Prices, Safely? (Dave Simon,Double-Your-Profits)

21mar9:30 am4:00 pmFree One-Day Business Start Up Course

21mar9:30 am4:00 pm50 Plus Start Me Up - Free One-Day Business Start Up Course

21mar6:00 pm8:00 pmIW Chamber Business Dinner hosted by Briddlesford Farm

27mar10:00 am5:00 pmTeams to Inspire – 1 Day Training Course by In2action

28mar7:30 am9:30 amFree Employment Law & HR Update event for businesses & HR professionals

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