Liverpool self-employment course from Royal Charity helps over 50s bring new business to the area

 Unemployment amongst over 50s is rising in the North West, but HRH The Prince of Wales’ charity, The Prince’s Initiative, is tackling the problem by bringing its successful self-employment course to Liverpool.

 There are 3.5 million people between the age of 50 and 64 out of work in the UK. Redundancy and unemployment is a huge problem for the over 50 community; many of whom possess a wealth of skill and ambition, yet are turned away from employment because of their age. The Prince’s Initiative believe that self-employment is a fantastic and fulfilling solution for the over 50s; 48% of over 50s are more likely to succeed in business creation than any other age group.

The Prince’s Initiative is the only national organisation dedicated to supporting unemployed over 50s explore self-employment. With 29,545 over 50s claiming job seekers allowance in the North West, The Prince’s Initiative’s “Preparing to Run Your Own Business” course taking place in Liverpool could not have come at a more appropriate time. The course kicks off on 9^th September and takes entrepreneurs over the age of 50 in straightforward steps through the challenging process of planning to start a business.

Rod Boyes, attended one of the “Preparing to Run Your Own Business” courses and has since gone on to create his own company Pinegrove leather. He says of the course, “The course was fantastic and helped me learn all the necessary skills needed to set up in business - such as cash flow and negotiating with customers and suppliers - as well as providing an inspiring and fun environment to learn within”.

If you are unemployed or facing redundancy, why not join The Prince’s Initiative at their “Preparing to Run Your Own Business” course in Liverpool by emailing info@prime.org.uk, calling 0845 862 2023 or visiting prime.org.uk/courses for more information.

 

Bank holiday - good news day!

Hardly! After the revelations about aspirins and red wine we now get the latest data from the Office for National Statistics which show that if you analyse the data correctly then younger people are not doing as badly in terms of job prospects as was first thought and the over 50's are doing decidedly worse. Prime have produced a paper on this topic.

Though both groups have a hard time in a recession, the over 50's who drop off the employment ladder are having a harder time even than the youngsters taking their first steps onto it. It is this story - about the difficulty that older people have finding work, that is rarely told.

Too many commentators appear to have rushed in and grabbed the first figure they could find, so anxious were they to “expose” a huge rise in youth unemployment. They all made the elementary error of assuming that those who were economically inactive were all unemployed and completely forgot that nearly one million people aged 18 - 24 are in full-time education.

When the data is adjusted for full-time education amongst the 16/17 year olds and the 18 - 24 year olds, it is quite apparent that these cohorts are faring betting than others. That is not to say that everything is rosy - one person in ten aged 18 - 24 economically inactive is not good news. But compare it with worklessness in the 50 to State Pension Age cohort. One in four is economically inactive in this age group according to these data.

PRIME are calling for programmes for the 50+ workless and especially for more help for 50+ self-employment and enterprise?

Some voices are now calling for such action. The TUC has just warned that long-term unemployed people aged over 50 are at risk of never working again - unless they get proper tailored support to get back into the job market.

The TUC quotes research that shows that people aged over 50 who are unemployed are 10 times more likely to still be out of work after two years than they are to have found a new job.

Maybe some more red wine is called for!

PRIME’s Olderpreneur Roadshow

PRIME, thanks to sponsorship of Bank of America, are running a series of roadshows for the over 50's who are considering self-employment, or wanting to start their own business.

The first is in Bristol on 23 September.

PRIME’s Olderpreneur Roadshow is part of a practical package of support the charity offers over 50s including a Business Club, Olderpreneur Loans Scheme and Mentoring.

At the FREE roadshow anyone over 50 who wants to find out whether self-employment or setting up their own business might be for them, can come along. They will hear from local ‘olderpreneurs’ about their experiences, and inspirational business speaker Tom Edge author of Age Is No Barrier. They will also be able to quiz local business support organisations and network with other 50s wanting to start up on their own.

After Bristol, the roadshow will be moving onto Leeds on the 14th October, Birmingham on the 4th November, and Manchester on 9th December. A London date is soon to be confirmed.

“The over 50s are an increasingly important part of our economy. Yet in many cases their energy, creativity, experience and sheer ingenuity is being unfairly discarded. At least 3.5 million 50 to 65-year-olds have no work. Over 50s who are out of work for six months after being made redundant only stand a one in ten chance of ever having the chance to be an employee again”, says Laurie South, Chief Executive of PRIME.

PRIME’s founder Prince Charles says. “The experience and skills which people build up over a lifetime are an invaluable resource”, he says. “It is madness for society not to make use of this.”

Prime and Bank of America combine to encourage entrepreneurship

A new £2 million three-year partnership has been set up between the Prince of Wales' charity Prime (The Prince's Initiative for Mature Enterprise) and the Bank of America Charitable Foundation tolhelp the older unemployed get back into business. Start-ups will be offered encouragement, mentoring and investment under the scheme, which is supported by the Government.

Business Secretary Peter Mandelson said: "There is no age limit on entrepreneurial spirit. During the current economic climate it is even more vital that older people have the confidence to make their business ideas a reality."

Research carried out by the bank on behalf of Prime found 16% of those aged 55 to 64 have considered, but not realised, their ambition of establishing their own business. Some 53% of over 50s feel they are at a disadvantage to younger people in the job market. And 81% say it is the attitude of employers to age that puts them at this disadvantage

The survey of 1,000 adults, including 472 over 50s, also found 54% of older people looking for work think the credit crunch will dent their employment prospects.

The charity said there are 3.6 million unemployed UK people aged 50-65, with the over 50s suffering the highest long-term unemployment rate.

Businesses launched by people over 50 now account for 15% of all start-ups in England and Wales. And whereas companies started by older people have a 70% chance of surviving the first five years, companies started by younger people have just a 28% survival rate.

According to Prime, if 1% of out of work over 50s became self-employed, 25,000 jobs would be created and £175 million would be saved in benefit payments.