Type: Why trade starts at 50

Got a great idea for a startup but feel you’re too old to launch it? Think again, says Polly Dunbar

At 65, Tricia Cusden was looking for a new challenge, one that would bring engagement with other women her age and, most importantly, fun. After a long, fulfilling career as a management training consultant, she wanted to do something completely different.

‘I loved make-up, but the beauty industry is so focused on youth,’ she says. ‘I didn’t feel that any aspect of it – from the advertising to the products themselves and the models in their 20s – talked to me.’ Cusden started Look Fabulous Forever, a pioneering make-up brand specially formulated for women over 50. Nine years on, it boasts a £2.5 million turnover, its products have been featured in the goodie bags for Oscar nominees and her make-up tutorial videos have been viewed more than seven million times on YouTube.

Cusden, now 74 and a grandmother of four, is among a growing army of 50-plus women starting their own businesses – and realising it’s the best move they’ve ever made. According to the Global Institute for Experienced Entrepreneurship, over-50s are launching more companies – or ‘silver startups’ – than any other demographic, and recent research from the US found that a 50-year-old entrepreneur is 1.8 times more likely to be successful than one in their 30s.

This comes as no surprise to Suzanne Noble, 60, the founder of the Startup School for Seniors, an inspired venture aimed at encouraging this generation’s entrepreneurial spirit. The online programme, which offers ‘olderpreneurs’ step-by-step advice during their journey, recognises that women of this age have the skills, experience and emotional maturity to spot a gap in the market, along with the time to pursue it.

‘Fifty-plus women are in the perfect position for a creative new beginning,’ she says. ‘They’ve got a lifetime of experience, a strong network to draw on for support and, often, a fire in their belly. They’re energetic and they’re nowhere near ready to rest on their laurels. Many have spent years dedicating themselves to childrearing, and now they feel this is their time to do something they’re passionate about.’

Starting a business may sound risky, but Noble points out that it makes sound financial sense. ‘For women, workplace ageism comes into play a lot earlier than it does for men,’ she says. ‘During the pandemic, many women were made redundant or furloughed then not asked to return, and most don’t have the pension pots men do, so starting their own venture is a logical move.’

But at this point in their lives, women are often motivated more by happiness than money – and, ironically, that’s one of the major reasons they’re more likely to hit the jackpot. ‘If an idea really excites them, chances are they’ll find others who’ll be excited about it too,’ says Noble.

At the root of Cusden’s success has been her skill at bringing together women going through similar experiences and making them feel they’re part of a tribe. Her videos explain how to apply her brand’s products, but she also uses them to speak more generally, and positively, about ageing.

‘Because I’m the same age as my audience, and I speak to them directly, there’s an authenticity to the business which the customers love,’ she says. To do what she does requires confidence in spades, and Cusden’s has only increased with age. ‘Those feelings of imposter syndrome – am I good enough? – that you have when you’re younger, you’ve mostly overcome by 50-plus,’ she says. ‘You’ve realised everybody is pretending to know what they’re doing. You lose that terrible fear that can really stymie you as an entrepreneur. My philosophy was, “I’ve got nothing to prove, I know who I am. I’m going to give it a go and if I fail, I know I’ll be OK.”’

It’s an attitude shared by Welsh entrepreneur Anne Boden, 62, who quit her high-powered job in traditional banking (she had previously worked at Allied Irish Banks) to launch online only Starling Bank in 2014. She faced overwhelming odds in an industry that remains almost entirely male-dominated and admits that she amassed hundreds of rejections from those she asked for help. ‘People did think I was crazy, that no one “starts a bank”, especially people who looked like me, but I’d reached the stage where I was prepared to fail,’ she says. ‘I was 54 and confident enough not to care if somebody said I was stupid.’ Today, Boden is having the last laugh: Starling has been voted Best British Bank for five years running and is valued at £2.5 billion.

Nayna McIntosh, a mother of two from Oxfordshire, also made the daunting decision to step away from an established career at the age of 51. She quit her job as an executive at Marks & Spencer after realising she was no longer enjoying it and needed a break. ‘I wasn’t fulfilled and it wasn’t good for my wellbeing,’ says McIntosh, now 60. ‘I knew I needed to stop and give myself some time to breathe.

‘But I wasn’t ready to retire. When people I respected suggested I set up my own brand I had to admit, there had been a voice in my head for a long time, saying, “You could run your own business” but I’d never felt I was enough. As women we’re really unforgiving towards ourselves and find it difficult to acknowledge our talent and drive. It’s often not until we’re older that we have the self-belief to say, “I’m going to do it.”’

In 2015, McIntosh launched Hope Fashion, a brand that’s ‘unashamedly’ targeted at 50-plus women. The concept stemmed from the many customer insight presentations she attended throughout her career, in which mature women were spoken of in what she describes as a ‘patronising tone, without acknowledging what’s going on in these women’s worlds – for instance, the breathtaking impact the menopause has on our bodies and confidence. I’d been a size 8-10 all my life, but the clothes I wanted to wear weren’t working for me any more. I wanted to offer women my age a joyful shopping experience, rather than the soulless one they often find on the high street. Our clothes are designed to make them feel good. Our women don’t want to be made to feel invisible; they’re loud and proud.’

McIntosh was determined to address those elements of the industry she’d found frustrating. One outcome was Hope’s innovative sizing policy. ‘Many of us are sensitive about size, so at Hope we offer UK dress sizes 8-20, but use the descriptions super slim, slim, curvy and super curvy – rather than a number or small, medium, large and extra large. I have yet to meet a woman who likes being described as XL.’

Hope quickly won backing from the likes of former M&S chief executive Lord Stuart Rose and is set to reach a revenue of £1 million this year. ‘We’re building a community of like-minded women, which feels very exciting,’ says McIntosh. And Cusden echoes the sentiment. ‘I started Look Fabulous Forever to inject three things into my life – challenge, engagement and fun – and now it’s full of all three,’ she says. ‘It’s the best thing I ever did.’

Need help with your big idea?

The Startup School for Seniors, based in North London, offers an eight-week online course for over-50s covering everything from business planning to marketing. It costs £75 for the unemployed, £149 for those in work but some places are free. It comprises more than 25 hours of video lessons from Suzanne Noble and business coach and co-founder Mark Elliott, plus a weekly exploration and collaboration call designed to encourage participants to articulate their business ideas in a safe and welcoming space. See startupschoolforseniors.com for more information.

Secrets of the silver startup stars

Bank founder Anne Boden

‘After I’d said “I am starting a bank” once, the second time, it was easier. The third time is easier still. So if you’ve got an idea, tell people about it. The more you talk about it, the more real it becomes.’

Retail CEO Nayna McIntosh

‘The idea has to be one you believe in, as there will be plenty of obstacles. Starting a business is like jumping from a plane and building the parachute on your way down. You need grit and determination.’

Beauty boss Tricia Cusden

‘Before starting out, you should be clear about what your objectives are – the things you want the business to bring to your life. That way you’ll always know whether it’s succeeding on your terms.’