10 Great Businesses To Start After Retirement In Nigeria
10 Great Businesses To Start After Retirement In Nigeria
Most people in Nigeria look forward to retirement as a time to relax, but the truth is that you will get bored after some time. Most retirees who don’t have anything doing after retirement becomes idle and relaxation itself becomes boring. In a country like Nigeria, it is expedient that you have a plan for yourself even before you retire. There is no government to rely on as source of income, and that is why you cannot afford to be idle. No one likes to be a burden on others, whether it is their spouses or their children.
You should consider your retirement as a time to move from more demanding jobs to less demanding ones. You should also see it as a way to start your own business, and have a business in your name. As a business owner, you get to leave a legacy behind for your children and your generation, but you can never do that with a salary job. Let your retirement period be a time for you to explore and do things differently. You have been taking orders from your bosses all through your working years, why not go for a change by starting a business of your own.
If you’re looking to start a business after retirement, below are 10 great businesses you can consider.
- Consulting
This is a very easy business option for you. You have spent most of your years in a particular profession, say 30-40 years, this means you know just about everything there is to know about that line of work. You can go for a change by giving that experience to small business owners, investors, or stakeholders who want to go into such business. It is a waste of your years if after all those years in an industry, you cannot successfully train and teach others about it.
- Blogging and Writing services
As a blogger, you do not have to leave the comfort of your home. If you have a flare for writing, you should try blogging. You should blog in the area where you have the wealth of experience, this makes it easy for you, and you gain more readership. There are a lot of topics to write on based on your area of expertise, and you can also write about your profession. For instance, as a retired policeman, you can create a blog where you talk about safety and security. Or as a retired banker, you can talk about banking, and give more insights to people about the banking world.
- Laundry
The sound of that might look scary to you since washing requires a lot of stress. But, thanks to technology and the innovation of washing machine, you do not have to bend to wash any clothes to do laundry. Gone are the days when we depended on hand washing. This is a business that can be done from your home, and it is very profitable. You remember how you used to pile up your clothes while you were still working because you didn’t have time to wash? You could be of help to those still in that world, while you earn cool cash.
10 Great Businesses To Start After Retirement In Nigeria
- Renting property
If you have properties, you can start renting them out for money. It doesn’t have to be a developed property, as you can lend them out to farmers. You can also decide to develop your properties and rent them out. Accommodation is a necessity for humans, and there will always be need for housing and accommodation. You can also consider developing your property into a hotel.
Read Also: Saving vs Investing; Pathways to Happy Retirement
- Become a distributor
Starting a business does not always mean you have to start something from nothing. You can partner with large businesses and become a distributor for their goods and products. It is very lucrative and highly profitable in Nigeria. For instance, you can go into cement detailing or become a direct cement distributor. Look for what is on high demand in your locality, and partner with those already in the business who need distributors. This requires some level of strength as you have to be ready to go from one location to another distributing goods and products.
- Catering and Food business
If you have the skill of cooking, now is the perfect time to exhibit it. You haven’t had time to explore the catering world due to the rigors of your job, but now that you have the time, you should consider going into it. Turn your passion for making good food into a profitable business. You can start by catering food for your former colleagues’ events, birthdays or other celebrations, and you can grow into a large restaurant over time.
- Day Care
As a retiree in Nigeria, you’re most likely a grandparent already, so you know your way around children. You can turn this into a business by starting a day care. Young mothers know that as a grandmother, you have a lot of experience and they can trust their children with you. This is a very profitable business for female retirees.
10 Great Businesses To Start After Retirement In Nigeria
- Affiliate marketing
This involves selling other people’s products on their behalf while you get a commission as payment. The commission will be based on an agreement between you and the person involved. This is a fun and active way to engage yourself as a retiree.
- Printing and publishing business
This is a very profitable business with maximum yields in Nigeria. You can conduct a research first on how to go about it, do a market research and you can be on your way to owning a printing and publishing press.
- Car importation
Importation of cars is a stable source of wealth generation in Nigeria. People are passionate about driving the last cars, and you can take advantage of that. And since Nigeria provides a good market for car manufacturers, you can go into this business after retirement. Do a research about how to start, write a business plan, and you can be on your way to earning profits every time.
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Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional.
- 2018 SME Business Trainer and Coaching Advisor at GIZ for SME Loop.
- 2018 YALI RLC Online Cohort 9
- 2017 Fellow, Inspire Africa Train-the-Trainer Entrepreneurship programme sponsored by US Consulate Lagos and the Dickey Center, U.S.A.
- 2016 Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- 2015 Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank and EDC, PAU.
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
- He is a Certified Trainer in Design Thinking by the U.S Consulate, Lagos and the inspire Africa Entrepreneurship Institute.
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