Small Business Ideas for Retirees and Profitable Opportunities to Invest In
Have you ever considered yourself to say about thirty-five years from now? Old, tired, and broke? Have you thought of what would happen to your teeming number of dependents especially kids in school, extended family, or real estate that requires regular maintenance?
I’ve been looking at the Nigerian situation closely and I don’t think I like the available retirement plans at our disposal. I like to consider the future whenever I make decisions that affect me and I haven’t been quite happy lately considering the situation.
Retirement does not necessarily mean total abstain from work, it could also mean working out of the free will, working whenever and however you like. Retirement without work could be very boring and frustrating.
The best way to plan for retirement is to start planning early in life and get yourself addicted to how to save money and educate yourself financially. Investing in bonds, mutual funds, stocks, are good options.
Retirement is a phase all career individuals go through. Whether we like it or not, a stage will come when our services in job environments will no longer be needed either willingly or compulsory. Nonetheless, it is important that retiring individuals have a well-laid plan that solidly guarantees a steady stream of income to fall back on when salary alerts cease.
The mistake many Nigerians make is to wait on their gratuity and pension to start up an enterprising venture. In truth, it is advisable to have started this business a few years before retirement as this provides a more relaxed retirement phase.
Asides the fact that the individual who have understood the intricacies of the investment before retirement, there is usually fund to absorb shocks and rectify mistakes when the business is started during the working years.
Retirement is supposed to be what it says. A time to retire from active work life. A time to rest from all the hassles one has gone through, trying to make a living. A time to go to some places, spend a little time here and there, purging your systems from all the toxins you have accumulated from stressful lifestyles over the years.
It is also a time to be with your family, have always been on the road all those years.
But over here, this is not the situation. It is another life full of uncertainties, fears, and worries. Another set of working life, setting up businesses, pursuing contracts, taking risky loans, and ending up hypertensive if the businesses fail.
My brother, it is good you already have a Retirement Savings A/c. It appears you also have some exposures to the stock market and properties. If this is so, consider a small business that won’t drain your savings and won’t stress you further.
Why you need to decide where to invest money for retirement
Why are you investing for retirement? Well, there are three main goals when investing for retirement. One of these is to keep your savings safe so it will be available when it is needed.
Another is to keep your investments growing; so they will stay ahead of inflation and accrue in hefty sums in the future. And last is to invest in ways that minimize taxes and fees. Having said this, below is a list of “where to invest money now for retirement” that satisfy one or more of the three criteria above.
Are you a retiree or you are about to retire?
Are you searching for the best small business opportunities to invest your retirement funds or savings into? Do you want to start a business in retirement?
Best Post Retirement Business Ideas and Opportunities to Start
What is the best business for a retiree? After committing several years of your life to corporate service, retiring can be a very exciting experience as it offers vast opportunities for the retiree to do something productive.
Retiree business ideas are discussed in this article as a way of helping retirees exploit some of the best business opportunities.
After having worked under supervisors and bosses during their active years, they would love to do something different, such as being the one who makes the decisions. Below are some retiree business ideas which you can take advantage of.
Selecting a Business: What is involved?
When considering a business idea to invest in, an important consideration to make is to find something you love doing. Retiree business ideas are numerous. However, you need to discover what interests you. Starting a business is not enough, but selecting a niche that you have competence in is a great way of succeeding in your business.
It is therefore important that before launching into any business, choosing an area of interest will contribute in no small measure in helping you succeed. Do you have the passion and the drive to see it through? For a retiree business idea to succeed, a determination is a key attribute that must be possessed by the retiree.
Consulting and Mentoring
This is a great retiree business idea to consider because as a retiree, you must have gathered vast experiences as well as skills from previous work or jobs. Offering advice to the younger generation will come at no extra effort to you, as you may even do this for free. However, earning from these experiences can be a great way of setting up your consulting business. Possessing specialized experience is a goldmine that can be tapped into for increased productivity.
Starting an Online Business
The internet has presented a great opportunity for people to conveniently work from anywhere they choose. There are several online businesses that retirees can take advantage of. Some of the online retiree business ideas include affiliate marketing, blogging which involves starting a blog that contains information on your areas of expertise which will be beneficial to others, as well as doing freelance jobs in your chosen field.
Daycare Service
There is a great potential for growth in the daycare industry as an increasing number of Americans requires childcare services.
A growing number of people are having lesser time to spend with their children due to the nature of their jobs as many hold multiple jobs to enable them to fend for their families. This retiree business idea has immense possibilities for growth and an increased income generation.
Starting a Handyman Service
If you possess some handyman skills, you can monetize these skills as an increasing number of people are becoming too busy and have little time to fix things themselves. By providing these services efficiently and with proper publicity, you stand the potential to grow and expand your business considerably.
Consider Your Hobbies
You may not have loved the job you retired from; however, your hobbies could be used to bring in some income! Hobbies such as photography, writing, baking, gardening, or dog walking can be turned into money generating ventures.
Thus, while earning and successfully running your business, you will be doing something you love! This can create a feeling of immense satisfaction that cannot be described by anyone else but you.
Online Tutoring
With the vast skills and experiences gathered, you may want to start an online tutoring course. Physical tutoring or class tutoring can be stressful. Hence, the internet provides a great avenue for you to reach out to the world by teaching skills to countless individuals spread across several geographical boundaries. Such tutoring could include Do-It-Yourself (DIY) videos or other types of tutoring.
Tour Guide
An important retiree business idea is to start a tour guide business. If traveling is your hobby, you may want to look in this direction, as it provides you with the opportunity to see the world while introducing others to the exciting possibilities of traveling.
If you have previous travel experience, then you may want to think about starting this business as it makes the entire process easy and natural to you.
Translation
Starting a translation business is a great retiree business idea you may want to consider. This is because several industries require this service for ease of doing business. Being multi-lingual can be a great way of starting something great.
By having the required skills needed, you could offer this service while considerably increasing your income. An advantage of having this skill is that you are not restricted to working with a particular client, as you can have several!
Bookkeeping
If you have a flair for accounting and record-keeping, you may want to consider starting a bookkeeping business.
This business allows you to help you client keep records of their income as well as their expenses. An interesting aspect of this business is that you can have several clients or have ample time to do other things you love.
Some practical investment ideas and opportunities after retirement include:
==> Fish Farming business
==> Poultry farming
==> Retail sales of household items
==> Internet and web-based business (for those oriented in this line)
==> Inter and intrastate transport business
==> Goods, oil and granite haulage business
==> Sales of cement and other building materials
==> Catering services
==> Okada hire purchase
==> Chairs and tarpaulin tents rentals services
==> Consulting
==> Start a professional public speaking service business
==> Start a blog based on your expertise
==> Tutoring
==> Repairing service
==> Bed-and-Breakfast
==> Tax service
==> Pet sitting
==> Catering
==> E-commerce
==> Senior care service
==> Start a network marketing business
Retiree business ideas are great for retirees who still want to do something productive with their time such as owning or starting a business. These are some of the great business ideas which retirees can take advantage of.
However, a key factor for success here is to consider your areas of competence and expertise. Starting a business with an activity you love to do can give you the much-needed satisfaction you need as well as increasing productivity.