7 Businesses to Start After Retirement in Nigeria
There are several businesses to start after retirement. After retirement, starting a business is an increasingly popular way to bring in extra cash and keep active in your senior years. Working after retirement might have seemed odd at some other time, but today, retirees all over the world are redefining what it means to transition into the next phase of life.
According to this report by the U.S. Bureau of Labor Statistics, seniors today are more likely to work for themselves than any other age group. In fact, the majority of American workers (55 percent) plan to continue working in retirement, with 41 percent going part-time and 14 percent full time, according to the Transamerica Center for Retirement Studies.
Staying motivated, active, and productive is a great way to combat the health relapses that occur when we age. The reasons for starting businesses after retirement vary and depend on the peculiar needs of the retiree in question. For instance, the reason could be for an additional income stream, a need to stay active for health reasons, a desire for a sense of purpose, or a way of maintaining social connections.
Whatever your reason, we can help you find the businesses to start after retirement best suited for you. Take a look at our list of the top 7 businesses to start as a retiree in Nigeria:
What are the businesses to start after retirement?
Start a blog.
Blogging is all about sharing your experience, and as someone older, you may have a lot to say. This is an opportunity for you to teach your audience something new, and you will be appreciated for it. Blogging can be incredibly fulfilling. You can incite interesting debates, and people who agree with you might write to you to say how they appreciate what you’re doing. Basically, you can form your base of followers and have meaningful conversations with those people, which is really fun and great.
Although this business opportunity requires some basic SEO knowledge, you can set up a blog about whatever experience you have garnered in your earlier years. Think about the audience you want to reach, what is important to you, and what you are or an expert at. You might want to write something just for your friends and family or an organization you are involved with.
You can choose any topic you want. Just make sure your blog posts are insightful. It would be wise to see what else you can find online on the same topic and see how you can provide some additional information in your posts. This way, you’ll ensure that your posts have greater value than anything else online. Whatever and for whomever you write, your content can live forever online. This way, you would create a lucrative and impactful online business you can be proud of.
Open a Restaurant
It doesn’t matter if you’re a guy or a woman; as long as you need to keep your financial records in order after retirement, you should start a business. Food, like lodging, is essential for survival. A market for food will always exist. So, why not open a restaurant to meet this demand? You set this up with a part of your pension in a location around you that needs a restaurant the most.
You could also get a franchise, which will save you the stress of trying to make a name in an already crowded industry. Integrate some unique traditional cuisines. Employ customer-focused, energetic, and hardworking employees. Doing these will certainly duplicate your capital investment, and you’ll have something to be proud of after years of toiling away for the government or a specific organization.
Renting Business
Talking about lucrative business ideas one can venture into after retirement in Nigeria, renting business cannot be overemphasized. For instance, Saturdays are for ceremonies and parties in Nigeria, so you can just buy Canopies, tables, chairs, public address systems, etc., and rent them out. You may also buy building equipment like shovels, wheelbarrows, diggers, or even buy a truck purposely for renting out to businesses.
If you own properties, whether developed or not, you can start leasing them out for money. If you have the resources for it, develop your properties and rent them out. There will always be a need for housing and accommodation as it’s a basic human necessity; invest in it. You can also develop your property into a hotel, motel, event center, and the likes. All these are examples of very lucrative businesses to start after retirement.
Set Up a Drug Store
People can get sick at any time, and having access to drugs at every hour of the day could be a lifesaver for many people with medical emergencies. Most Nigerians are also deeply distrustful of public hospitals, relying instead on their local drugstores. If you are a pharmacist or an expert in a medicine-related field, opening up your drugstore or pharmacy is one of the best businesses to start after retirement.
Not only will this liven your retirement boredom, it will allow you to impact your society daily positively. Many sick people can barely make it down to the drug store to get their prescriptions and would be glad to have someone deliver them at their doorsteps instead. You set up a mobile pharmacy to cater expressly for this as well.
Outdoor Catering Services
Wedding ceremonies, birthday parties, child dedication, and every other event in Nigeria is incomplete if nobody is being fed. If you’re good at cooking, you should think about starting an outdoor catering business. Catering service is one good business to start after retirement in Nigeria that is highly lucrative.
Advertise online, and recruit clients through your social networks, your neighborhood, and, if you have one, your place of worship. Everything else, like hiring employees and purchasing kitchen equipment and supplies, will fall into place.
Farming
Farming is one of the perfect businesses to start after retirement in Nigeria. Depending on your desired niche, you could make millions in the space of months if you’re dedicated to it. This is because there are various money-making niches in farming that you can capitalize on. There’s poultry farming, fish farming, beekeeping, livestock farming, snail farming, rabbit farming, or even growing agricultural produce.
Poultry farming, for one, is one business that has stood the test of time. Invest in good equipment, get workers and loans, and be attentive to government interventions when they are offered. Remain attuned to your chosen industry. Hire honest staff and pay close attention to the prospects for your business, if any. Implement all these, and you’re well on your way to making lots of money.
Run a Day Care Centre
Many couples today use daycare centers to supplement their income to maintain a decent lifestyle. Daycare removes the stress of leaving your children in the care of unreliable nannies or housekeepers. Because you’ll be receiving monthly notices, converting your property to a regular daycare center might not be a bad idea. If you succeed, you might be able to raise enough money to start a school.
Conclusion
Though not limited, the above-mentioned are reliable businesses you can start after retirement in Nigeria to enliven boredom and establish financial freedom. Consider your financial limitations, your health, and how much time will be required for a particular venture. When selecting a business to operate, be cognizant of the number of hours you want to spend working versus spending time with grandchildren, leisure activities, or traveling the world.
Fortunately, we live in an era where it has become common to find many retirees who became billionaires in their later years. You too can join this club. It’s never too late to achieve all you want to achieve. As long as you are determined and believe in yourself, selecting a business out of this list of businesses to start after retirement might help make all your forgotten dreams come through.
