In Nigeria, civil servants are expected to work for 35 years before their retirement date except in cases where the person is 65 years old, he will then be retired by the government.
Retirement is the period where one is no longer working actively and he/she is placed on a monthly salary known as “pension” after the payment of their gratuity. Some retirees use this money to start a business while many don’t know the business to venture into.
So in this post, we will discuss different businesses one can do after his/her retirement in Nigeria.
Let’s dive in.
Businesses to Do After Retirement
Everything we do in this life has a beginning and an end, so as a retiree or relative to one. You need to take time to decide and plan the kind of business you want to do.
This needs you to carry out a feasibility study on the business to know what is required like knowing who are your competitors, customers, and how to run the business.
Also, you have to find out if the business can be done without being registered with CAC or not, where to get your products, and who to supply to.
- Product distributor
There are many companies or businesses you can approach for you to be their distributor in your location. What matters is identifying what the market needs and providing it for them.
All you need to do is to find out the requirements that you must meet to become their distributor.
The internet is there for you to search for companies that are into the production of the products you want to market and distribute.
For instance, to be a major distributor of food items like rice or beans. You need to find the farmers that cultivate them in large quantities and reach an agreement with them to be harvesting and selling to you directly at a cheap price.
- Leasing properties
Leasing your properties is another business you can do as a retiree. It can be the leasing of lands or buildings.
However, it’s recommended that you develop the lands into properties for rent.
These properties can be event centers, hotels, residential buildings, guest houses, and student hostels.
It’s advised you employ the services of a lawyer in managing your properties.
- Food business
Food is one of the basic needs of man. It’s a business that has the biggest market because every one of us eats food.
You can venture into the business as an importer or exporter. Or you can start a restaurant that can be operated as a franchise to a big brand like Mr. Biggs, Kilimanjaro, and others.
- Setting up a training center
Setting up a training center where you teach people different skills from your wealth of experience and knowledge.
You mustn’t have the skill to teach others but with the idea of how to run the center and money to get facilitators to teach trainees, you’re good to go.
You can start with partnering with churches, schools, NYSC, etc to organize and train their members on skills like bead marketing, blogging, tailoring, etc.
- Networking business
A networking business is one you can do if you know the skill of marketing and convincing people. You have to understand that your growth or money depends on the people you bring into the business.
This means the more downlines you have, the more money you make.
This networking business is into health products, household products, and other products needed for our use.
Understand that every networking business has the way they operate and their registration is done with money, which determines the level you will start with it.
So before you join anyone, make sure you understand how they operate and what they are into.
- Laundry business
A laundry business is a business you can start in the comfort of your house with little capital.
You need to carry out a market survey to know who your customers are, your competitors, and how to run the business.
- Children center
As a woman and mother, starting a daycare center will be easy for you.
You will easily gain the trust and confidence of your customers because they will believe that you have what it takes to take good care of their children.
This business is a profitable one, which you can start in your house by setting up in such a way that it will be conducive for children.
So you need to market the business by telling people about your children’s center and the benefits of registering their children with you.
You can start this business in your compound or any place that has enough space to do the kind of farming you want.
You can venture into poultry, snail, fish, pig, cassava, yam, livestock farming. It depends on the type you can do and make money from it.
In this post, we looked at the different businesses you can do as a retiree in Nigeria depending on the available capital.
Also, you understood that carrying out market research is necessary because it gives you in-depth knowledge of the business.
So in the comment section, I’d like to hear from you.