Be you, civil servants or a private company employee, there are lucrative businesses out there you can comfortably engage in and get huge returns to better your retirement life. Therefore, if you are too busy to generate profitable business ideas you can carry out after retirement, you are covered in this post. I have painstakingly analysed 10 businesses you can do after your retirement and earn a good living.
Below are the 10 businesses you can choose anyone to venture into after you might have retired from service. It doesn’t matter the size of the business provided you can raise capital. However, your capital determines what the size of your business would be.
10 Best Businesses to do After Retirement in Nigeria
Check out below in no particular order the 10 businesses that can generate good income for you after retirement:
1. Real Estate
There is every tendency that you have a plan to build or acquire before or after your retirement. It is therefore advisable as it will be profitable to convert that plan to a real estate business where you can actually build or acquire the property and use it for commercial purposes by renting them out for cash.
If you have a good business plan, you could source funds through a loan or grants or mortgage organization to finance the project that might be bigger than your savings or gratuity. If owning the property alone cannot drive the desired profit to you, you can incorporate real estate consultancy into the project.
If you are blessed with large undeveloped or land before retirement, you can venture into agric business after retirement. Agriculture is a budding sector of the Nigerian economy due to:
(I) Decline of Profit and Uncertainty in The Oil & Gas Industry: especially in the year 2020 where the Coronavirus pandemic and its resultant lockdown had thrown spanners into the Oil & Gas business due to uncertainty cussed by fluctuating pricing system in the international market and rapid development of new technologies that may reduce or replace the need for petrochemical products in the near future.
(II) Exponential Rise in Population and High Demand For Food Commodities: since the population of the country is rising exponentially according to economic statistics, the demand for food will continue to soar higher and higher; agriculture business is certainly going to be the future economic survival. Thus, agriculture is currently the most rewarding enterprise any employee can venture into after retirement in Nigeria.
Virtually every industry of the economy has a need for the advice and expert direction of highly experienced individuals with specialized skills and industry connections. Becoming a consultant in your area of expertise can earn you reasonable income after retirement.
Firms seeking consultancy services are always eager and willing to pay well because of the huge benefits they stand to gain from the Consultant’s long-standing experience and skills. So you’re on the right track if you consider a career in the consultancy business after retirement.
Blogging can serve both as a hobby and a means of earning income in Nigeria after retirement. If you’re on the lookout for a business that will give you fulfillment, fun, freedom of income after retirement from service, think about blogging.
What really is blogging? It is a kind of personal website where one can share his/ her experiences, you can start a Church and with your retirement benefits, expertise and how-to articles to a large number of information seekers online.
If your write-ups solve people’s problems, you will have a large following. The traffic you drive to you blog will then convert into income overtime. It takes time, patience and persistence though as it isn’t going to happen overnight.
5. Freelance Writing
With time at your disposal after retirement, you can venture into freelance writing for clients around the world who are ready to pay for your service. There are online freelance writing websites like Fivre, upwork etc where you can register to write and earn reasonable income as your portfolio grows. But like blogging above, building a profile that will convince clients could take time but you will get there if you know what you’re doing.
6. Start a Church
Since we’re talking business here church is a serious business you can go into and earn a good living winning souls for Christ after retirement. If you are a spiritually-minded person, you can start a Church business with your retirement benefits. All you need is a nice building, furniture and fittings, good musical instruments and robust sound system.
After that, you invest time and resources in Evangelism. You also need to maintain a level of spiritual discipline, love people to the extent of making groundbreaking sacrifices to build up your congregation; patience and empathy in dealing with people is also a necessary requirement. If you give your church good nurturing the reward will start coming between one – five years of active operation. As your ministry grows so your reward will grow.
Read more: How to Start a Church in Nigeria
One of the most profitable businesses you can go into after retirement in Nigeria is the restaurant business. If you can get a location around your former office, you will make good sales with your connections among former colleagues.
But even though you’re not close to your former colleagues you can still make it in this business if your food is delicious and satisfiable. More so, you can promote your Restaurant on Social Media or even create a website or blog for the business. If you want to upgrade your service you can employ a dispatch Rider and do home delivery.
8. Selling of Food Stuff
You can open a store to sell foodstuff like rice garri, beans plantain frozen foods etc and make good money for yourself after Retirement.
9. Book Writing
After retirement, you can coordinate the broad experience you’ve gathered through practice and experience to write books.
Depending on your inspiration, ideas, and consistency, you can write as many titles as possible. If you have a good agent and publisher, you can earn considerable royalties. You can also earn a reasonable income by writing e-books.
Read more: How To Make Money Writing A Book In Nigeria
10. Non-Governmental Organisation
You can form an NGO, promote it, and get grants through Government and international organisations to execute live touching projects. As your organisation gains reputation, and trust, you will begin to get funding from local, national and internationally based groups and individuals.
From the funds you get, you can take out some percentage as salary or wages for yourself and those who work with you. That wouldn’t break any law if you are sincere, transparent and accountable.
REad more: How to Start an NGO in Nigeria
In this post I have taken time to analyse 10 profitable businesses you can venture into and earn a good living in Nigeria after retirement. Instead of possessing luxury and chasing pleasure with your retirement benefits, it pays more to invest in any of the 10 businesses above can can generate good income for you to enjoy your retirement years.
While choosing a business you can do in Nigeria after retirement, you should be mindful to choose a business that suits your personality and will generate income for you since you are no longer on government or company payroll.
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