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Retirement from active service comes with a lot of uncertainty. Studies have shown that most retirees suffer hypertension and anxiety, which are often traced to inactivity and fear of making more finance. In Nigeria, most retirees die five to ten years after retirement. There are many cases where retirees lose their life savings and gratuities to dubious investment schemes, while some lose theirs in running a wrong business that is very unfitting for their new status. In this article, I discuss the best retirement businesses that are suitable for retirees.
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  • Entertainment & Event Equipment Rentals

This is a stress-free business that a retiree can do. With the sum of 500,000 to 1 million nairas, a retiree can start up an entertainment rental business. What is needed is to get a good shop in a profitable location and get the necessary equipment such as big cooking pots, gas cookers – double burners, cylinders 12kg, plates, spoons, forks, cooling services for drinks + ice cubes, glass cups, big and small coolers, serving trays, turning sticks/spatulas (omorogun), cooking spoons, frying pans, serving baskets and so on. With events and ceremonies such as weddings, burials, housewarmings, etc., you’ll always have people coming to rent your equipment. 

  • Consulting

Consulting services is one of the most ideal businesses that a retiree can get involved in. This is easier to get started. One might not bother about the job position he or she held before retirement, yet all that is needed is that you can start a consultancy business around any career field or profession. For instance, if you retired as an accountant; you can become a chartered private auditor, a bookkeeper, or even a financial adviser. All you need to do is to have a social media presence on Facebook, LinkedIn, and Twitter where you can reach a large audience and continue your professional service.
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Furthermore, with a WordPress website, you can design and structure your consulting business and give it an online presence with quality SEO content. You can as well reach out to churches, private companies, and NGOs to offer them your wealth of experience. People will be willing to bring in someone with so much experience.

  • Agriculture

Agriculture is a vast field that includes poultry, fisheries, crop, and vegetable farming, horticulture, and snail farming. These forms of agriculture are retiree-friendly. With a sum of 500,000 nairas, you can set up a good poultry farm and start fish or snail farming. The most important thing is to get an expert in any sector you are interested in venturing into to teach you the rudiments and tricks behind being a successful farmer. In a case, where you want to go into crop farming, it is much cheaper these days. You don’t need a plot of land that will cost more, but with bags of used cement bags, you can carry out successful yam farming. All you need to do is to put your seedlings in bags and fill them up with loamy soil. 
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  • Provision Store

This business is probably the most exciting and interesting one to venture into. The most important factor is to get a store in a good location and stock up your inventory with household items and other consumables. With the sum of 500,000 nairas, you can start up a very good provision store. Another important factor is to get a distributor. 

  • Real Estate 

Real estate is a new trend. Although it’s expensive to set up, you can start as an agent who helps landlords get tenants and buyers. Starting as a real estate agent is all about getting buyers and tenants. But in a case where you have much capital on you, you can acquire landed and housing properties and put them up for sale or rent. All you need to do is to engage in intensive publicity both online and offline. Offline, you will have to engage in outdoor print advertisements. While in your online activity, you can get a digital marketer to push your brand.  Featured Image Source: The Motley Fool
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This article was first published on 6th May 2022

nnaemeka-emmanuel

Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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