“Retired but not tired’ is a phrase most of us have come across at one time or the other, especially at ceremonies to celebrate our retirements or those of our former colleagues. While it’s true that most people retire because they no longer need, nor are able to work (see link to article of why people retire), majority of retirees are retired because of mandatory age of retirement and not necessarily because they are redundant or less capable of carrying out their assigned duties.
This group of retirees need some kind of business endeavor to keep them relevant and/or profitable in this phase of their lives and below are some of the most rewarding businesses for this group:
In over 70% of the world, farming is a business that can be pursued at any point in life; especially at an advanced age. Different aspects of farming global mechanization of farming ensures that the retiree does not have to involve herself in back breaking work in order to realize her dream of growing and nurturing new life.
Farming is not expensive to start up, allows for family time and is profitable if done properly. One of my preferred ways of doing it properly is to invite the grandkids for holidays and inculcate values into them by making them work on the farm at little or no pay. It wasn’t child labour when my grandparents did it and I think I and my siblings turned out just fine, except for the part where I got stung by a bee.
Sales of FMCG:
Fast Moving Consumer Goods are so called because they are in a perpetual state of being sold out. An average worker spends over 35-40% of her income on these FMCG, making this line of business a most sought after opportunity. From being key distributors to wholesales and retails, there are boundless opportunities in this sector depending on the value of the investment, the business acumen of the owner and how much of his/her time the retiree is ready to spend managing the business.
A downside to this business, however, is the small margins on goods sold as there are an infinite number of competitors at whatsoever level one decides to enter the market.
A wise man once told me that there can never be too many consultants in any line of business. I would have argued this point with m but he quoted Prov 11:14 and a few other scriptures from the bible to buttress his point. So, here I am advocating his point also.
Contrary to what majority of people think about consultancy being a preserve of a few professionals, it is not. If you were good at your job (or career) and that job (or career) is still relevant today, then you can fashion out a way to consult for people who still need that job done or are in that career.
Consulting is dependent not only on your technical skills, but on your interpersonal skills. It is lucrative and can be made to conveniently to fit into your newfound retirement lifestyle.
The aforementioned businesses do not in any way preclude the others, nor does it obviate the need to invest in different portfolios. While it is understood that the businesses above may not be as profitable as a number of businesses out there, the operative word in conducting this research was “rewarding”. Rewarding, in the context of the article, transcends material profitability taking into account the total well being of the retiree.