Retirement is not the end of your career; it is definitely not an obstacle for us to stop working and earning money. There is a wide selection of business opportunities that you can choose from even after being retired. However, with the numerous choices, we often get confused in determining a choice that will be suitable for us.
Here are some tips and tricks to choose a business that may match!
Characteristics of the ideal business choice for retirees are:
Business sectors that have lower risk, so that retirees do not need to think too hard.
Business sectors that are easily managed and operated. This is because retirees usually have lower stamina compared to when they were still actively working.
Business sectors that have value and will continue to rise despite the economy.
Field of business that fits your hobbies and skills, so that the retirees may enjoy running the business.
There are tons of business areas that can correspond to the above characteristics to ensure retirees may run businesses with ease and enjoyment. Those fields include agriculture or plantations, animal husbandry, tourism, or a business that is related to investments such as rental of property(ies).
Let us discuss all of these fields in more details.
1. Businesses in Agriculture, Plantations and Farms
This kind of business is a very precise specific choice for retirees. Agriculture, plantations and farms are usually favored by numerous retirees. Moreover, the current need for agricultural products and livestock is huge. The fact that existing businesses have not being exploiting this opportunity means that there is a huge opportunity for retirees to grab the opportunity fast.
Examples of businesses: Commercial ranch chicken, catfish breeding, cultivation of ornamental fish, organic food and ornamental plants.
2. Business in Real Estate
Another option that is suitable for retirees is real property. Renting and managing property is a service many people need. Also you can run with ease from home. Investment property can be rewarding in addition because of rising resale value that may increase every year. You can also choose to rent rooms, or you can develop vacant land you own. Moreover, if that particular land is in a great location (e.g., in a campus area or offices), it will definitely attract a lot of demand.
Rent a Guest house, or rent open land or provide car or motorcycle parking can also be a good source of income for a retiree.
3. Business in the field of transportation
Personal transportation have now become a convenience and a daily necessity for the general public. Therefore, working in the transportation business can also be a lucrative business for retirees. Similar to the property rental business, using your car for public transportation like a taxi can fill your day. Included in the transportation business are school shuttles, airport shuttles, car rentals, or busses.
4. Businesses that correspond to your hobbies and skills
Surely you run this business with pleasure because it fits with your hobby. For example, if you like to write, you should try writing a book, or if your hobby is reading and have a book collection, you can trade or barter your books or even open a library.
The choice will be what hobby can help support me in retirement? Define a hobby business option you prefer for your retirement later. Hopefully we can help in opening your eyes to all the opportunities.
How To Start Your Own Business
It is becoming increasingly difficult for people today to find jobs. This is especially true for those people who cannot showcase all their skills in their resumes. One of the many solutions to solve this issue is to start your own business.
Starting our own business means that we will become our own boss, have flexible working time, and perhaps a substantial income (if the business is successful). However, starting our own businesses is going to be enormously risky compared to working in a company.
If you are interested in starting your own business, here are a few tips and different steps that you may take in order to become a successful entrepreneur.
Analyzing the different types of businesses
Make sure that you are starting a business in a field that interests you. When you have a specific skill and interest in a particular field, use that to your advantage. Your skills will definitely enhance and support your business. Try to create a break-even point analysis to determine the potential of the business venture that you are interested in. Don’t forget to compile a business plan and state your strategy in order to be successful in the market.
Create a business plan
When you are trying to find external capital, creating a business plan is a must. It does not mean that you do not need it if you are going to fund the business by yourself. Mapping out a business plan will help you discover how much money you need to raise for the initial capital, when and where you will open the business based on your extensive research, and what strategies you should plan to ensure the success of your business
Prepare funds for capital
Capital is a crucial factor in starting your own business. Many people want to start a business, but do not have the capital to run their business. Business owners can get capital from two sources: internal and external sources. Internal capital can be obtained from their own savings; while external capital can be found from investors, bank, or partners. In addition, you also need to have at least three months of a cash balance to run the business.
It is also a good idea to consider a less capital-intensive sector in a business, such as becoming a reseller of different products/goods.
Ensure that your business is legal and has legal entities.
These are the few things that you need to prepare in order to do this:
Determine the legal structure of your business
Choose a good name for your business
Register your business name to the Directorate General of IPR as an official trademark and make it legal
Prepare all the necessary documents and paperwork
Prepare documents and letters, business licenses, such as the Deed of Establishment of Companies, Company Name, Company Name Rights, Recognition and Validation.
Extend your networking
Networking is often the foundation of one’s business continuity. Join communities associated with your business. In addition, when you start your channel of network prior to starting your business, it will help you with the promotion and marketing of your company. These channels of network may become the target market of your business.
Hopefully, these tips are useful and enlightening for you. Good luck and be the BOSS of your own company! By: Irina/various sources