There are many ways you can continue getting an income after retirement. In this article we will provide you with business ideas for retirees. A business idea for a retiree is one way of planning for your retirement. It will help you smoothly transit from employment to self employment. That is why we are offering you some ways that can help you make the best out of your retirement.
Many times, Kenyan retirees find themselves financially unstable when they don't save enough and end up outliving their retirement savings. You can prevent this by establishing businesses that will provide you with some income after retiring.
Top Business Ideas after Retirement in Kenya
The following are some post retirement business ideas in Kenya you can try out.
Retirees in Kenya can provide consulting services based on their previous careers. Consultancy is one of the best business ideas in Kenya. If you were a financial advisor, you can offer businesses consulting services to people on how to plan and use their finances. You can help enterprises to realize their mission and goals. There are many individuals out there with big dreams but they have no idea on how to go about fulfilling them. Provide them with the best advice to help them stay focused. They will definitely pay for your services.
If you are near your retirement age and you are thinking of starting a business, real estate should be on top of your list. Real estate is lucrative and you have almost a 100% guarantee of making large profits. There is a growing interest in land in Kenya. With the increasing population, people need land to settle. Retirees in Kenya can buy and develop pieces of land then sell them off at a profit. You need to identify places where land is cheaper with a potential of growing and be sure to earn good money in your retirement.
Rental housing can be an excellent business idea if you are keen on managing your own properties. You have to select the ideal property, buy it or finance it, maintain it, and start dealing with tenants. Smart purchases will take you to the next level. With proper management, house rent from your tenants will supplement your retirement savings.
Read more: Real estate properties to invest in.
Selling Off Old Stuff That Is in Good Shape
Selling off old stuff is a great business idea for Kenyan retirees. After endless years of hard work and raising a family, you probably have a lot of stuff around the house that you won't use anymore. You can sell this on online stores such as Jumia. You are the boss here, set the prices but make sure they are affordable.
At retirement, you have wide knowledge on different aspects of life, especially in your field of expertise. If you are a retired teacher, then tutoring can be the best business idea for you. You can decide to have online classes or teach from home. With the stiff competition in schools and colleges, parents will seek extra tutoring services to help their children stay focused.
Read also: Business ideas for coast residents.
Turn Your Hobby into a Business
At retirement, you can be tired of doing what you did at your job. To maintain a steady stream of income, you can choose to turn your hobby into a business. If you have an interest in baking, you can set up a bakery and start baking to earn money. If you love to take photographs, you can develop that into a photography business. Determine the aspect of the hobby that people are likely to pay for.
Read also: How to save for retirement with NSSF.
Purchase an Annuity
An annuity is a long term investment plan offered by an insurance company meant to protect a retiree from the possibility of outliving their retirement savings. By purchasing an annuity, you convert your savings into a stream of income during your entire retirement period. In case of death, the balance of the guaranteed installments is payable to your next of kin or spouse.
Buy a Business
It is not easy to build a business from scratch. Statistics show that many businesses fail within the five 5-6 years. At retirement, struggling to put up a business from scratch may not be the best idea for you. You can buy one that is already established. If you have the financial means to purchase a business, then this is the deal for you. You only need to do proper research on the type of business you want to buy.
Read also: Lucrative small business ideas to start in Kenya.
Mentor/ Life Coach
If you feel you have done everything you need to do at retirement, you can decide to set up a business to help other people succeed at a small fee. Young people in the early years of their careers need qualified mentors. At this stage in life, you have probably seen it all. Become a life coach and help young minds to achieve their dreams. Many ambitious young people will pay you for these services because they want to have successful careers.
Read more: How to start online coaching business.
Writing can be a lucrative business idea for Kenyan retirees. There are many writing platforms where you can sign up and write for pay. You can also write about your life experiences or about your experience in your field of expertise. If you are a retired accountant, you can write tips on managing money and dealing with taxes. This will help you to generate some income and keep you busy.
Read more: How to start blogging and make money.
Retirement should be the beginning of a new life where you get the chance to do what you love. Being the boss, you will have the privilege of working at your own time, and on your own terms. You set your own rules. You only need to do thorough research and live your dream. You can try the above business ideas for retirement.