“Which business do you think I should start”? I get this question a lot from my senior colleagues who retire. Having spent over 30 years as teachers, some of them are starting businesses for the first time. I can only imagine how uncertain anyone in that position will be about selecting a business idea.
One of the factors that will determine how profitable a business idea can be is the skill level of the business owner. So, congratulations if you are a retired teacher and plan to use your teaching skills to start a business. You can leverage your teaching skills and experience to start a business.
In this blog post, I have put together 10 top business ideas for retired teachers who still want to use their teaching skills. The business ideas are directly related to the qualifications and experiences of teachers.
In addition to your teaching skills, please remember that you need to learn some business managerial skills like business plan writing.
Table of contents.
- A school. Either physical or online.
- Consultancy.
- Content creation.
- After-school coaching program/ home tutoring business.
- Coach (life, business, career planning).
- A business in your area of specialization.
- Bookshop.
- Motivational speaker.
- Babysitting/crèche.
- Holiday camp.
A school. Either physical or online.
If you choose to start a school, you are just continuing the work you have been doing for the past 30 years or more. It will be a smooth transition because you know the systems and practices in schools. You can choose to start a physical school, or if you have enough knowledge about how to create an online school, you could decide on that option.
Note.
- If you choose to start a physical school (nursery, primary or secondary), you should ensure that the ministry of education accredits your school.
- Schools are capital-intensive projects since you have to invest in renting or buying a building. You will also have to spend money to pay your teachers until you have enough students that cover your bills. You should also note that it takes time to start making money in a school business because of the large amount of money you are likely to invest at the beginning.
Consultancy
Consulting is all about helping people solve their problems with your knowledge. You have several options if you decide to start a consultancy. For example, it could be an education-focused consultancy where you can help people start or expand their schools. Another area of consulting that you can consider specializing is your teaching subject. As a business consultant and coach, I have found out that my teaching skills come in handy working with my clients.
Note.
- Whatever field you choose, ensure that you get the necessary certification for consultants in that area.
- Consultancy is a crowded field. To stand out in the industry, you need to build networks and do a lot of personal selling to get jobs.
Recommended Reading: One easy way to identify a business idea when you retire.
Content Creation.
Content creation is a perfect fit for retired teachers. Why? You have spent the past 30 years or more creating lesson plans and lesson notes for your students. If you want to continue creating content, you can choose the following options. You can write a book or start a blog. Other options available to you are, copywriting, speech writing, or proofreading. You can also begin podcasting.
Note.
- Improve your writing skills by attending courses on the specialty that you choose. In addition, there are a lot of free online courses that you can attend.
- If you choose to start a blog, you also need some technical skills to set up a website.
After-school coaching program/ home tutoring business.
After-school coaching programs are a favorite area for teachers. You most likely have done some home tutoring while you were in service. There is a high demand for home tutors at the moment. So, if you have the temperament, you should consider this line of business.
Note.
- Set up a system where the students have to come to your location. It will reduce the time you commute from house to house. You can also employ more people to help you with your students.
- If you choose to set up a school coaching program, please find out the relevant laws in your state for such organizations. You should also register it with the appropriate agencies in your state.
Coaching ( life, business, career planning)
Coaching is another perfect business idea for a retired teacher. You have spent some time working with young people and guiding them through various seasons of their lives. If you are good at doing this, you can now increase the number of people you help by setting up a coaching business. Your coaching business could be focused on career planning or life coaching.
Note.
- Like a consultancy business, you need to get some form of certification in your area of specialization.
- Although this is a crowded profession, your existing networks can help you start on a good note by giving referrals to new clients.
A business in your area of specialization.
Teachers are specialists. You have spent years teaching subjects that make you an expert in that area. You can convert that knowledge to income if you start a business.
For example, an agricultural science teacher can start a farm, poultry, or fishery. A home economics teacher can create a restaurant or catering school. Language teachers can start a school or a translation agency.
Whatever subjects you taught while in service, you have great options for a business idea. You could either teach people what you know or produce items using your knowledge. Another example is a fine art teacher who can open a craft school or start a fashion house.
Note.
- Your technical knowledge is not enough to ensure success in your business. You also need to learn business management skills. You can learn about starting and growing a business by attending seminars, training, and working with business coaches.
- You need to conduct enough research to determine if there is a demand for your product or service. The research is necessary because not all teaching subjects can be easily converted to a business idea without additional training.
Recommended Reading: Top 3 tips to help you start an education business when you retire.
Bookshop
A bookshop is a great business idea if you want to start a retail store. Since you have been teaching, I can safely assume that you like reading😊 . There is always a demand for textbooks. You should know this since students have to buy new books every session.
Note.
- If you want to specialize in selling textbooks, you should choose a location in a busy environment. An area with a busy environment is essential for a retail business.
- Another point to note is that bookshops tend to experience seasonal sales. You will experience more sales when students are resuming in September. To ensure a consistent cash flow, you should consider selling other items like novels, stationery, and gift items.
Motivational speaker.
As a teacher, you would have gained a lot of experience motivating your students. A typical school has students from different backgrounds that would give you practical knowledge in helping young people. If you want to become a motivational speaker, you can use these skills as a starting point. However, you will need to improve yourself by attending courses and reading books.
Note.
- Motivational speaking is a crowded field, and it is not as easy as it seems. You have to start by giving out free content. You will also have to work for free before you start getting paid work.
- Similar to consulting, your networks are essential to help you get started. So, you need to keep in touch with your old collogues who can give you speaking opportunities at the beginning of your career.
Daycare/creche
There is a high demand for daycare/creche because of the high number of working women who need a safe environment for their babies. If you retired from a nursery or primary, this could be a great business idea. Some other people who could find this idea profitable are people who love babies.
Note.
- You need to attend courses about how to run a creche if you have no previous qualifications.
- You must also register your creche with the relevant authorities.
Holiday camp.
Camping for young people is a seasonal business. However, there are several alternatives if you chose this business idea. The camp could be for the summer or Easter holidays. Alternatively, it could be an activity camp where the outcome is to learn French or cooking skills. Since international borders are now reopening, you may decide to organize trips outside Nigeria for your clients. For example, you could organize a trip to the Benin Republic or Togo for French-language students.
Note.
- You must make sure that the safety of your clients comes first. In addition, the environment must comply with regulations for public gatherings. If you do not have a safe space to keep children overnight, you should consider running a day camp.
- Since you are working with young people, your staff must be experienced. Therefore, you should also conduct a background check on people before you employ them.
Conclusion.
As a teacher, you have had the privilege of working with young people and contributing to the development of Nigeria. Your contribution should not stop now that you are about to retire. However, this time, you will have to organize resources to give value to your customer and receive monetary rewards. So, your rewards can start on earth 😊.
It takes careful planning and collaboration with other people to set up a business. It would be best to carry out market research before you commit resources to any of the business ideas I mentioned.
I wish you well as you create a new source of income.
If you are interested in getting more tips on how to start and grow your business, join us in our Facebook community https://web.facebook.com/groups/smartretirementbiz I look forward to answering your questions there.
