So, you have finally decided to start a business when you retire. However, you are not sure of the type of business you want to start. Well, I have good news for you.

One of the easiest ways to find a business idea is to locate people who need the products or services you can provide with the skills you currently have.

Simply put, you could start your business with skills, qualifications, and experience that you have gathered in the last 30 years or more. Although you could create a business in another industry if that is what you are interested in doing.

However, it would help if you did some research about your industry before you walk away from what you did so well in the last 30 or more years.

In this article, I will share three ways to use your qualifications, skills, and experiences to start a business when you retire.

Table of content

1. You can teach what you know.
2. Think of starting manufacturing/service business.
3. Start a consulting business.

#1 You can teach what you know.

You gathered so much experience while you were in paid employment. All that experience, along with your qualifications, is a gold mine of knowledge. You can help a lot of people by teaching them what you know.

The education business is an excellent way to transfer knowledge to other people. You can choose to start a physical or online school. However, to increase the chances of your school surviving, you should think of getting some additional qualifications in the education sector.

A Post Graduate Diploma (PGD) in education will help you offer better service as a school owner. That is if you do not have any qualification in education already.

Recommended Reading: Tips to help you start an education business in Nigeria.

#2 Think of starting a manufacturing/service business.

If you choose to go into manufacturing, you could use your current skills to start a business. For example, as a teacher, you can solve the problem of other teachers by going into manufacturing whiteboards that are easy to use. If you are in the medical field, you can produce medical supplies like gloves.

A pharmacist may consider manufacturing drugs (with NAFDAC approval). To start, you should look at your industry and think about what is missing or what you can do better with your experience.

One good thing about using your knowledge and experience to start a business is that you can compete better in the industry. In addition, being in an industry for several years means that you have the experience and connections to get more clients or better suppliers than your competitors.  

Recommended Reading: Tips to help you start a manufacturing business in Nigeria.

#3 Start a consulting business.

The good thing about having experience in any industry is that you can help people who do not know as much as you do.  This help can be in the form of advice. But, of course, your advice will not be free. To get paid for giving advice, you have to set up a consulting firm.

If you choose this method to use your existing skills, you must work hard to get clients. Why? Consulting is low-hanging fruit for people who want to use their skills after service. So, a lot of people operate in this field.

One way you can get clients is to maintain contacts with your former colleagues so that they can refer work to you. You also have to take some courses on starting and operating a consulting firm.

Recommended Reading: Tips to help you start a consulting business when you retire in Nigeria.

Conclusion

Finally, you do not have to walk away from your current industry when you retire. If you still love what you are doing, there are ways to start a business in that industry.

Firstly, you identify what you want to do. For example, are you interested in teaching, manufacturing, or consulting?

Secondly, you have to carry out market research to find out if groups of people want to buy your product or service.  If enough people want your product or service, then you can write a business plan. The final step is to start your business.

However, you can check out business ideas from other sectors of the economy if you do not want to remain in your current field.

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