Many people retire in South Africa without planning what they are going to do for the rest of their lives. Having a lucrative business idea is an excellent way to lead a fulfilling life when you retire. The South African economy is robust and full of business opportunities. Some businesses can even be done from home. Many people even resign from their jobs to venture into self-employment. You will need entrepreneur skills though to start a business.
Top Businesses to Start When You Retire in South Africa
Businesses require a varying amount of capital to start. Depending on the capital you have, your hobbies and interests, the following are some business ideas you can start in South Africa when you retire.
Farming is undoubtedly the most lucrative business idea for South African retirees. It is also a great way to exercise to better your health at old age. Since agriculture is a broad sector, you can choose whether to start livestock farming, poultry rearing or planting crops. With a piece of land and some startup capital, you are ready to get started.
Real Estate Business
Real estate is a broad sector and it includes rental buildings and sale of properties. It is a lucrative business idea you can venture into. From your savings, you can buy rental properties like land and buildings and start leasing. You can also purchase large parcels of land, subdivide it and sell it at a profit. This business requires a large capital investment. However, it is an idea worth investing in.
Most retirees have a lot of experience from their previous employments. You can use the expertise and skills you gained from your last job to start your own business when you retire. For instance, if you were a financial accountant in a company, you can start a consultancy firm to help companies manage their finances. You can open an office or run your business online.
From your life experience, you can coach people. Coaching is vast and can range from life mentorship to training and counseling. Retired people have made mistakes in life and can help others o avoid such mistakes and make the best out of their lives. Those who have not made mistakes in life know how to navigate life, which can be instrumental to other people’s lives.
If you have worked as a teacher in the past, you can use your experience and knowledge to help others and make an extra income after retirement. You can start your won school and become a teacher. You can also work as a private tutor for students who want private tutoring. You can also advance your education after retirement and start tutoring in higher learning institutions like colleges.
Blogging is a great way to share your knowledge, expertise and skills with others. It is a profitable business idea for South African retirees. If you are experienced in a particular field, you can write about it and publish it on a website. Create high-quality content and build your website and soon, it will start ranking on search engines. Then you can monetize through adverts, sponsored posts, affiliate marketing and many more.
Having worked in a busy office for a long time, you can help new employees in their offices. If you meet the requirements of becoming a personal assistant, it is a lucrative business idea worth venturing into. As such, you can work as a personal assistant, virtually or physically. You can liaise with established corporate and see if they have a vacancy you can fill.
Marketing has become an essential part of growth for any business. Having retired from a business-related job, you probably have a lot of customers you have made friends. You can be employed on a part-time basis when you retire to help a company market its products and services. From your previous client contacts, you can help a business make more sales and earn a commission.
Writing Business Plans and Resumes
Many small businesses try to start operating but cannot because they cannot create business plans. You can help such enterprises to write business plans. Also, young people are looking for jobs and don’t know how to write resumes. You can help them write processional resumes at a fee. You can also guide them on what to expect in interviews and how to answer interview questions.
Property management is an excellent business idea for South African retirees. You can help your clients manage their properties like rental houses by collecting rent and maintaining those properties. A property manager is also tasked with finding new clients to lease property. From the long list of people you encountered while employed, they can be potential customers for your clients.
When people near their retirement age, they start thinking of lucrative business ideas they can venture into. The above are practical business ideas any retiree in South Africa can venture into. They are great ways to transit from employment to self-employment.