Getting Into Business After Retiring

Have you heard the notion that you cannot avoid going into business of your own? Whether you have spent or have decided to spend the best years of your life as an employee in government service or private enterprise, time will come that you will be confronted with a situation where you will have to decide whether you will go into business or not and this is a difficult decision to make for some of us.

The retirement pay of those who had been employees before reaching such age are usually spent partly or wholly on a business of his own unless they decide to let other people do it for them as what some retirement fund management companies. Those of us who untimely became unemployed but lucky enough to get some separation pay are likewise confronted with such a decision unless you are really lucky enough to find a new job immediately after your separation from your previous job.

As a retiree living a simple life, you may be able to survive on your small social security pension plus the minuscule interest earnings on your separation pay that you put on time deposit with your bank. You’re lucky if you do not have children who depend on you because you won’t be faced with the decision to enter business with the hope of earning enough for you and your dependents.

I am not a business adviser nor a big businessman to be able to advise you on how to go about investing your hard-earned money into business. I write this blog to remind you that very seldom will anybody get away from making a decision to go into business and the earlier you are given the chance to go into business the better. In our country, there is a belief that while the native Filipinos are educated and trained to become employees, those of the Chinese origins are being honed to become employers or businessman. Being a businessman has its pluses but the risk may be too big for some.

There are three kinds of businesses you can decide on pursuing if you want to go into it. You may either go into trading, manufacturing or servicing. Trading and manufacturing requires big investment especially these days when credit is tight. You have to pay cash for the goods that you will trade. You will also need cash to buy the materials you will need to manufacture the items that you will sell. Servicing seems to be the choice for those with small capital especially if they have the personal skills and passion for the service that they will render to their clientele.

No matter what line of business you will choose, your personal dedication in order to attain your customer’s satisfaction will be needed. Very seldom will you find success being an employee to others and having business of your own at the same time.

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