How to run successful personal business before retirement

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Chuks Udo Okonta

With over 90 per cent retirees seeking fresh employments after retirement, because they are still strong and have more bills to carter for, it is therefore, necessary that you establish a personal business while you work.

Life in retirement in a society like Nigeria, is complex for many people who only depend on narrow source of retirement benefits. And to be out of the league of retirees struggling in retirement, there is the need to have a sustained and regular source of income to support monthly pension benefits.

How to run a business while working

* Establishment a business in line with your passion

Passion is an essential element in business growth and development. While you work, endeavour to turn your passion to business.
Harness your talents and start small.

* Seek knowledge

Don’t venture into a business just because others are thriving in it. Seek knowledge, consult experts and do proper feasibility study before investment.

* Employ capable and reliable personnel

Businesses are good as the people that operate them. Don’t sacrifice competence for friendship. Ensure you engage people that share same vision with you to run the business on your behalf.

* Motivate employees

Ensure your employees are happy. Their happiness, would definitely impact your business.
Salary is a fragment, when it comes to motivation. Incentives are more effective that salary.
Happy workforce engenders enhance productivity. Motivated workers would always see the business as theirs and give their best.
To keep the business, you should integrate your employees as part owners of the business through motivation.

*Be ethical

Operating a business according to stipulated laws would help keep it afloat. Since you are not fully on ground to oversee the day-to-day running of the business, the employees, should be made to stand on the strong ethical foundation you built at the start of the business.

Encouraging employees to engage in unethical practices, would not only harm the clients but the business.h

* Training

Employees can never perform more than their knowledge, therefore, they should be trained and retrained to enable them offer good services to clients.

It is better to retire into your business than another job at old age. Therefore, start a business while you work and grow it as part of retirement benefits.

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