I am 56 years old. Have served for 30 years in the administration department of 2/3 private organisations. Presently unemployed. Willing to start something on my own or with a partner. Unable to decide as to what should be the business line where there is less risk and steady growth potential. Please advise.

Ans:

Hi.

I can understand your situation where you worked for so many years to support your family and not really had the opportunity to follow your passion.

If your family’s financial condition is stable now, then you can consider starting your own business. It comes with its own risks but it will be an enriching experience.

You can also consider areas like teaching or social work for the next phase of your career.

Ans: Starting a new business is a significant decision, and it should align with your skills, interests, and financial capabilities. Since you have extensive experience in sales and marketing and have prepared numerous projects for companies, you have a strong background that can be leveraged to your advantage. Here are some steps to help you decide which business to start:

Self-Assessment:

Reflect on your passions, interests, and hobbies. Starting a business in a field you are passionate about can be more fulfilling.
Consider your strengths and skills, including your sales and marketing expertise.
Evaluate your financial situation and determine your budget for starting a business.
Market Research:

Conduct market research to identify industries and niches that have growth potential and align with your expertise.
Look for gaps or unmet needs in the market that your skills and experience can address.
Identify Opportunities:

Consider opportunities in your local area or industries that are experiencing growth.
Explore the possibility of consulting or offering services based on your expertise in sales and marketing.
Business Plan:

Develop a detailed business plan that outlines your business idea, target market, competition, financial projections, and marketing strategy.
Assess the feasibility and potential profitability of your business idea.
Networking:

Leverage your professional network and industry contacts to explore potential partnerships or collaborations.
Seek advice from mentors or experienced entrepreneurs who can provide valuable insights.
Validate Your Idea:

Before fully committing, consider testing your business idea on a smaller scale or conducting a pilot project to validate demand.
Evaluate Risk Tolerance:

Assess your risk tolerance and consider how comfortable you are with the potential challenges and uncertainties of entrepreneurship.
Legal and Regulatory Considerations:

Research the legal and regulatory requirements for starting a business in your area, including licenses, permits, and taxes.
Start Small:

It's often advisable to start small and gradually scale your business as you gain experience and confidence.
Seek Professional Advice:

Consult with business advisors, accountants, and legal experts to ensure you have a solid foundation for your business.
Ultimately, the business you choose to start should align with your skills, interests, and goals. Given your background in sales and marketing, you may consider starting a consulting firm or offering marketing services to small businesses. Remember that entrepreneurship can be challenging, but with the right planning and dedication, it can also be a rewarding journey.

Ans: Hello! With your extensive experience in various roles at a public sector bank, you have a wealth of skills that can be valuable in many different fields. Here are some suggestions for both business opportunities and finding a job abroad:

Business Opportunities:

Financial Consulting: Utilize your banking knowledge to advise individuals or businesses on financial strategies.
Education and Training: Offer workshops or courses on financial literacy, leveraging your experience in banking operations.
Bookkeeping Services: Many small businesses need reliable bookkeeping, which could be a great fit given your background.
Start a Franchise: Consider purchasing a franchise in the financial sector, where your banking experience will be an asset.
Finding a Job Abroad:

Expand Your Skill Set: Take certification courses relevant to your desired field to enhance your qualifications.
Update Your Resume: Tailor it to reflect the key abilities and experiences that make you a suitable candidate for international roles.
Networking: Connect with professionals in the field you’re interested in, as well as expats who have successfully found jobs abroad3.
Job Portals: Utilize international job boards like LinkedIn and Indeed to find opportunities that match your skills and preferences3.
Remember to research the visa requirements and job market for the countries you’re interested in, as this will greatly influence your opportunities and the application process. Good luck with your new venture!

Ans: Dear KC,
I would suggest you to stick to the options where you have relevant experience as you would be reaching super annuity shortly.