5 Businesses You Can Do Being In Merchant Navy

It’s true that not everyone in the merchant navy is mentally ready to live without their family, and so they plan to quit the merchant navy, but when they quit, they don’t have enough financial stability to survive on land and finally, they return back to the sea, and they remain unhappy onboard the ship. This post will state such 5 businesses you can do being in the merchant navy and still you can start creating another income source and when the source gets stabilized, you can plan further to retire and live your life happily on land without any financial problem.

As it is for sure that the person joining merchant navy will surely work for at least 5 to 6 years, so these are the 5 side businesses you can do being in merchant navy:-

Starting with the most profitable and most easiest business which any one do being on board the ship:-

1) REAL ESTATE ( PLOT BUYING AND SELLING )

The real state sector now a days is the most booming sector of any country which has been proven as most profitable and successful business to invest in.

So let’s see how this can benefit you in achieving your financial freedom.

We will discuss point wise:-

Before going on board the ship looks for a plot that can be profitable in nearby future.
Now when you have seen it, if you have the money you can purchase that before going to sail onboard the ship.
Or if you don’t have money, then you can pay the amount when you get the salary, as the payment can be done within 6 months normally in every state of INDIA.
Now as you have bought it, it became your property which can be utilized when you plan to retire even at an early age.
The thing which you also know that the return which you get from the plot is far more than banks or any other safe investments.
You get about 6 % per annum when you do fixed deposits in the bank, whereas as per my study says from real state plot buying and selling businesses you can get a minimum of 10 to 20 % return per year.

This is how you can earn more from this business:-

Research for the plot in an area that is developing and has a scope of development in nearby future.
wait for 3 to 4 years and then sell it and you can continue the chain.
You can also rent your plot for agriculture purposes.
You can rent your plot for business purpose like dairy farm and earn monthly rent from that and when you find the cost of the plot more valuable sell it at a good price
Once you got the money from selling the plot you can also utilize some money in other businesses.

2) REAL ESTATE ( ROOM RENT)

As you are planning to be financially free before you retire so that means when you retire you should have a fixed amount of money coming from other sources without working anywhere.
Now suppose on average a person in INDIA needs 50000 rs per month to live their life freely, so renting the house plays a good role here in achieving this goal.
You just have to plan to build a house if you already own a plot, and start earning from it.
Otherwise, if you don’t have your own plot. then I would recommend purchasing a flat in an apartment, and in INDIA on average, a 1 BHK flat will also give you 10000 rs per month
It is a conventional source that creates a fixed income monthly, and if you purchase 3 to 4 such flats it will give you money without any tension.
But again as purchasing even a 1 BHK flat in 2 tier city it will cost you around 15 lakh rupees, if you are getting a good plot in this amount I will recommend you to go for a plot, a flat will give you a fixed income source monthly.

TIPS TO ACHIEVE MORE AND PAY LESS:

Purchase the flat on EMI and keep paying the EMI a little bit from your salary and more from the rent earned.
Purchase the FLAT in developing areas where still all the sources are not available for a locality to be called URBAN.
And once the demand of the area becomes high, sell the flat for a good amount.
I have seen many people around me purchasing a flat of 10 lakhs rs when it was under construction and sold it for 30 lakhs after 4 years when the area was developed.
Also, you can give the flat on rent for office purposes.
So I am sure this will definitely in earning a good amount
The investments are not that hard for merchant navy people as we all know that a person in the merchant navy on average earns more than any other person on shore, So this can also become a good option for you being on board.

3)GROCERY SHOP

Although this sounds so common, the earning potential with this can be more than 30k rs per month.
Just you need small space and some technique of marketing.
It is recommended better to open the shop in your home on the ground floor.
For opening the store you just need an investment of 2 to 3 lakh rs. and earning potential is very much

Now lets see how can you get more from this business:-

Invest the minimum amount required and keep all the daily need materials for selling.
It is recommended that you open the store in the area of 750 sq ft, as you would have heard the quotation “jo dikhta hai wohi bikta hai” which means the more you expose, the more you sell.

But if you don’t have that much area still you can make handsome amount of money with even small area, let’s see the trick in it.
- You can provide a home delivery service in your locality with a fixed time span like 30 min delivery
- For quick delivery, you can charge more delivery charges.
- Get the banners printed stating the name, location, and home delivery service provided by you focusing on 30 min delivery.
- If necessary get one application made from an app developer which will cost you around 50k to 100k rs maximum.
- Now let’s see the total investment needed:-
  - delivery boy- max rs .10k, minimum 4 to 5k rs per month (10000 *12 =rs. 1,20,000 for an year)
  - initial investment – rs. 2 lakhs to 3 lakhs including interior decorations
  - App development – rs. 1 lakh maximum
  - Total cost for setup= rs. 5 lakhs approx
- The total cost will be recovered in a year and then after you will be earning a fixed profit of 20 to 30 k rs approx per month.
So I hope this will be beneficial for you.

4) SPACE FOR RENT

Now, this is again a beneficial business which is related to the first point mentioned here in this article, if you have a plot available, you can give the plot for rent in the following:-

You can give your space for rent to the bigger companies or agencies.
You can consult people who want to invest in opening something on your plot with some share with the business owner or you can take rent from the business owner.
So if have the plan to do some good business in nearby future, try purchasing a plot in a developing area that will cost you less, and then after three to four years you can even start your own business on that plot

5) WRITING BOOKS

Now i ranked “Writing Books” in the business section because this also is in trend now a days.

As this can turn into a profitable business for you if you have good imagination power and good writing skills, and if don’t have good writing skills, nowadays there are so many people are working as a freelancing.

So just you need a frame a good story when you are on board and then while you go home give it to the editor and then give it to the publisher to publish it

And for marketing, you can use Facebook, Instagram, and other social media sites before bringing into the market, and sales you can use sites like Amazon, Flipkart, and nowadays many people are earning a good amount from it.

Also, you can write ebooks and sell them on Instamojo, This can also be a great option to utilize your skills as an income source.

And when you retire even you can open your own publishing house which will give you more profit.

so these were the top 5 recommended business from us which I hope every mariner can do easily being on board the ship, and plan their retirement with a safe financial hand