Photo by Elena Koycheva on Unsplash
With no signs of the COVID-19 pandemic slowing anytime soon, more and more Americans are finding themselves unemployed. These economically tragic times are anxiety-filled for those in their 40s. They are back on the career hunt with fierce competition in the millions. So starting an ecommerce business in your 40s may not be a bad idea right now.
The ecommerce industry has taken a few hits during the coronavirus pandemic. However, if you are serious about getting into ecommerce, have a viable niche, and employ essential ecommerce solutions, you could achieve success.
Success right now may be a bit different in the beginning, though. You might not make what you were making while climbing the corporate ladder. However, you could make enough money to cover your bills and save a bit of cash. Keep in mind, though, that success will not come overnight. So be ready to roll your sleeves up and get to work.
To help, we compiled a few tips and tricks to start an ecommerce business in your 40s. Let’s dive in!
1. Niche Down for Quick Growth
Due to the competitiveness in the ecommerce industry, it is essential to find a micro-niche, especially if you’re starting out in your 40s. For instance, selling baby clothes online is way too broad. You will have a difficult time ranking in search engines for just baby clothes. Instead, niche down as far as you can go.
Here are a few questions to ask yourself when finding a micro-niche in the baby clothes segment:
- What age group will be my demographic?
- What will my price points be?
- Will I sell boys’ and/or girls’ clothing?
- What buyer persona is my target (mom, dad, grandparents, etc.)?
- What is my unique selling point (differentiator)?
Find the micro-niche in the wider segment to grow faster. Your aim should be those first 1,000 followers and consumers.
2. Collaborate with Micro-Influencers
Since you are niching down as far as possible to achieve fast growth, consider collaborating with micro-influencers in your micro-niche. Why build your own audience base when you can tap into the loyal audience of a micro-influencer? This is a powerful tip when it comes to starting an ecommerce business in your 40s.
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For example, let’s say you have $1,000 to dump into a marketing strategy. You could go the traditional route and pay for Facebook and Instagram ads. But how confident are you in doing this on your own? It might be better to pay an influencer in your micro-niche to raise brand awareness for your online store.
This strategy allows you to reach 5,000 people who are already interested in the products you are selling online. Fast growth and sales are the aim here.
3. Test Your Market Viability Before Investing Too Much Money
One of the biggest mistakes new ecommerce business owners make is going all-in before testing the market. Did you know that the number-one reason startups fail is because there is little to no market for what they’re selling? This means testing the market is a must-do right from the start.
To test your market, set up a simple website using Shopify. A simple ecommerce website with SEO at the forefront will show you how much interest you have over a specific time period. Having this data and the projections it will give you will allow you to get a clear picture of the market.
4. Don’t Ignore Amazon or eBay
This is a very important tip to start an ecommerce business in your 40s. Did you know that many ecommerce businesses that sell on their own online marketplace also sell on Amazon and/or eBay? The reason behind this is consumer trust. Consumers know Amazon. This means they are more willing to buy on Amazon instead of a site they have never heard of.
However, there is a bit of work to setting up an Amazon and/or eBay seller account. You will need to meet the seller requirements for each platform. Amazon is a bit more challenging to get on than eBay. Here’s how to start selling on Amazon.
5. Buy an Ecommerce Business and Skip Early-Stage Issues—Because, After All, You’re in Your 40s
Another way to start an ecommerce business in your 40s is to not start one at all. Instead, buy an already-viable ecommerce business online using sites like Flippa. Going this route can save you a lot of the time and energy it would take to set up a brand new business.
The only downside to this is money. The price tag of an ecommerce platform that will net quick return on your investment ranges from $5,000 to $15,000. Therefore, be sure to do your due diligence when buying an existing business.
So Go Ahead and Start an Ecommerce Business in Your 40s
The above tips and tricks to start an ecommerce business in your 40s are among the most important. From testing your market with basic online tactics to buying an existing ecommerce platform, there is certainly a lot to consider. But if you are looking for an industry that allows you to make money on your terms, ecommerce may be an option.