As a retiree who owns their home, you will have built for yourself a healthy amount of equity to fall back on. To ensure that your time of retirement is happy and devoid of financial stress, you will want to be able to tap into your money as and when you need it. There are many avenues to take in this instance. You could make use of release schemes that allow you to extract the equity that you have built into your home, you could tap into a lifetime mortgage, or you could start your own business in a bid to earn some additional revenue. With regards to the latter, producing additional revenue, one of the best ways to do this in the digitally-forward world of today is to create your own multi-channel retail e-commerce store.
Why should you consider creating an e-commerce store?
As a retiree, you will benefit significantly from earning passive income, and that’s exactly what you will generate for yourself if you own a multi channel retail e-commerce store. Fear not, as you don’t have to put the worldly belongings that you have accrued over the years up for sale to ensure that your store is a success. You could integrate with the world’s leading marketplaces, such as Amazon and eBay, for instance, or you could even partner up with a third-party who will provide you with products to sell.
Whatever selling route you take with regards to your ongoing sales, just know that the potential positives outweigh the negatives in every way.
How would you go about creating your e-commerce store with little experience in the field?
Chances are you’ve never created a website in your life, let alone started an online store. Fortunately, there are a host of e-commerce platforms out there that are willing and waiting to assist you in this regard. Shopify is one such platform that you could turn to. Amongst a great deal of many other services that they offer, they will be able to help you launch your sales channels in a host of different marketplaces. This will help you to reach new audiences and boost your scalability, especially if you use their Plus service. Importantly, Shopify will also help you to optimise your online store for the mobile web; this is of massive importance, as most of your potential customers will use their mobile devices to access your store.
Is this really a better option than extracting equity from your home?
As touched upon, if your home or any other property that you own is free and clear of debt, then extracting equity from it is definitely an option that you should consider. By tapping into your home’s equity, however, you take your financial capabilities out of your control and leave yourself to live off of the money that you have built up throughout your time as a homeowner. If you’d prefer more control over how much you can afford to spend week in, week out, then you need to start your own business venture.
By going into business as an online store owner, you won’t have to worry about finding large amounts of capital to begin with, as the initial investment is incredibly low. As stated, you won’t even have to purchase products to sell, and you certainly won’t be forced to sell your own items. All you need to do is present and showcase products on your site, meaning you save in that regard also.
What different sales options do you have?
When you start an online store, thanks to the burgeoning e-commerce sector, one thing you can be sure of is that you will have a host of different sales options to tap into. Some of these options include:
- Making sales through social media platforms, such as Facebook and Twitter
- Marketing through smartphone messaging
- Advertising via other marketplaces, like Amazon and eBay
If you feel that your retirement will benefit from you generating revenue rather than you falling back on your equity, then starting an e-commerce store could very well be in your best interests.