Business - Markets Reports and Financial News

Over-50s Making Millions in Online Markets – eBay, Etsy

Firing your boss and building your own entrepreneurial career is made easier by online market places such as eBay and Etsy. A lot of people are making millions from their passions through these online marketing platforms.

Sophia Amoruso is a 30-year-old entrepreneur who runs a fashion business called Nasty Gal on eBay. After starting in 2006, her business is now reportedly worth £60 million.

Now, even people over the age of 50 are making lucrative careers through these online market platforms to supplement the money they get from their pension.

Prince’s Initiative for Mature (Prime) chief executive Alastair Clegg said these online marketing sites like eBay and Etsy provides tremendous help to over-50 entrepreneurs. It can also expand your market place to an international stage, he said.

John and Gill Hewitt had £2,000 for capital. They thought about selling household stuff and their friend introduced them to eBay. They gave it a shot and later on found themselves cross-selling hardware and tools. Now their sales have reached £5 million on eBay £1.5 in Mr Hewitt said it takes more work to make it big in eBay, now that there is more competition.

Tracy Marshall, who is now 52, used to be a call center agent earning £14,000 a year. She took her passion on embroidery, took a course in Prime, and launched her Thread Squirrel business on online marketing sites such as Etsy and the Not on the High Street. Last year, she had close to £35,000 turnover. She asks the help of her daughter and her mom to do embroidery at home. She also hires a professional photographer to take pictures. She said, you have to learn what needs to be done or you can hire experts to do it for you.

Another example is Maureen Gilbertson, who at 63 is earning a sizable income from her online jewellery business called The Strandline. She sells 300 pieces of jewellery a year with prices ranging from £18 to as much as £85 through Etsy. She said it is important to research your market and build up a good inventory.

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