How to Make Money on Etsy?
Making money online is a major part of the new world economy and is something that economists are predicting will be the future of all transactions. However, where people go wrong is they assume that because they are not a corporate giant, they cannot join in this world and begin taking advantage of the new world order. Luckily for you, websites like Etsy make this easier for smaller retailers and guides like this explain everything you need to know.
If you have not already guessed, this article is all about how to use Etsy to your advantage and start up a little business on there. Just read below and we will take you through a few tips.
1. What is Etsy?
Etsy is a marketplace where creators can post their items and buyers can have a look at items. The kind of items that they tend to specialise in are handmade or vintage products- perfect for those smaller sellers who want to get off the ground. You should note that if you are selling any vintage items, they must be over 20 years old to actually classify as vintage. The attraction with Etsy stems from this point as well, as many of the products that you can find on the site cannot be found anywhere else and so are unique- perfect for a gift.
The advantages to using Etsy are that the site gets plenty of traffic from buyers. Being a trusted selling site, people come from all over the world to buy things on Etsy and so your shop will receive far more traffic and far more potential customers than if it were not on the site. Also, for those who are willing to invest a little into their business, there are opportunities for advertising on the site so you can share your items with even more people and really get your idea out there.
2. How to Start Out?
First of all, you are going to need to make an Etsy account. This is very simple and should not take long. Despite its simplicity, there are a few things that you might need to consider. For example, your name is what potential customers will see first and so surely it should reflect what your brand is about? You may need to think about sliding in a few keywords into your name to better your brand image and better your performance on search results- something that will become apparent later.
Now that you have your account sorted and a good name, it is time to consider your products. Now, there is a lot to consider here so we will break things down into bullet points.
- Firstly, what products can you offer? Once you have your account up and running the first port of call is going to be what products you have. These cannot be any old products, and in fact, when you first start, it is sensible to only have one of two things that you can consistently make rather than many different products that take a while to make. We would suggest around 2 or three products to start.
- Now that you have those products ready, you will need to advertise them. This means choosing a name for your products- one that accurately describes your product and one that is enticing for viewers. To match this name, you will need to a picture to display your product. Now, once again, you will need to make sure that the picture that you take is clear and shows off your product in the best way. You may need to get a proper camera and some advice to get the best shot.
- Finally, the last major thing that needs to be considered is the price. This is very important as this is what your customers will pay. The first thing you should do is consider the amount of time it takes for you to make the product and the cost of the materials it takes to make it. Next, take a look at similar products on the Etsy store and see how much they go for- this could affect your rough price. Once you have this price, make sure that you re happy with it- a price that is not too expensive and not too cheap and one that genuinely reflects the effort it takes to make the product in question.
- There might be other considerations such as a description. However, these are not as important and follow a similar style to the title of your product- it should accurately describe the product and also draw interest to it.
3. Getting Your First Customer
Often times, getting your first customer is hard and will keep you from getting any more than that. However, because you have no prior purchases and no reputation on the site, why should anyone trust you? For many newer sellers on Etsy, this is the one thing that holds them back, but, do not panic because they are ways to get that important first sale.
You could invite some friends or family to go onto the Etsy site, buy your product and leave a nice review. For many this will get the ball rolling and, if the person who bought it is impressed, could lead to even more sales amongst that person’s friends and family- a never-ending spiral of buyers.
Another way you can get your first sale is to simply wait. Patience is something that is highly valued and if you just wait, you may find that your products and your page as a whole receives far more traffic than you expected. However, there is a catch with this, if you wait too long then you may just be wasting time. Make sure that you only wait for a few weeks and keep on top of views and clicks and other important stats to see how your page is performing.
4. How to Keep Going
Once orders start coming in, you will need to make sure that you can keep up with them to keep your business sustainable. This may mean a number of things.
First of all, you will need to make sure that you can keep up with demand. As you start getting orders, and you start getting positive reviews, your reputation will grow and you will start getting more and more orders. As you start to get more orders, you will need to make sure that you do not get overwhelmed by them and you start to fall behind. This is vital because if you do get overwhelmed, it may affect your ratings on the site and will also change the way in you feel about Etsy.
Second of all, be careful when you expand. Eventually, you will feel the need to expand and add new products to your page so you can expand your market share and become a more well-rounded seller. Now, we are not telling you to not expand, just be careful when you do. Make sure that the products that you have currently are selling well and that you maybe already have some demand for new products. Next, you are going to need to choose some products that you can add to your range- when doing this, make sure that you use the same guide as we give in chapter two of this guide.
We would not recommend that you bring out more than two new products at a time because then you may over stretch yourself. This could mean that you cannot make these products quick enough or cheap enough so it is not worth having them on your site. Or, if the new products are popular, you may find yourself overstretched and suffering from success.
To sum up, making money on Etsy is not hard and thousands do it every single day. However, in order to do this, you will need to follow some advice.
Understanding how Etsy works and the kind of opportunities that are available to you is a great start and will truly unlock the potential your site has.
Next, knowing the kind of tasks that need to be done when you first start is important and getting the ones with the highest priority will put you in the best position to succeed.
This next stage is the hardest, knowing how to get your first customer is difficult and waiting is the hardest of all. However, you could enlist the help of your friends and family to boost your numbers.
Finally, knowing when to expand is also vital and following the steps in chapter four and chapter two.
If you loved this post on how to make money on Etsy then be sure to check out our posting on starting your own online business. It’s packed with loads of useful information about starting out on your own and how you can make it in the world of entrepreneurship