If you have a hobby that involves making things others might want to buy, you may have considered opening up an Etsy shop and selling your goods. With hard work and dedication, you could make some serious money online! Here’s what to think about before opening your Etsy shop.
Check the Competition
Chances are you aren’t the only person who makes what you make, but who knows? Perhaps you have a particular niche, or maybe your creations appeal to a wide audience. Either way, you should search Etsy for whatever you’re planning on selling. Niches and broad categories each come with their own advantages and disadvantages.
With a niche product, you’re more likely to get sales when people search for your item, but you should expect fewer people to search. With a broad category, more people will search for it, but there will be more competitors for them to choose from.
What’s most important is that you understand where you fall on this spectrum and take steps to mitigate the challenges that come from either option. Perhaps you could open your niche slightly or make your open-ended idea a little more focused.
Have a Business Plan
Find products similar to yours and note their prices (both item cost and shipping cost). With these numbers in mind, determine how much it costs for you to produce a given item, considering materials and time. Also, factor in Etsy’s fees. Etsy charges five percent on every transaction, as well as 20¢ to list an item. Ensure your idea is still viable after these considerations.
Figure Out Shipping
Last but by no means least, determine everything related to shipping. Decide whether to offer free shipping and determine whether boxes or poly mailers are better for shipping your items. Shipping is the least fun part of running an Etsy store, but you must get it right, as customers have strong feelings about packaging methods and shipping times.
Now that you know what to think about before opening your Etsy shop, do some research and start selling your fantastic crafts!