How to start a business with Etsy
There has been a huge surge in small businesses online, especially for artists and creatives who sell their handmade items and creations! Etsy is a great outlet for those looking to start a business
If you are interested in starting a business, or making some money from a hobby, let’s take a look at how to start a business with Etsy.
These’s are Finatical’s seven P’s Of How To Start A Business With Etsy.
Passion
The most important element that drives a successful Etsy business is that true passion and interest exists behind the product you are creating and selling. Without passion, it will be hard to feel motivated, so make sure you are selling a product you’re passionate about!
Plan
Explore different product categories on Etsy to identify a niche that aligns with your interests, skills, and market demand. Consider factors such as competition, trends, and target audience preferences.
Product
In the beginning, start with producing a small amount of product because there is no way to predict the demand until you start to generate sales. It’s more financially responsible to sell out a small quantity of product than to invest in producing a large amount that doesn’t end up selling.
FinaticalFacts
Prioritise customer satisfaction by responding to inquiries promptly, addressing concerns or issues professionally, and providing exceptional service throughout the buying process.
Pricing
Research pricing strategies for similar products on Etsy and other online marketplaces to determine competitive yet profitable price points for your products.
Factor in material costs, labor, shipping, and overhead expenses when setting prices. If you are selling a handmade product, don’t be afraid to price it fairly according to how much time you spend crafting it, and the cost of materials. You will be the one setting the standard for the quality and time of the products you sell, and those who value your craft will be happy to pay!
Promote
A great way to drive traffic to your listings is to post about your products on various social media channels like TikTok and Instagram. You can also use email marketing or paid advertising to increase visibility and generate sales. Engage with your audience regularly and encourage satisfied customers to leave positive reviews.
Provide
Prioritise customer satisfaction by responding to inquiries promptly, addressing concerns or issues professionally, and providing exceptional service throughout the buying process. Build trust and loyalty with your customers to encourage repeat purchases and referrals.
Policies
Familiarise yourself with Etsy’s seller policies, terms of service, and community guidelines to ensure your Etsy page avoids any violations that could result in penalties or account suspension. Stay informed about updates and changes to Etsy’s platform and policies to adapt your business practices accordingly.
Conclusion
Starting an Etsy shop offers several advantages for aspiring entrepreneurs and creative individuals, and once established and with a steady customer base, it can be a great source of income. Remember to stay patient, persistent, and adaptable as you navigate the challenges and opportunities of running an Etsy shop. Finatical is here to cheer you on every step of the way!
Niabi is a Canadian-born, Madrid-based content writer and editor who loves to collaborate with other creatives from around the world on a variety of different projects. She graduated from the University of Alberta with a BA in English and Spanish Language and Literature. To this day, Niabi finds peace in writing, especially when the topic teaches her something new. She enjoys good food, the outdoors, and traveling as often as she can. Feel free to reach out to her via LinkedIn as she is always happy to connect!