Etsy is an online shopping platform; a mall where different people come together to manufacture, buy, and sell unique, one-of-a-kind, vintage, or handcrafted items. Since inception, Etsy has reportedly helped 1.8 million sellers get established and has given them the needed training and support to run online stores successfully. It is also one of the proven ways to earn money online legitimately, and a lot of people have interesting success stories from selling on Etsy. Etsy is a great platform to make money off the items you have created or have for sale, such as jewelry, art, interior decorations, amongst other one-of-a-kind items.
So, if you are thinking of starting an Etsy shop, which of course is free to set up, here are seven things you should consider.
1. Decide on What You Want to Sell
You probably have a lot of stuff with the potential to attract a lot of buyers that you wish to put out for sale. However, it’s essential that you prioritize the products or antiques you’d like to sell. You do not have to sell a lot of things; you only need to sell a few things that can keep you smiling to the bank. Check out the Etsy website and see what other sellers have to offer and make sure you comply with the terms and conditions on what you are allowed to sell. For example, as far as handmade products are concerned, Etsy wants you to be the original maker. You are not allowed to buy items from somewhere else and pass them off as unique items.
2. Maintain a High Production Quality
As much as Etsy shoppers are looking for affordable, unique, one-of-a-kind products, they wouldn’t compromise on quality. This uncompromising stance has been the buyers’ tradition on the platform for a long time now, and as a shop owner on Etsy, you should make sure to meet their expectation of quality. Make sure the items you’ll be selling on Etsy are crafted from materials of the best quality that can compete with similar products which buyers can source from elsewhere. Check the different shop categories on Etsy and find out how much other sellers who are selling similar products are selling them for. This shopping knowledge will help you understand buyer preferences and how much they can pay for the things they want.
3. Vintage Should Genuinely Be Vintage
The criteria for labeling an item as vintage on Etsy is that the item must be at least twenty years old. You do not just pick something from your grandfather’s bedroom and expect that buyers will pay you a lot to get it from you. Any vintage item that you plan to list for sale should look neat and in an almost-new condition. If you can have some of the products in their original packing, it would raise the value as this is what collectors desire.
4. Take Your Branding Seriously and Pick a Good Store Name
If you have a shop on Etsy, you are most likely a highly creative and artistic individual. Getting successful on a platform like Etsy goes beyond being just creative; you have to set your shop apart from the lot, and the best way to do that is to maintain an attention-grabbing branding that sets you apart from the competition. First, define your brand and integrate this into the products you have to offer. For your handcrafted or Do-It-Yourself products (DIY), consider using attractive labels that appeal to the demography of the customers that you’re catering to. From your store name to shop icon to your product photos, make sure they are all done to the best of your creative ability. This way, you’ll master not only the art of being creative but being successful in business, too.
5. Keep Up With Demand
There will be peak periods when your items will have a high demand, and you do not want to be in a situation where you are unable to fulfill customers’ orders. Have enough products that will last you for a specific period and inform your customers about orders that will take more than a week or two to ship. This way, your buyers know the exact time range to expect their orders. Also, make your delivery and return policy clear so that everyone can be on the same page.
6. Know What the Business of Shopping on Etsy Will Cost You
Setting up a shop on Etsy costs nothing but to list your items, sell them, and process payment. You will incur some charges during payout. Listing an item costs 20 cents for four months or until you start making sales; for every item sold, you will pay 3.5% of the sale price. You can receive payments through PayPal or from Etsy payments. If you choose Etsy payments, you will incur 3% charges on your selling price and 25 cents to process every sale you make. You should also accept your payment in U.S. dollars. Also, verify how you want to get paid on the platform.
7. Open Your Shop for Business
Once you’ve checked all considerations and put everything in place, the next thing to do is open your Etsy online store. You can do this by following the five steps below:
- Sign up on etsy.com.
- List the location of your shop and your preferred currency.
- Set up your shop’s branding; shop name, shop icon/logo, cover photo, and product labels.
- List your products.
- Choose your preferred mode of payment and set it up.