Getting into an Etsy business can be a real winner for a work at home mom or anyone who wants to sell hand crafted items independently. Internet venues like Etsy give small entrepreneurs a lot more options for expanding a home-based business. If you want to do well in this competitive environment, some basic tips will help turn your Etsy business into something viable and give your enterprise the best chance to succeed.
1. Do Market Research
Before you start out with your Etsy business, think practically about things people want. You can always fine-tune your product line later, but doing some informal survey type activities about what market needs can boost your start up before it even starts. You may want to bounce ideas off of friends and family, or even convene some more formal research panels to get more educated about basic supply and demand for a type of product.
2. Think about Pricing
When it comes to selling on Etsy (or anywhere else) price is going to be a major part of the equation. Browse Etsy stores and see what others are offering in a certain price range. You want to be competitive without undermining your own profit margin. This can be tricky, but more research will help you play with prices to set up profitable strategies that have a better chance of resulting in purchases.
3. Build Inventory
One of the things that sinks Etsy businesses all the time is a lack of inventory. You can make a few well-crafted things and sell them, but your business will lose momentum when you come to an empty queue. Take the initiative to ramp up production quickly when demand hits, and you'll be poised to profit from an "Etsy boom."
4. Take Good Pictures
For selling online, good presentation of your merchandise is key. This is more involved than just getting a good quality camera. There's also a lot of cutting and crimping involved in getting great pictures that showcase what you have made.
5. Engage in Branding
Whether it's through business cards, blogs, mailings or other initiatives, get yourself out there and get your business in the public eye. Some Etsy veterans recommend making mailing lists from your clients' paypal accounts. No matter how you do it, branding and promotion will help your Etsy shop soar.
6. Supplement Etsy with Live Sales
Anyone who has done an Etsy campaign will tell you that there are times where you experience an 'Internet lull.' During these times, having live sales venues will help you stay afloat. Take vantage of multiple revenue streams from Etsy and public live sales, and you'll bring in more at the start of your craft or other product campaign.
Consider all of the above when you're putting together your Etsy shop and bringing some great merchandise to market.