8 Steps to Starting a Business on Etsy
By John Stuart
Since its launch date in 2005, Etsy has become a well-known, respected, and hugely popular platform for creatives to share their handmade or vintage items with the world. Accommodating products that range from clothing, accessories, and jewelry to craft supplies and tools, Etsy enables freelance crafters to pursue their dreams and also make a living. If you want to start an Etsy shop that stands out from the crowd follow these tips:
1. Do your research and be original
The difference between a mere business idea and a successful business idea is thorough research to determine if starting a business would be profitable. Research similar vendors to see what types of products they are selling, and add a unique twist to your own products. Think about your design signature and what you can do to make your items stand out from a sea of products.
Also consider, how do you plan to draw in customers and make them buy your products? Will you offer superior quality materials, unique color combinations, or custom tailoring? Take the time to answer these questions and put together a business plan to guide you and enable you to set realistic objectives.
2. Don’t let finding the perfect name delay you
The name of your Etsy shop is important, but it’s not everything. The quality of your products weighs much more than the name of the brand. We’re not saying you shouldn’t put any thought into a name, but don’t waste days or weeks worrying about finding the perfect one. You can easily change your shop name one time if you change your mind further down the line. Also, try not to choose restrictive names such as “Knitted Slippers,” since you might branch out and start selling a wider array of products.
3. Create a good environment for working from home
Starting a business on Etsy means your home will very likely become your working space (if it isn’t already). It’s important to separate your living space from your work space, so set up a room that’s dedicated solely to your business. You should also create a comfortable and productive environment to do your work.
4. Sell at least 20 products
Offer your future clients variety. If you’re just starting your Etsy shop, you might be tempted to only offer a few products and wait to see what happens. In truth, having only a few listings will bring you little to no exposure. Your e-shop (even if it’s online) is still a shop. You should be offering a wide range of products that differ in colors, textures, and purposes.
For instance, if you choose to sell hand embroidered clothing pieces, it’s easy to branch out with smaller items to give your shop variety. Embroidered bookmarks and clothing patches are a couple of ideas you can put into practice. Offering a miscellaneous assortment will bring you more clients and gain you more exposure.
5. Price your items accordingly
Pricing your products correctly is essential and can play a major role in the success of your business. You should, of course, take into consideration the cost of your materials, as well as the time and effort that goes into making the items. Also, check out your competition to see how much they are selling their items. See if you can beat their prices by offering a cheaper alternative that doesn’t sacrifice quality and still makes a profit.