The purpose of this blog post is to inspire people to do the hustle and retire early (preferably before 40) to spend more time with family and friends. This article is dedicated to people (especially Millenials) who are willing to do the hard work to achieve financial freedom.
For those of you who never heard of Etsy, it’s an online marketplace like Amazon. The only difference between the two is that Etsy sells handmade or vintage items and craft supplies. While Amazon sells whatever the f*ck they want. 🙂
According to statistics, more than 1.93 million sellers sold goods through the Etsy platform in 2017 and they have over 33.4 million active buyers. That’s a lot of numbers I know. That simply means there’s an audience out there if you can make something handmade and “unique”.
My Etsy Income Report:
The image above is my stats from Etsy from Dec 2016 to 2017. Majority of my sales are directly coming from Etsy and Google. Yes Google, my images rank on top of Google search results page. And no, I didn’t hire a professional photographer, I did all the work. Thanks to online tutorials and to my ever loving fiancé.
I grew my sales through social media and good ol’ word of mouth. Every month I was making roughly $2000-3000 part-time income. Christmas season is the best because it’s the busiest time of the year. I saved a big portion of my sales since things are slow for retail between February and March. I have the luxury to travel the world which Etsy sales paid for.
I know $20K is not that big, but seeing Etsy income reports like this added fuel to my fire. I always listen to Gary Vaynerchuk’s podcast, and he is right. “Do the work. Everyone wants to be successful, but nobody wants to do the work.” If others could do it, I knew I could too.
1.) Think of a business idea and make sure there’s a market for it
It’s important to sell a product that you are passionate about. Before you start a business, make sure it will actually sell and how stiff the competition will be. Like me, for example, I’m into fashion so decided to sell something related to it like handmade jewelry. You need to sell something you care about. Do a market research on Etsy and see what sells a lot.
2.) Research the competition
Check out your competitor’s price. Look for similar items that you’re selling on Etsy and other marketplaces like Amazon Handmade and Notonthehighstreet. If your competitor’s price is $50, sell your items with an introductory price of $45. This will increase your chances of selling.
3.) Use an Etsy Calculator to evaluate the numbers
Selling on Etsy is not free. Every time you put up a listing, Etsy charges 20 cents and they get 3.5% fee for each item you sell. Shipping fee is not included so you have to estimate those costs as well. In my case, I usually charge my customers $4.50 for shipping fee. I don’t offer FREE shipping as much as I want to because most of my clients are overseas. International shipping costs a lot of moolah.
To calculate all my earnings, I use an Etsy Calculator to make things easier to evaluate. You can use this for your shop if you want: Salecalc
4.) Sign up on Etsy and study the golden handbook
Once your online shop is live, consider reading all the terms and conditions on the handbook to save your sweet ass. Join a team to help you learn the basics. When I was selling handmade silver jewelry, I joined the metal team and facebook groups. Learning from other shop owners is the bomb.
5.) Market your products
You don’t have to spend money on advertising if you don’t want to. You can start with free stuff like creating a Facebook page, Instagram and a little bit of SEO (Search Engine Optimization). There’s a lot of Youtube tutorial about SEO. Market the hell out of your products. Tell your neighbors, your spouse, strangers, every one you interact with. Once you made a decent income, you can do Google Shopping ads or Etsy Promoted Listings. Reach out to online influencers like bloggers or Youtubers.
When your business grows, expand more. Engage your customers. Write to them and thank them for their business. I usually include a small “thank you” card for every transaction I made. Take advantage of Etsy’s Analytics tool to gauge your marketing tactics. Experiment, don’t be afraid to try something out. And most of all, have fun doing Etsy!
Happy selling! 🙂
P.S. I’m no longer on Etsy. I have my own domain now.
KT is a digital nomad who quit her job, bought a ticket somewhere, got a tan, fell in love with mother nature and she would never return to the normal life that society dictates. You can also connect with her on YouTube, Facebook, Twitter, and Instagram: @pinaynomad