How to Make Money on Etsy | Personal Finance

Wendy Conklin had no big plans to start an Etsy business when she joined the site in 2012. All the Texas resident wanted was to put her new upholstery skills into practice and recoup the cost of a recent class she took.

“I didn’t know what was going to happen,” Conklin says.

What did happen was a quick sale, followed by another. Four months after opening their Etsy store, ChairWhimsy, custom orders for brightly colored upholstered chairs began to arrive. Four years later, Conklin left his job to run ChairWhimsy full-time, and today he earns six figures a year in his business venture.

Etsy was founded in 2005 as an online marketplace for craft products. Over the years, it has evolved to include vintage items and handicrafts, but remains one of the most popular places on the web to buy unique handcrafted products.

“The beauty of the Etsy platform is that anyone with a creative mindset can succeed in our marketplace,” according to an Etsy statement. “The sky is the limit as to who can turn their passion, hobby or secondary hobby into a financially viable small business.”

However, the website can be overwhelming for first-time marketers. If you’re new to the world of Etsy, here are some tips to help you succeed.

  • Select the correct product.
  • Post great photos.
  • It tells a story.
  • Post photos on Pinterest.
  • Tag items with relevant keywords.
  • Consider advertising and free shipping.
  • Use Etsy sales tools.

Select the correct product

Before you open an Etsy store, make sure your articles fit into one of the permitted categories on the website:

  • Handcrafted products.
  • Vintage items that are at least 20 years old.
  • Handmade material.

Traditionally, the main categories of the site have been household items and home furnishings, personal jewelry and accessories, and handicrafts, according to Etsy.

In addition to selecting the right products, research the price of similar items in other stores to determine if your business can be profitable. As you calculate your costs, be sure to include Esty’s fees, which include a 20-cent fee for a four-month listing, a 5% transaction fee based on the sale price, and a payment processing fee. 3% plus 25 cents. .

Post great photos

Since Etsy is an online marketplace, good images are vital to sales, according to experienced sellers. There is no need to invest in expensive equipment, as most smartphones are capable of taking quality photos.

“Photography is everything,” says Joni Morgan, owner of Fact + Fiction Toys in Big Rapids, Michigan. He has been selling handmade wooden toys on Etsy for seven years and has seen some young sellers falter because their photos are unattractive or unattractive.

Although some sellers may use filters or photo boxes, Morgan has been successful with a simpler approach. “I just use a white Ikea table, and put it near a window to get natural light,” he explains. To improve your technique, watch YouTube videos for photography tips.

It tells a story

For buyers, Etsy promises the opportunity to buy handcrafted products that are not available elsewhere. “People love a story,” Morgan says. “They want to hear your background and how things are done.”

Being transparent about who is making your products, be it yourself or a team member, and the materials used can help drive sales for those looking to support small business owners.

“Etsy women and consumers today are more socially conscious and aware of sustainability, environmental impact, and natural alternatives,” says Suzanne Sachs, whose Etsy ArtDecoDiamonds store sells engagement rings and vintage jewelry. Emphasizing the use of materials and sustainable business practices can be another way to attract customers.

Post photos on Pinterest

Many Etsy marketers overlook the power of Pinterest to drive sales, says Conklin. “For a while, 50% of my traffic came from Pinterest,” he shares.

Pinterest is a social networking site that allows people to save or paste images on the virtual boards they create. Other users can follow specific boards or people on the site. They can also search for images of their interest.

In many cases, Conklin found that people would be following his photos long before making a purchase. Since ChairWhimsy offers custom chairs, the photos also serve the dual purpose of stimulating the imagination of potential customers and helping them imagine their own chair.

Tag items with relevant keywords

Both Conklin and Morgan agree that omitting keyword tags from product listings is a common mistake.

“The keywords you set for your tokens drive traffic,” says Conklin. However, he adds that many people think too much about keywords: “You have to think like a normal person.”

By labeling a listing, Morgan tries to imagine what people might enter when looking for their products, such as wooden, handmade, or organic toys. You also start almost all of your product titles with the term “wooden toy” so that your tokens can go to the top of the search results.

Consider advertising and free shipping

To help customers find their listings, Morgan uses Etsy advertising and offers free shipping.

With Etsy Ads, marketers can set a daily budget that will help their products stand out in search results. “Right now, my favorite point is $ 1 a day,” Morgan says. She tried to increase her advertising budget to $ 5 a day at one point, but did not see significantly more sales as a result.

Free shipping is another way to stand out in search results and drive sales. “If you offer free shipping on orders of $ 35 or more, people love it,” Morgan explains. Sellers who offer free shipping must incorporate that cost into their pricing to remain profitable.

Use Etsy sales tools

Etsy offers marketers a variety of tools to help them succeed. These include a forum, a vendor handbook, and an Etsy Summit, an annual community education program. In addition, there are newsletters with seasonal tips and information on sales trends.

For example, the company’s 2021 Holiday Trends guide notes that nostalgia and a “cottagecore” aesthetic are expected to be trending between categories this year. Meanwhile, the Autumn 2021 Trends guide notes that nerve toy searches increased by 3,697% while class poster searches increased by 140%.

“On Etsy, someone searches for a gift box every two seconds and someone searches for wall art every second,” according to Etsy.

In the years since Conklin opened his Etsy store, he has seen the business grow. While that means more competition, it also means more customers and more opportunities. “I tried to sell some things locally, but what I found was that there weren’t enough eyes on my hips,” she says. “Because (Etsy) got so big, that made it better.”

Source link

Leave a Comment

Your email address will not be published.