How to Make Your Etsy Business Pay Off
NEW YORK (TheStreet) -- Running your own business is never easy, and a shop on Etsy -- an online marketplace where people sell unique handmade and vintage goods -- is no exception. Thankfully, setting up an Etsy shop is simple; more than 1 million are active on the site. Also, the fees for listing and selling are relatively low -- it's 20 cents to list an item, and Etsy keeps 3.5% of each sale. Whether you plan to sell your products full time or part time, with the right tools you can turn a profit in no time. We checked in with experts to find five ways to start off on the right foot.
1. Take it seriously -- Make a business plan.
Even if you're planning to sell part time, it's important to craft a business plan detailing how much time you can afford to spend on your shop and how much you want to make, says Sarah Morgan, owner and designer of XOSarah.com and an Etsy seller.
"If someone wants to turn their Etsy shop into a legitimate business, they need to take it seriously from the beginning. A lot of times people put something up without any real intention just to see if it will sell, but you're going to have much better results if you go into it as a true business venture," she says.
If you plan to maintain your shop part-time, Morgan recommends setting quarterly goals for production and profit.
"Even if you just want to sell five items a month, figure out what your costs will be financially to make and sell them, and what you expect to earn."
2. Budget your time wisely.
"I'm all about the side hustle. Not everyone can jump ship from their full-time job and go right into having a giant Etsy shop," Morgan says.
If you're still working full-time as you get your shop off the ground, get ready for late nights and early mornings, warns Adrienne Hubbard, jewelry designer at Crafty Little Gnome and an Etsy seller.
"I was waking up early and working before work, and then coming home and working after work and on weekends," Hubbard says. "When you're doing that, something's got to give, and for me it was my social life."
It's all about scheduling and prioritizing -- if you feel you don't have as much time to work on your shop as you'd hoped, think about where you want to see yourself in six months to a year, Morgan advises. Also, don't be afraid to take some time off every now and then.
"Take a vacation. You can't work all day and then focus on your Etsy shop all night for very long without burning out," she says. "Give yourself a little break every now and then."