One of the more popular side hustles right now is selling products on Etsy. It’s an online platform for selling unique goods. These could be handmade items, craft supplies, vintage items, and digital goods. Etsy stores are run by independent sellers, not large companies. Almost anyone can open an Etsy store and start selling today.
Making money on Etsy involves coming up with a profitable idea, selling enough to cover your costs and time, setting up an Etsy store, and promoting your store in order to get buyers. Then evolve with the times, constantly updating the items in your shop and finding new ways to reach buyers.
How to Make Money on Etsy
Coming up with Profitable Ideas
Anyone can make products to sell on Etsy. The trick is making something that is profitable. How do you do that? You could start with a brainstorming session to come up with as many ideas as possible and then weed out the good ones.
It’s important to spend time on Etsy doing research on the market. Look at similar products. Look at different shop pages. How many sales have they made since opening? If they have tons of sales, it shows there’s a market for those types of products.
Ask yourself questions throughout the idea process. Who do I want to target with my products? Why do they need what I’m selling? How will it help them?
Determine Your Costs
Once you have some solid ideas, you need to calculate if you can actually make a profit logistically. This starts by figuring out your costs. What will it cost to make my products? Get pricing for the supplies you need and then determine the cost of making one item.
Something else to consider is the time involved in making your products. If your products are labor-intensive, there might be a more profitable use of your time. When you create digital products, there may not be any cost of goods, but you’ll need time to create them. If you create something that people love, though, you can make passive income off of it long after you’ve created it.
Other factors to consider when determining profitability are fees and taxes. Etsy charges fees for every listing and sale. As a business, you will also need to pay taxes on your Etsy income.
Not every idea you have will end up being a profitable one. It’s important to take time to evaluate and be honest with yourself. Let the numbers speak to you on whether you can make money with a particular product or not.
How Much Money can you Make on Etsy?
This is somewhat of a loaded question….