Etsy has long been the e-destination to scoring a great deal on unique, handcrafted items. What started as an artisinal marketplace for crafters, nearly two decades later the company enjoyed one of the largest VC-backed IPOs in recent years and as of 2015, has a reported $3.5B+ valuation.
It didn’t grow into this behemoth by mistake.
Etsy has evolved into a magnet for creative entrepreneurs of all kinds and have not only helped get their products into the hands of customers, but also dollars into their pockets. Here’s how and why you should consider getting your shop off the ground.
It’s user-friendly
There’s a reason why Etsy is the preferred choice for millions of sellers. The start up process is extremely, and managing your online storefront is just as straightforward. The site receives all orders, generates customer notifications, and has an embedded payment portal that takes the load off the sellers’ shoulders.
Just go to Etsy, hit create an account and follow the easy prompts.
It may be worth your while
Per the U.S. Bureau of Labor Statistics, the median income for craft and fine artists last year was $52,910 per year, or $25.44 per hour. That’s a sizable supplemental income source if you already have another hustle in the works.
With the cost of living in the US steadily on the rise pulling in extra money is on the top many Americans’ minds. As previously reported by ESSENCE, experts are saying you need to have at least $5,200 more on hand to keep up. In 2020 the Bureau of Labor Statistics said the average spending on food at home was $4,942 annually or about $412 per month for U.S. households.
With that, starting an Etsy shop may be the perfect way to bring more cash into your household all while producing things you love. Speaking of which…
What types of items should be sold on Etsy
You can sell pretty much any items you like as long as your shop falls within Etsy’s guidelines. When figuring out your product inventory though, it’s important to look into if there’s a consumer base out there that will buy what you’re selling.
Etsy has become synonymous with providing a marketplace of reasonably priced, equitably-sourced niche items (although lately the site has been overwrought with shops that sell luxury handbag, clothing and accessory replicas), so essentially, it’s important to think about what need you’re fulfilling when deciding on your items to sell.
Ask yourself these questions:
- Is the item I’m selling going to provide value-add to the customer’s life?
- Is my product unique?
- Would I want to buy this product if I were the consumer?
- Will the Etsy consumer base my target audience?
On that last point, for reference, Similarweb states that 51.31% of the platform’s visitors are female while 48.69% are male; age demographics: 18-24 – 21.03% 25-34 – 27.56%.
Are you ready to start your Etsy shop?