Opening a shop on Etsy can be a lucrative way to make money from your arts and crafts. Before you start though, there are a few things you should consider to set yourself up for success with your selling. Here are the top three things you should be keeping in mind as you prepare to open up your Etsy store.
How You’ll Promote Your Products
Etsy is a crowded marketplace where many sellers will almost certainly offer wares similar to yours. If you want to turn your Etsy shop into a real money-making business, you’ll have to promote your products elsewhere to drive sales. Two of the best platforms for this are Facebook and Instagram, where you can post pictures of your craft projects for others to see.
For even more exposure, you can also make YouTube videos giving lessons on your particular craft, then use these videos to promote your Etsy shop. If you don’t mind investing the money, you can also promote your listings on Etsy with paid ads that will make your products show up higher in search results.
Starting a Legal Business Entity
When selling products online, it’s always a good idea to form a business entity. This entity can help to protect you from legal liabilities, as well as set you up in the best position when tax time rolls around. To find out what kind of business entity is right for your situation and start the process of forming it, seek out business transaction law services from a firm with solid experience in business law.
Preparing to Scale Your Business
When you get started on Etsy, you’ll probably only sell a few products here and there. As you accumulate customer reviews and grow your online presence, though, you may eventually find yourself struggling to keep up with the demand. Before you even start selling on Etsy, you should try to develop at least a basic plan for scaling up in the future. Whether you’ll need to invest in new equipment to speed up the manufacturing process or hire an employee or two to help you increase your output, it’s a good idea to know what you’ll need to do to scale up when the time comes.
By taking these three things into account before you start your Etsy shop, you can set yourself up for both a great beginning and long-term success. Once you have a business entity, a marketing strategy and a plan for scaling, you’ll be ready to jump into the Etsy game.