Etsy Shop Update and Income Report for March 19, 2021
Hi RTB community! Here’s the latest news on my Etsy shop!
If you just stumbled upon this blog post and want to follow my journey of opening an Etsy shop with no prior knowledge, start here. My intention is to provide a weekly update, especially at the beginning, and then transition into a monthly update.
- I made 100 sales today!! I’m so excited by this milestone, especially since I’ve only had my store open since the end of January (48 days to be exact).
- I’ve been adding more handprint art printables to my store. I’ve mainly been selling bundles of 6, but have recently been exploring selling individual prints also. I’m going to test how the individual prints work with my Easter handprint collection and see how that works. You don’t know until you try, right?
- People buy a lot around holidays, so be prepared to have holiday items and sales. On St. Patrick’s Day, I tested having a sale and it was a great success! I was selling my St Patricks Day Handprint Art Bundle for $5.99 as a regular price, but on St. Patrick’s Day, I bumped up the price to $7.49 with a 20% off sale (which is the same as $5.99) and it worked! I definitely noticed a lot more sales after doing that.
- People will pay extra for customizations. I had several buyers message me to customize the handprint art with their child’s name. I also saw another Etsy store that basically charged an extra dollar for personalization. It was a listing that you could buy in addition to whatever you wanted to personalize. So I added a Personalize My Order Etsy listing to my store to allow for that. The alternative is to create a custom order for each buyer, which is what I was doing before. I really like doing the personalizations, but they always take more time that you think!
- Don’t let any of your products go out of stock! My Toddler Busy Book was getting about 1-2 sales per day, and I decided to test whether having a limited inventory would make people buy it faster, so I limited the inventory to 10 products. The good news is that all of them sold. The bad news is that I didn’t realize it was “sold out” until a few days later. I immediately re-listed it, but sales are definitely not where it was from before.
- Understand the difference between gross income and net profit. While I’m really excited about my gross income (see below), I also realize that Etsy doesn’t do a great job at telling you your net income (i.e., how much actually ends up in your bank account after the Etsy fees). Plus, I am also paying for other services to help me create the printables. Right now, my focus is on increasing the gross income. My plan is to take a deeper dive into calculating my net income in the future.
What I’m working on this week
- I’m continuing with my goal to get 25 listings up by the end of March. I think this will be a combination of doing several single handprint art listings and some new products.
- I’m also coming up with a streamlined process to research new products and competition. One of the keys to having a successful Etsy store is to sell products that you know people are already buying. Some of the factors that I’m taking into account when researching products is:
- Can I sell this digitally with minimal work after the product is created? After all, my whole goal for my Etsy store is to create passive income. While I realize it isn’t going to be completely hands off, my definition of minimal work is that I can do it on my own schedule and it isn’t too hard to do (e.g., personalizing a product versus coming up with a completely new design).
- Is this a seasonal item or do people need this year round? My goal is to have a mix of seasonal and non-seasonal items in the store to create consistent income.
- Is this an evergreen product? I don’t want to create any products that are just fad right now (e.g., Bernie Sanders crochet doll). While I am sure you would make a killing doing something very popular, I’d rather have consistent income from items that never go out of style (e.g., handprint art). Otherwise, you always need to keep refreshing your store with the latest fads.
- Is there a lot of competition? How much does my competition sell? What are they charging? I’m basically looking for niches that are profitable with a few competitors. Those would be the easiest niches to break into. I found a few products that would be easy to make, but the price point was only $1-2 dollars. Unless people are buying hundreds of those items a day, it wouldn’t be profitable to focus on those items, especially since Etsy takes a cut of each sale.
Etsy Store Income Report
Income / Order Goals: My goal was to make another $150/mo in March and to see a path towards consistent monthly, passive income.
So far I’ve made $376 in March, so I’m really happy about that! I know a lot of that is from holiday sales, so I’m still trying to figure out the consistent part of it! I’ve made 100 orders so far and made $564. A bulk of that was a lot of sales from St Patricks Day. Etsy did their own off-site ads which resulted in a lot of sales and a lot of views to my store.
My revised goal is to make $450 in March, which is an extra $74 dollars in the next 10 days. My goal in April will be to make $400 in sales.
Listing Goal: My annual goal is to get to $2,500/mo in passive income, which would be $30,000 per year. That would be 500 sales per month at approximately $5 per sale. My goal is to get 150 high quality listings in my store.
Right now I’m at about 2 sales per day with about 10 listings. This would translate to about 30 sales per month with 10 listings, and about 450 sales per month with 150 listings.
If you are interested in purchasing anything from the store, sign up for my VIP Buyer List to get an instant coupon code for 10% off the entire store!