Are you ready to begin selling on Etsy? Let’s find out!
If you have done the work in the previous Etsy posts then by now you should know your ideal craft, who you will be selling to and where to find them. The next step is to get your crafts ready to sell.
If you are totally new to your craft you will need to –
1. Figure out where to source your materials at a cost effective price
2. Practice your craft until you can produce a quality product efficiently (if you are starting from scratch candles and soaps are a great option)
3. Decide on a make to order or stock pile strategy
4. Come up with a pricing structure
5. Take quality photos of your products
There are so many options to look at when sourcing materials. Some factors to consider in your choices are
- cost – obviously you will be looking to buy as cheaply as possible without sacrificing quality
- availability – if you run out of materials how quickly can you get more?
- postage – especially in Australia, postage costs can be a killer
- quality – if something seems to cheap it’s probably lower quality
Some places to check out for supplies are
- Local garage sales
- Local Buy, Swap & Sell Facebook groups
- Local cheap shops (or two dollars shops, reject shops or whatever you want to call them!)
- Wholesalers either online or local
- Overseas – try Amazon but be careful of postage costs
Create Quality Products
Have you had plenty of practice making your products and are happy that they are quality enough to sell? If not, it’s time to practice. You want to iron out the kinks now, before you start selling.
Make to Order or Stock Pile
Think about how you will fill your orders. You can either make to order or keep stock on hand ready to deliver as soon as an order comes in. In the beginning it might be best to keep a few of your items on hand ready to send out but avoid making too much until you know your product is in demand.
Create a Pricing Structure
Pricing can be so difficult to establish in the beginning. A quick Google search will suggest many different approaches and can quickly become confusing.
Work out your costs including;
- fixed costs such as electricity and rent
A good rule of thumb is to work out the cost of your craft item, add your profit margin to get your wholesale price and times two for retail.
Materials + Labour + Expenses + Profit = Wholesale x 2 = Retail
So if a headband costs $3 to make (including profit) then retail is $6.
Pricing is a tough one and is something that you may find yourself making adjustments to especially in the beginning.
Keep these factors in mind
1. If your costs of production are too high you may end up with a product that is overpriced compared to the competition
2. Always include a labour cost in your pricing. You arent doing this for free!
3. Remember to always charge postage on top of your item costs.
Photograph Your Items
In preparation for creating the first listing in your store (next weeks lesson), you will need to take some photos of your product.
I have 5 tips for getting the best out of your photos.
1. Choose a clean background
2. Use the marco setting for close up shots
3. Photograph in bright, natural light
4. Take several shots from all angles
5. Make sure your photos show the item in detail
This is an excellent video on how to get started photographing your items.
Complete the five steps above and then you will be ready to open your Etsy Store.