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  • Jo
    Jo
    Reply

    I read a library book about making money on Etsy recently. They recommended to factor in the cost of growing your business, about 5%, into the sale price of each item. There’s also a 3.5% Paypal fee to be aware of as well as the Etsy 3.5% transaction fee.

    I agree with avoiding discounts. I don’t think of Etsy as a cheap, Walmart-type of online shop.

    I am a hardcore Etsy shopper. There are about 4 businesses I regularly buy from, and the average amount I spend is $100-200 per transaction. I pay full retail and I’m okay with that.

    Other sites like Ebay and Amazon are the places for people to go discount-crazy.

    • Steve Razinski
      Steve RazinskiFounder

      If you aren’t careful, fees can quickly eat up your entire profit margins. Great advice Jo! 

  • Strahinja
    Strahinja
    Reply

    Hello there.

    Stumbled upon your post – and i was really surprised.

    I did not know that there were something like Etsy. Reminds me of Fiverr , but for craftsmen and craftswomen.

    I liked the part about investment cost and profit margin. As with any business if competition is too high or you can not really sell what you need – the best is to try something else.

    However, if someone wants to succeed with Etsy it will definitely take time and patience.

    Cheers.

  • Diana
    Diana
    Reply

    I wish I’d read this when I started my first store. I didn’t take the time to calculate the operating costs and I ended up closing up shop in less than two months.

    But I did learn that social media marketing is an incredibly useful tool for Etsy store owners. Word of mouth works great too. I live in Orlando so I’m always at Disney; you wouldn’t believe how many Mickey Ears and Disney accessories I’ve seen at the parks that are from Etsy stores!

    Like you mentioned, having an Etsy store does have its downside and not many people are very crafty.

    For those that are, remember to take your Etsy store seriously… yes it started as a hobby, but it has the potential for more.

    Thanks for sharing Steve,
    Diana

    • Steve Razinski
      Steve RazinskiFounder

      Thanks Diana! There are a lot of things that are easy to overlook when setting up your Etsy store. Even if it’s just a hobby, it should still be run like a business. If you don’t take the time to learn the ins and outs, your store will just end up costing you more money than you can make.

  • Aria Len
    Aria Len
    Reply

    Hey Steve,

    Thanks for yet another informative post! I’ve always thought Etsy was only for those that had their own creative products to offer online. I never thought of being able to use this to market another form of service or product. Thanks for giving me a few new ideas. I look forward to reading your future posts!

    • Steve Razinski
      Steve RazinskiFounder

      Sure thing Aria! Thanks for reading!

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