9th Month on Etsy: Outsourcing & Reveal Shop?
Table of Contents:
- Introduction
- July Performance Review
2.1. Listings
2.2. Visits and Conversion
2.3. Sales and Revenue
2.4. Advertising Expenses
2.5. Ad Conversion
2.6. Net Profit
- Second Etsy Shop
- The Decision to Reveal the Etsy Shop
- Outsourcing Tasks
5.1. The Team
5.2. Monthly Goals
5.3. Updating Listing Photos
- The Challenge of Listing Photo Dimensions
- Considerations for Starting an Etsy Shop
7.1. Lack of Control on Etsy
7.2. Building Businesses with Control
- Should I Reveal My Etsy Shop?
- Conclusion
July Performance Review
In this article, we will take a closer look at the performance of my Etsy shop in the month of July. From the number of listings to the revenue generated, we will discuss various aspects of the business. Let's dive in and evaluate the key metrics to gain valuable insights and draw lessons for the future.
1. Introduction
Before we delve into the specifics of July's performance, let's provide a brief overview of the current state of my Etsy shop. With a steady growth trajectory, the shop has been operating for several months and has gained traction in the market. However, there are challenges and decisions that need to be addressed to ensure continued success. In this article, we will explore the recent developments, share updates on the shop's performance, and discuss potential strategies for growth.
2. July Performance Review
2.1. Listings
In the month of July, the number of listings in my Etsy shop saw a significant increase. Starting from 43 listings in June, I managed to add 11 more with the help of two individuals, whose contributions we will discuss later in this article. By expanding the range of available products, I aimed to attract a wider customer base and increase the chances of generating sales.
2.2. Visits and Conversion
The total number of visits to my Etsy shop in July amounted to 820. While this figure represents a slight decrease from the previous month, the conversion rate remained at an acceptable level of 2.6%. Although there is room for improvement, especially considering the niche markets I operate in, it is essential to take into account the limited pool of potential customers.
2.3. Sales and Revenue
During the month of July, the Etsy shop recorded a total of 21 sales, resulting in a revenue of $316. Although these figures did not surpass the performance of June, they remained consistent. Maintaining the same advertising spend of $30, the revenue from ad spend accounted for $25. While the ad conversion rate of 1.85 was not ideal, it highlights the need to strategize and adapt the advertising approach in the niche submarkets.
2.4. Advertising Expenses
To maintain consistent marketing efforts, I kept the advertising expenses unchanged from June. Despite facing challenges in determining the most effective ad strategy for the small sub-niches, significant changes were not implemented in July. Close monitoring of ad performance and the exploration of alternative advertising options will be vital for achieving better results in the future.
2.5. Ad Conversion
The ad conversion rate, which measures the number of orders divided by clicks, stood at 1.85 in July. Although this figure signifies the need for improvement, it also presents an opportunity to refine targeting and messaging to attract the right audience. Experimenting with ad variations and analyzing customer behavior can lead to an increase in conversion rates and, ultimately, sales.
2.6. Net Profit
Taking into account all the expenses and revenues, the net profit for the month of July amounted to $226. Furthermore, $240 was received in the bank. While the profit margin may appear modest, it provides a foundation for future growth and allows for the reinvestment of resources in expanding the shop's offerings.
4. The Decision to Reveal the Etsy Shop
One significant decision that needs careful consideration is whether to reveal my Etsy shop to the public. While sharing insights and experiences can be beneficial for viewers and potential customers, the risk of copying and imitation cannot be ignored. In this section, we'll discuss the advantages and disadvantages of revealing the shop and consider potential strategies to minimize the negative impacts of copying.
5. Outsourcing Tasks
To manage the increasing workload and focus on expanding the shop, I decided to outsource certain tasks. Two individuals, namely Dez and Jehan, have been assisting me in different areas of the business. In this section, we will explore their roles, the progress made, and the impact of outsourcing on the overall shop operations.
5.1. The Team
Dez is primarily responsible for marketing and listing photos, while Jehan focuses on creating new designs. Their combined efforts have helped to streamline operations and allocate resources more efficiently. By leveraging their expertise, I have been able to shift my focus towards strategic planning and long-term goals.
5.2. Monthly Goals
Collaborating with Jehan, my objective is to introduce two new designs in different sub-niches each month. Additionally, I aim to have at least five new listings in each sub-niche, resulting in a total of ten new listings per month. This approach allows for diversification of product offerings and appeals to a broader customer base.
5.3. Updating Listing Photos
Recognizing the importance of visually appealing listing photos, efforts have been made to revise and update the images of older products. By modernizing the visuals and improving the aesthetics, we aim to enhance customer engagement and increase conversion rates. Additionally, we plan to introduce new variations of existing products and monitor the performance of different listing photos to optimize sales.
6. The Challenge of Listing Photo Dimensions
An ongoing challenge experienced on Etsy relates to the varying dimensions of listing photos. While the home page allows for non-square photos, shop pages strictly adhere to square dimensions. This inconsistency can result in compromised image quality and truncated text, which is less than ideal for a visually appealing and informative shopping experience. In this section, we'll explore the implications of this challenge and consider potential solutions.
7. Considerations for Starting an Etsy Shop
While Etsy provides a platform for online selling, it is crucial to consider the limitations and lack of control inherent in such a marketplace. In this section, I will discuss these considerations and share insights into building businesses that allow for greater control and autonomy. By evaluating the pros and cons of selling on Etsy, individuals looking to start their own business can make informed decisions about the most suitable platforms for their ventures.
7.1. Lack of Control on Etsy
The ever-changing algorithms, policies, and dimensions on Etsy demonstrate the lack of control that shop owners have over their businesses. From changes in search algorithms to sudden policy updates, shop owners are at the mercy of Etsy's decisions. This lack of control can impact business performance and sustainability, making it essential to explore alternative avenues for growth.
7.2. Building Businesses with Control
Considering the limitations of Etsy, entrepreneurs should explore options that allow for greater control over their businesses. This section will discuss alternative platforms, such as establishing an independent website, and the potential benefits of embracing platforms that provide more autonomy. By building a robust online presence across various platforms, entrepreneurs can navigate the challenges posed by external control and ensure the long-term success of their businesses.
8. Should I Reveal My Etsy Shop?
In this section, we will address the question of whether I should reveal my Etsy shop to the public. While there are reservations about potential copycats, there are also compelling reasons to share insights and experiences with viewers. We will weigh the pros and cons and consider the overall impact of revealing the shop, taking into account both the benefits and potential risks.
9. Conclusion
In conclusion, this article has provided a comprehensive overview of the performance and recent developments in my Etsy shop. From evaluating July's metrics to discussing the decision to reveal the shop and outsourcing tasks, we have covered a range of topics. Furthermore, considerations for starting an Etsy shop and the importance of control in business have been explored. By analyzing the challenges and opportunities, it is evident that strategic planning, adaptability, and continuous improvement are crucial for sustained success in the competitive world of online selling.
