Unleash Your Creativity: Making Money on Etsy Made Easy!

Table of Contents

1. Introduction
2. Finding the Product to Sell on Etsy
3. Market Research on Etsy
4. Determining the Pricing Strategy
5. Setting Up the Etsy Shop
6. Initial Sales and Performance
7. Tracking Orders and Finances
8. Making Improvements and Changes
9. Evaluating Profit and Expenses
10. Future Plans and Expansion

Introduction

Have you ever wondered how much money you could make by selling products on Etsy? Many people on YouTube talk about their success stories and the potential for earning a substantial income on the platform. In this article, we will follow the 90-day journey of Bryce, a mechanical engineer, as he explores the possibility of making money on Etsy. Bryce's adventure will give us insights into finding the right product, conducting market research, determining pricing strategies, setting up an Etsy shop, tracking sales and finances, making improvements, and evaluating the overall profit and expenses. Join us on this exciting entrepreneurial journey to discover the opportunities and challenges of selling on Etsy.

1. Finding the Product to Sell on Etsy

As an engineer, Bryce sought to address a problem with a practical solution. He noticed that he and his friends fed their dogs varying amounts of food each day. To tackle this issue, Bryce leveraged his engineering skills and designed a dog food scoop. Impressed by his creation, Bryce's friend expressed interest in a similar product for her dog. This positive feedback prompted Bryce to consider selling his invention on Etsy.

2. Market Research on Etsy

Before diving into selling on Etsy, Bryce conducted market research to understand the competition and identify unique selling points for his product. By searching for similar items on Etsy, Bryce discovered that the pet food scoop market had little competition. He also identified specific advantages his product offered over existing options. Bryce's market research helped him position his product as a differentiated and compelling choice in the pet food scoop niche.

3. Determining the Pricing Strategy

To set the right price for his product, Bryce created an Excel sheet that considered various factors such as shipping costs and filament expenses. As a 3D printing enthusiast, Bryce considered the cost of materials when determining his pricing strategy. He aimed to enter the market at a lower price point to build a reputation as a newcomer on Etsy. However, he underestimated the impact of fees associated with selling on the platform, leading to necessary adjustments in his pricing strategy over time.

4. Setting Up the Etsy Shop

With his product and pricing strategy in place, Bryce proceeded to showcase his dog food scoop on Etsy. He took appealing pictures of the product and listed it on his shop. Additionally, Bryce reached out to the friend who expressed interest in the product, becoming his first Etsy sale. The positive feedback and review from this initial sale provided Bryce with valuable encouragement to continue his entrepreneurial journey.

5. Initial Sales and Performance

In the early days of Bryce's Etsy shop, he experienced a mixture of sales and visits to his store. It took ten days to secure his first actual sale, and visits to his shop gradually increased over time. Bryce perceived an upward trend in both visits and orders, indicating growing interest in his product. After the first 30 days, Bryce achieved a total revenue of $220, a promising start for a newcomer on Etsy.

6. Tracking Orders and Finances

To manage his orders and track the financial aspect of his venture, Bryce created an Excel sheet. This document allowed him to monitor expenses, including filament costs and shipping. Bryce established a process that minimized manual work and expedited the creation of each ordered cup. He saved time by modifying the CAD file with the customer's name, swiftly moving on to 3D printing and packaging the product for shipment. Bryce diligently recorded shipping costs, ensuring transparency in his financial records.

7. Making Improvements and Changes

On November 21st, Bryce introduced version two of his dog food scoop. This design improvement focused on the handle shape, reducing printing time and eliminating the need to remove internal supports. Alongside this change, Bryce adjusted the pricing to account for previously overlooked Etsy fees. This decision had a positive impact on his profit margins, bringing them closer to 50% as opposed to the initial 35%.

8. Evaluating Profit and Expenses

After the 90-day journey, Bryce assessed his profit and expenses. His total revenue amounted to $852, but the profit reached only $149, representing approximately 18% of the revenue. Bryce's expenses, including Etsy fees, processing fees, shipping costs, and filament expenses, accounted for a significant portion of the revenue. He discovered the importance of factoring in all associated costs when pricing his products, a lesson that influenced his decision to consider Etsy Ads for future endeavors.

9. Future Plans and Expansion

Looking ahead, Bryce intends to continue growing his Etsy store and exploring additional products within the pet category. He plans to leverage Etsy Ads to enhance his product's visibility in broader search terms, such as "pet food." With improvements in SEO, the release of new products, and a longer timeframe of six months, Bryce is excited to witness the growth and success of his Etsy store. He welcomes suggestions for 3D printed products and encourages the audience to stay tuned for updates on his entrepreneurial journey.

Highlights

• Bryce, a mechanical engineer, undergoes a 90-day journey to explore the money-making potential of Etsy.
• He creates a dog food scoop to solve a common problem and finds a niche market with minimal competition.
• Bryce determines a pricing strategy considering costs, but underestimates Etsy fees initially.
• His Etsy shop garners visits and orders over time, generating a revenue of $220 in the first 30 days.
• Bryce tracks orders and finances using an Excel sheet, optimizing the 3D printing and packaging process.
• Version two of the dog food scoop improves printing time and profitability by increasing prices.
• Overall, Bryce's profit amounts to $149, highlighting the significance of accounting for expenses.
• He plans to use Etsy Ads and expand his product range, eager to witness his Etsy store's growth.

FAQs

Q: How long did it take Bryce to secure his first sale on Etsy? A: Bryce made his first actual sale on Etsy after ten days of starting his venture.

Q: What factors did Bryce consider when determining his product's pricing? A: Bryce took into account shipping costs, filament expenses, and the need to enter the market at a lower price point to establish a reputation.

Q: What changes did Bryce make to the second version of his dog food scoop? A: Bryce improved the handle shape in version two to reduce printing time and eliminate the need for support removal.

Q: What was Bryce's profit after the 90-day journey? A: Bryce's profit totaled $149, representing approximately 18% of his revenue.

Q: How does Bryce plan to enhance his product's visibility in broader search terms? A: Bryce intends to utilize Etsy Ads to increase the prominence of his product in search results.