Online businesses have become the norm over the past few years. Ecommerce stores mainly saw a massive influx of users during the COVID-19 pandemic. You’ve probably heard many success stories for people using Shopify and Wix. However, one platform saw the same success and even changed over time; Etsy. Etsy is a platform allowing people to sell their homemade goods, a huge trend back then. But Etsy has also evolved beyond the point of homemade goods and merchandise, so it’s far more flexible to use. As a result, it’s far easier to get into. In this article, we’ll be going over how to create an online business on Etsy.
Financial Strategy
As with any business, you should never get into the process without a solid financial plan. You’d be surprised to learn how many Etsy users found this the hard way. Your financial plan should include the size of your budget, how you plan to track your profits and what you will invest in. While bootstrapping is a valid method, it might not be enough in the long run. One of the best ways to fund your Etsy store is to take out a small business loan. There are Accion Opportunity Fund business loans available specifically geared towards helping small businesses get off the ground as well provide a few additional resources.
Choose Your Niche
Like every store, you must choose a niche you will participate in. Despite being the first step, picking your niche can take a little while because there’s so much to choose from. There are a few niches that are too saturated, like clothing. That isn’t to say it’s not worth investing in, but you’ll have your work cut out. For beginners, it’s best to start off with something that’s easy to get into, such as pet supplies and cookware. Regardless of your niche, it’s also important for you to thoroughly research what’s involved, the target audience, and what’s currently trending.
Build a Community
Your target audience is who will be providing your profits and boosting your store’s awareness. Building up your audience, however, can prove to be a challenge. Gaining a following doesn’t happen overnight and it can take a while. There are a lot of social media platforms to use, but beginners will have a much better chance if they use TikTok and Instagram. Facebook is also great for spreading the word and funding your advertising campaign.
Market to the Right People
Although your target audience is critical consumers, not everyone is the same. People want to see different things despite being involved in the same niche. This means that not everyone will be interested in what you have to offer. Because of this, you want to improve your digital marketing to include marketing yourself to the right people as much as possible. Don’t try to appease everyone at first because it can make you overwhelmed and unsure.
