How you can be successful selling on Etsy
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How are we successful?
- we don’t overpay for items
- we buy items that sell
- we find the best places to purchase items at the best price
- we price items fairly
- we provide excellent customer service
5 Best Tips for Success in Selling on Etsy
1. Don’t Overpay
Research is the best way to avoid overpaying for an item. I have learned to use my cell phone to do research on an item before I purchase it. See some examples below:
Photo Credit by Making Life More Lovely. Used with permission.
I purchased this 1930’s pink depression glass tumbler set (a carafe and tumbler set) for $3.99 at a thrift store, which I then sold for $45 in our shop.
Photo Credit by Making Life More Lovely. Used with permission.
I purchased a box of silverplate for $24.02 at an auction. This pitcher sold for $74.50 so I tripled my money without even adding in the other items in the box that sold.
Photo Credit by Making Life More Lovely. Used with permission.
Another great buy are these 3 sterling silver napkin rings that I bought at a thrift store for under $5. They were black with tarnish, which led to their inexpensive price. I am asking $150 for the set. You can view my shop listing here .
It’s not what you pay for an item, but the value based on sales of the same or similar items. I challenge you to find a great deal at the next garage sale, estate sale or thrift store you visit.
Have you read the other posts in the 'Side Hustle Series'?
2. Know What to Buy
We have learned that certain category of items have a greater return on investment (ROI) than other products. As you can see below, we track products sold by category. For example, Records (albums) have an 1575% return on investment (ROI), which means that for every dollar we spend, we make $15.75.
For Handbags, the ROI shows as 1227%, which means for every $1 spent, we make $12.27. However, I know that I just sold one very expensive handbag that I purchased inexpensively that made this ROI look much greater than it really is (so don’t go out and buy vintage handbags unless you know which ones to buy).
You will note that we only have 1 category where we make less than 200% (or double our money).
That is by design – if we can’t double our money, it’s not worth buying.
Quarterly Sales Report
Category | # Items Sold | Amount Sold | Cost of Items Sold | Profit | Return on Investment |
---|---|---|---|---|---|
Records | 2 | $67 | $4 | $63 | 1575% |
Crafts | 18 | $251 | $25 | $226 | 904% |
Handbag | 1 | $239 | $18 | $221 | 1227% |
Gloves | 6 | $125 | $15 | $110 | 733% |
Books | 81 | $981 | $210 | $771 | 367% |
Watches | 3 | $157 | $35 | $122 | 349% |
Glass | 78 | $1,637 | $367 | $1,270 | 346% |
Silver/Silverplate | 37 | $1,485 | $367 | $1,118 | 305% |
Odds & Ends | 72 | $1,924 | $485 | $1,439 | 297% |
Jewelry | 49 | $1,783 | $501 | $1,282 | 256% |
China | 275 | $7,490 | $2,213 | $5,277 | 238% |
Clothing | 8 | $391 | $160 | $231 | 144% |
QUARTERLY TOTAL | 927 | $16,530 | $4,400 | $12,130 | 276% |
Monthly Average | 309 | $5,510 | $1,467 | $4,103 | 280% |
For this quarter, we sold over $5,500 each month with a profit of almost $4,000 each month and an ROI of 280%.
That means that for every item sold, we almost tripled our money (300% would be tripling our money). You can see why it is so important to track your items by category.
We are winding down our clothing sales because it is a low ROI. We made $1.44 for every $1 spent so not a great deal of profit.
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Hi! I’m Melanie and I’m glad to meet you through my post. I’m a blogger, Etsy shop owner, mom and wife. I enjoy teaching others how to own and operate a successful Etsy shop. You can check out my Etsy shop here.
I do this by sharing my experiences having a thriving business to guide you in having a smooth journey to entrepreneurship. Download my free Step by Step Guide to Opening an Etsy Shop
I make it all work by having an organized and happy home life, which is the “happy place” where my journey takes place every day. You can read more at my blog Making Life More Lovely .