Is your Etsy shop performing the same all year round? Or do you have your ups and downs? To be able to quit your day job and make Etsy your main income it is important to be able to make enough each and every month to pay the bills.
For me that means paying the rent at home, the electric at home, the home phone, the water, food and being able to put back enough money for emergencies. That total for me is about $1800 a month. That is my bare minimum just to stay ahead of the bills. Currently my Etsy shop is making about 1/2 of that. Fortunately my wholesale accounts make up the other half and my Brick and Mortar shop pays for itself and then some.
I currently do not have insurance, which will add another $200 to $300 a month to what I need to make. So, now I am up to $2100 a month just to not worry about bills and health. That is $25,000+ a year that I need to make just to survive. That means my Etsy shop needs to average about $70 a day all year long.
There is my target. There is my goal. Now, some months are better than others and some months are worse. So, I try to make the best of holidays where I sell more to help balance the "almost summer break" slow period of my shop.
I would like to hear how you are doing on a daily basis. When are your peak months, when are the worst months for you. Let's try and figure out how to maximize both!
I'm doing good to have one sale a month. Obviously not time to quit my day job.
ReplyDeleteI just started in Feb and have about 4 sales a week= $12 cash profit. HOWEVER, if I get merchandise it will be better.
ReplyDeleteI project by December to have 1/2 of my needed income , IF I can produce 2-3 pattern a week.
So far was not able to do that, because I always learn about all kinds of stuff I might need or not need to know.
because I am internet illiterate every Dick Joe and Harry wants to take me for a ride .
I aslo started a blog on Wordpress, so I can give my customers tips and helps with their art of crochet.
I started the shop with $75 and take it as an experiment so I can show my grandchildren : Darn right it is possible to succeed, if we are free and gov. stays out of our business.
I will keep you posted.
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ReplyDeleteLast year was my best-ever year on Etsy. It was also the first year I sold more than $1,000 on Etsy in a year. So, although I'm already at 136% of last year's sales, it's still not enough to live on. But somehow I'm about halfway doing that!
ReplyDeleteRight now, I'm two weeks away from a juried art fair. I'm hoping that will be a thrilling success! I've also received two wholesale orders in the last 2 days. So things may be looking up! :-)
I've made several dozen new dolls in the last couple of months, but I'm saving them for the art fair. After the art fair, I'll get back to listing things on Etsy.