2. Design Your Product
Once you know what you want to make, you need to design products that stand out in some way. Most products on Etsy are handmade, so you can’t rely on that feature as a selling point.
Like any business owner, you’ll need to evaluate what materials to use. For example, maybe you want to design sweatshirts with gold-coated appliques, but at $1400.00 for an ounce of the 24-karat stuff, you might not find many buyers for such exclusive goods. A sound rule of thumb is to use the least-expensive items you can find until you build your reputation.
Do some market research to see what buyers want. You can create a poll to post on social media to determine what kinds of things people wish they had but can’t find in traditional stores.
3. Establish Your Inventory
What happens if you get an order for 20 pairs of your custom pom-pom socks, but only have five in stock? While this step involves an ongoing re-evaluation process, you should keep enough items to meet typical demand.
Pay attention to market fluctuations — if you make custom textbook covers, you’ll experience increased demand when kids head back to school, for instance.
4. Set Appropriate Prices
Like any business, you need to decide how much to charge for your wares. Part of the equation depends on the materials you use — you need to earn enough to cover the cost of production and add profit.
Also, evaluate your time investment. If you price your items too low, you risk burning out if your effort doesn’t reap sufficient reward.