In the early stages of any new venture, keeping finances as low as possible is always a big priority. One of the things I love about Etsy is that the monetary commitment to getting started is relatively low. It’s technically free to have an Etsy shop!
There are no overall start up costs to setting up on the site itself. You’ll pay a small fee to list each item and will pay the processing charges once it sells. With Etsy, you’re not paying any monthly reoccurring fees to keep your shop running which is
really great crucial when you’re just beginning.
With a stand-alone website, you have to buy a domain, hosting, template or theme, and often some type plugin or ecommerce subscription in order to list and sell products. In most cases, you’ll be charged every year for your domain and hosting as they are annual fees which can be a few hundred dollars.
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The information we can learn by reading blogs in endless. You’ve got guides, how to tutorials, and inspiration posts galore. We all have our favorite websites and online authors. I can get totally lost reading post after post, filling my brain with facts and ideas to apply to my own businesses.
When your face eventually needs a break from the screen, but your mind still craves that knowledge, it’s time to sign offline and pick up a book.
Just in time for pool season, I’ve compiled a list of the three books every creative needs to read. Whether maker, blogger, or coach, these will inspire you and give you permission to think outside the box.
I remember the first time I heard the obnoxious, awful single #SELFIE. Like, it’s seriously the worst, but hella memorable. After Shazam-ing it, I thought to myself, “Chainsmokers”? What is this song, who are these people, this has got to be a joke.
Fast forward three years later. It’s 2017 and The Chainsmokers are everywhere. They are insanely successful, breaking records, and dominating the radio. Even my mom knows their music. The chance of hearing one of their songs on at least one radio station at any time is pretty likely. As soon as you’ve learned all the words to their latest tune, they put out something new. Their songs are catchy and full of energy. We can learn a few lessons in our own businesses, blogs, and online shops from these guys.
You’ve Gotta Start Somewhere
After some research, I learned #SELFIE isn’t The Chainsmokers’ first single, however it is the song who got their name out there. It made an impression and went viral. It was bad and people loved to hate it.
Less than four years ago I was launching my Etsy shop while working full time as a receptionist at an insurance company. I knew my side hustle had the potential to become my full time job, but also knew it would take a lot of work and sacrifice to get to that point. For almost two years I had to manage both, before going part time at my receptionist job. Eventually I did turn the side hustle into the full time hustle, but the road to getting there wasn’t easy.
Everyone has a different risk tolerance and there are people who are ready to jump into their solopreneur jobs earlier than others. My Etsy shop started as a hobby and it made sense to keep my full time job until it grew more. I learned a lot while working full time and managing my side hustle, mostly how important time is and ways to maximize it by prioritizing.
Let’s face it, we could all use a couple extra hours in our days. Time is something many people struggle with. We all get the same amount. It’s ever fleeting and we can’t buy it or make more, no matter how hard we try.
When you’re working full time, it can be really, really hard to start or grow your business. Your paying job comes first and that’s totally understandable. I’m going to be completely honest – it’s not easy to do both. There is a factor of planning and a good bit of sacrifice. (I’m talking goodbye TV shows, at least for the time being). However, you have to keep in mind it’s a temporary time of sacrifice in order to get to the point where you can leave your job and do this thing full time.
There are so many things that need to be done in the beginning. When starting your business or opening your Etsy shop you’ve got to choose a name, think about your target market, find your niche, set up a shipping strategy, and that’s just a few of those start up to-dos. Although those are all important, my experience has taught me there’s another key thing to do immediately when you get going and it might even be considered the most crucial.
As soon as you can, open a separate bank account. It’s the number one thing I recommend when people ask questions about starting a business. A lot of the tasks in starting a business can be learned, figured out, or caught up on. Blending your finances is really hard to undo and is even frowned upon by the IRS.
Accounting is probably the least of your worries when starting your Etsy shop and definitely one of the least glamourous parts of being an entrepreneur. Business finances can be confusing (and stressful) enough, make it a little easier on yourself by opening a separate bank account from the very beginning. Luckily, getting a new bank account specifically for your business or Etsy shop is easy to do.