The short answer is probably not if you are just selling handmade items. With handmade items the rule of thumb is material cost plus fees x 3 = sales price. If you offer free shipping you woukdbthen minus that from the sales price. So if it cost you $5.00 to create the items – 15% of $15.00 =$2.25 (Amazon’s fee) – shipping normally 7.95 that leaves you with 0.2%. There are also sales taxes. Etsy has a more ebay style pricing structure. .20 cents per listing plus a 5 % fee, you also have store fees and square or PayPal fees.
Obviously it’s working for some, or they just enjoy doing it. Selling supplies like beads, fabric, notions has always done well on etsy but any real money would need to come from large sales and loyal costumers.
That doesn’t mean you shouldn’t try. Approaching it as a business is recommended. Keeping costs down, learning merchandising to increase your chances of multiple quantity sales, and social networking utilizing free outlets like Pinterest may be beneficial. I absolutely encourage you to become a creative, but again to do so thoughtfully and efficiently.
Happy crafting and remember time is money pimpin.
It’s relatively a new cliche’ “side hustle”. What is it, and why are women embracing it. Men also side hustle but I’m writing this with women in mind. Generally most women will fall under one of these;
- Extra income
- Gal pals
- A friend or family member sucked you in.
- You hate the 9-5 and dream of being a full time soleprenuer
- Discounts on products
So let’s talk about the different side hustle.
- Service- offering a service such as photography, dog grooming, babysitting, real estate etc.
- Product sales- involves selling a product either as retailer, auction style, or direct sales, or etsy sales.
- Digital products- selling digital products via etsy, amazon, or your own online site.
So let’s scroll back up to the first list. Boredom– if you are looking for something to fill in time but don’t want a commitment or to further a dream then volunteer work may be more suitable.
Extra income- the best way to achieve extra income would be to offer a service or digital product. The initial investment is usually zero to minimal.
A friend or family member sucked you in- more than likely this was not about you but about achieving their dreams not yours. If you joined a direct sales company there are things to consider. You can achieve your goals if you do the research first. Generally you will work your rear off for someone else’s goals and despite what you may have been told, joining doesn’t make you a business owner. The company can cancel its rep program or change the rules at anytime. Clever container did just that this year.
Dreams- If you are dreaming of being your own boss and ditching the 9-5 then make sure that your side hustle is inline with your goals. By starting out small you may be able to develop a sound customer base which will result in word of mouth referrals. Which are the best kind. You can also get a feel for your planned business and develop a niche.
Discounts- Not really a great reason to side hustle. You will likely spend more than you save.