Mistakes That Hurt Online Businesses + Tips on How to Avoid Them (Part 2)
If you missed part 1 read it here.
Not Tracking Your Inventory Smoothly
Imagine being out of stock of everything in your Etsy store. It’s going to set you back, no doubt.
Creating systems for tracking products and supplies early on can help things run smoothly as your business expands.
Messing up on any tracking of the inventory is going to skew your sales numbers and everything else in general.
Stocking up (or making) your popular items might be the best idea in case you get a rush on those products.
A storage system is something the biggest Etsy sellers go with as well. Sorting alphabetically or whatever pertains to your items will keep your system organized. You can check out storage ideas here.
Pricing can be a trickier part of your business. You don’t want to make sales only to measure out later that you only made a few dollars per hour of work.
Do this by accounting for overhead by making a list of any expenses that aren’t tied to an item you are selling.
Gas driving to the store or any packaging would be including in this.
Document all of these costs, then divide them by the number of items you have or plan to produce this year. That will give you an estimated overhead cost per item.
Then weigh the amount of time everything takes with how much you are bringing in. If it’s too low, you might reassess your prices.
Or you could decrease the amount of time in a step or try paying yourself a different hourly wage.
Offering a Wide Range of Products
This doesn’t always have to be a mistake if you’re able to manage and properly appeal to multiple niches. But it probably will hurt your shop’s overall SEO.
It can change up your entire brand image and therefore shoppers looking for a specific store will be less likely to find yours.
Not Knowing Your Niche
Finding a product and knowing who your customers are what this entails. Researching your or any niche is 100% mandatory before your start your store up.
If you go deep enough, you’re going to start finding niches inside of your niches.
This is important because you’ll be able to sell and advertise them certain products that they’ve already shown interest in.
Having in-depth policies protects you more than it protects the customer. If anything or any problems ever come up, which they will, it needs to be laid out clearly in a policy.
Instead of having to stress and guess yourself when you’re confronted with an issue, you can refer yourself and your customer to your policies to solve the issue.
Good policies will also end a bunch of problems before they happen as well.
About Charles Curry
Charles founded his Etsy shop Wall Decal Source in 2012. He opened his decal shop and decided to create a nursery decal for his sisters new baby. Funnily enough he published the decal as an item for sale on his Etsy shop and people really liked it. Well a few years later and his shop has been almost completely taken over by nursery wall decals. He must still be a kid at heart. As Charles tested and tried all sorts of methods to expand his shop he stumbled upon a few simple formulas for consistently growing Etsy sales and views.