You’re creative, savvy, and ready to sell. You’re also smart. And by now, you’ve figured out that opening a shop on Etsy is more than just clicking a button.
Whether you’re starting something new or taking your physical store online, you need to protect yourself. So here are our top five tips for savvy selling on Etsy.
1. Settle on what you’re selling
Before starting a business of any kind you must know what you want people to do. Is it to buy awesome antiques? Are you peddling silk petunias? Regardless of what it is, you need to understand your competition. These insights will help inform your business plan and refine your product offering.
2. Choose a business name
Picking your business name is one of the fun parts, but it’s also one of the hardest. It’ll help if you choose something that is directly related to what you’re selling. And it’s always good to have something that stands out. Remember you can change your shop name at any time, so feel free to try a couple to see what works best. Remember you want to be findable when your customers are ready to come back, so don’t do this for too long!
3. Set your business goals
I bet you’re a goal-setter; you’re opening an Etsy shop after all! But to set goals for Etsy, first, define what you want to measure. Is it selling a particular amount of items? Do you have money goals? Make sure to pick something realistic and have a way to measure it. This will keep your business on track.
4. Choose the right legal structure, and make it official!
Here’s where we get more technical. Etsy shops based in the US can choose between three business structures: an unincorporated entity, a sole proprietorship or general partnership. You can also incorporate, or form a corporation or LLC. If you want some guidance through this process, check out Rocket Lawyer’s Business Structure Comparison Tool or just call a Small Business Success Manager and get customized help.
5. Protect yourself
Now that you’re an official business woman (or man), you might need to hire some folks. Whether you need a photographer for your Etsy store or decide to merge with your friend as a business partner, you’re going to need the right forms and documents to make sure you’re protected. (Shameless plug: Rocket Lawyer provides a library of business contracts and documents that you can use today. We also have Document Defense, so if your photographer flakes, an attorney will send them a letter on your behalf – and that’s usually all it takes to solve the problem.)
6. Start selling!
Now you’re in business! If you’re looking for more information check out Rocket Lawyer’s rules of entrepreneurship. You can also always give us a call. We’ve got your back! (And hopefully you’ve got that personalized succulent planter we’ve been eyeing.)
Let us take care of the legal and start your business now!