[Noty & Co.] August 2019 – My side business update
Since March 2019 (5 months ago), I’ve been selling digital products (downloadable) on Etsy as my side business. The goal is to create a semi-passive to passive-income source over time that will allow me more financial freedom.
- I did the initial work before March and then uploaded all the products, did the SEO and activated Etsy’s own ads (in their search engine).
- Since then I’ve sold a few products every week, around one or two every other day consistently without any active work. I’m at around 100 sales.
- I’m happy that my plan for it to be a semi-passive income is working.
My goal until June 2020 (when I graduate)
To earn around 500 USD each month. I want it to be as passive as possible (except for actively creating new products and working on SEO).
I haven’t gotten much profit despite my consistent sells because my products are too cheap and because I pay for advertisement.
- 1. Sell more expensive products.
- Challenge: I’m not sure if people will buy more expensive products on Etsy
- Solution #1: Just do it and test. If it doesn’t work try Solution #2
- Solution #2: I need to sell through my own website (I have bought the domain name and have the skills to build e-commerce myself). The challenge would be to drive customers to my own website.
- 2. Spend less on the advertisement and do more manual work on social media. But this takes away from my idea of having a semi-passive income and kind off destroys my business idea.
- 3. Change business idea to something that’s easier to sell more expensive (20 USD per product) and make more profit for each sale
I’m happy that I’ve shown myself that I am capable of coming up with a functioning business idea for semi-passive income and that I can go through with it. Next step is to try to scale the business up a notch and focus more on earning money. The first time I’m going to do is to work on my own ideas and also ask other small business owners for advice.