[Noty & Co.] August 2019 – My side business update

[Noty & Co.] August 2019 – My side business update

Overview

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.
Link: https://etsy.com/shop/notyandco

  • 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).

Problem

I haven’t gotten much profit despite my consistent sells because my products are too cheap and because I pay for advertisement.

Solutions

  • 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

Summary

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.

Wendy Zhou

Wendy Zhou

UX/UI Designer from Sweden. Studying Cognitive Science. I write about my side-projects, design, tech, and cyberpunk. Contact: wendyzhou.design@gmail.com

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