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

[Noty & Co.] August 2019 – My side business update
Business laptop and coffe

Overview

Since March 2019, I’ve been selling digital products (downloadables and printables) on Etsy as my side business idea. The goal is to create a semi-passive to passive-income source over time that will allow me more financial freedom.

The shop: www.notyandco.com

I did most of the work during January and February and then uploaded all the products at once. I then did some keyword research and on-page SEO as well as tried out Etsy’s own ads system (in their own search engine).

During these past months, I’ve been seeling a few products every week. On average around one or two product sales every other day, consistently. I’m pretty content with the results since I haven’t out in any more work into it since late March. I’m at around 100 sales at this moment.

I’m mostly glad that my plan for it to be a semi-passive income is working.

My goal until 2021

I aim to earn around 500 dollars each month. I want it to be as passive as possible (except for creating new products when I feel like it and occasionally working on improving SEO when the search engine algorithms have been updated).

Problem

I haven’t gotten much profit despite my consistent sales since my products are too cheap and because I spent too much on advertisements at the beginning. In the future, I need to create products that I can charge at least 15 dollars to make more profit.

Improvements I need to make

  • 1. I need to sell more expensive products. However, I’m not sure if my sales will be as consistent if I sell more expensive products on Etsy… One alternative is to start selling products through my own website. I already own the domain name and I know how to build an e-commerce website by myself. The challenge would be to drive customers to my own website without spending too much on advertisements.
  • 2. I need to spend less on advertisements on Etsy and do more manual work on social media if I want to decrease the costs and improve profits. However, that would take away from my idea of having a semi-passive income so the solution must be to…
  • 3. Change business idea to something that’s easier to sell more expensive (15-20 USD per product) and make more profit from each sale

Summary

I’m happy that I’ve shown myself that I am capable of coming up with a functioning product idea for semi-passive income and that I’ve gone through with it. The next step is to try to improve the profit rates.

Wendy Zhou

UX/UI designer from Sweden. I write about design, tech, side projects, personal finance and cyberpunk. Contact: wendyzhou.design@gmail.com

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