I went through my numbers today and since numbers do not lie, I decided to deactivate the rest of my items, half of which were going to expire in the next week anyway .
I found that I had made a whopping $151.85 after deducting all the Etsy bills I had paid. I could not believe it. I had something like 45 orders and a total of 365 bucks in sales, but once I deducted the 174. and change bills and fees, I was left with 151.85 for all my hard work this year. If you have never had an Etsy site, I can assure you, it is work. I have to take a lot of pictures of each item, to insure five good pictures, the amount I am able to put on the listing. I have to keep in mind also, all the other things I spent money on, tools, bead baggies, a professional scale for the sequins, and some vintage sequins I purchased at a good deal to resell. If I add all that up, I lost money. I did not even break even. I actually lost money this year. Big . Time.
On most items, you have to do research as well, checking what the going price is, so you can come up with a fair price. You have to have measurements and other information on your item and then have to fill out the forms they give you, then do your actual listing and description. It takes hours when you do a bunch of listings in a day. You pay 20 cents at the time you list it, then you pay a percentage to Etsy for the sale, and then either they, or pay pal get more for the credit card fee. In many cases, they made more profit than I do, as I had to pay for the material I am selling.
I have come to the conclusion that if you are not selling items for minimum between five and ten bucks each, it is not worth your time. Unless you are high volume, but I was not.
You have to figure in all the time to list that item, than you have to store it, then you have to pack and mail it, which takes at least another ten minutes of time to print out the packing slip and shipping label, let alone drive to the post office and drop it off . Forget minimum wage, I made pennies on the dollar for most of the things I sold and that was just making back what I paid for it all now that I look back. It is very heartbreaking.
If effort = good results, I would be making great money. However. I have put in hundreds of hours in my studio the last few years for virtually nothing.
So, I will just blog what I am working on for myself and friends and family, and forget being in business for now. I just do not know anymore what to do. This last year was just selling supplies, so I did not even have the extra labor of creating items to sell, but still had to sort through, count, and do all the other steps needed to list each item. Until I did the numbers today, I thought I was doing well. It is hard to realize I made nothing and in fact lost money.
I have all the stuff I bought, so technically I did not “lose” anything, but I did not make a profit after all my expenses so business wise I made nothing and lost money.
My husband David and I have some ideas up our sleeves, so we will see what we decide to do. Whatever it is, it it will not be on Etsy more than likely.
So, time to let it go, and regroup. Not sure what I will do next, but be sure I will be sharing it here !!!
I will figure out a way to sell the old vintage sequins, but I still have a good amount of them, probably 90 percent or more !!!