I get asked a lot when is it time to start a new store – mainly because I have multiple stores (18 to be exact). I always recommend that you open one store at a time and get that store to be self-sufficient before moving to the next.ย
This is because stores are quite a lot of work in the setup phase and you need consistency and a volume of products to build them up to the point they are profitable. The members who always grow the fastest are the ones who really double down with a laser focus on a single niche – and I see this again and again.
So how do you know when you are ready to open another store?ย
Ideally, you want your store to meet the benchmark for the niche in terms of the number of listings (you can find this out by researching 10 successful stores and taking an average of the number of listings they have). And ideally, be getting daily sales.ย
If you are getting the itch to try something new without meeting this criteria – I understand that and get it too!
Nurturing our creativity is important too and some things you just need to create what brings you joy. And if this is you, I suggest adding a category to your store rather than a totally new store. This is a way for you to test the waters and if this becomes what you are known for and do best – that’s amazing and you can gradually transform your store to cater to this new category.
As part of the Etsy platform, your store gets 20 categories. If you are wanting to experiment, you can always create a catch all โotherโ category to include everything you do outside of your product plan.ย
In terms of your store’s growth though (and from a history of wanting to follow my creativity over what’s actually the fast way to get places), it’s always better to double down and focus on one niche solidly rather than diversifying. Every time you create a product that is in your niche and product plan, you are a step ahead of the person who gave up at this point.ย So keep going!
P.S. Want to know the biggest mistakes to avoid on Etsy? You might want to check out this video here!
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