Who are your customers? What do they need? How are you giving them what they want?
“Market Need” is a key element in a good business plan. Many new business owners put off writing their business plan for months – years even. They imagine it’s only needed for getting a bank loan or formally presenting to investors. But a business plan is important to your Etsy shop success right from the start.
The Etsy Blog recently posted a great article titled “How to Write a Creative Business Plan In Under an Hour” in which author Caroline Cummings breaks down the standard parts of a formal business plan into short statements. She demonstrates the process with a fictitious Etsy store called Haley’s Vintage Hats.
The “Market Need” for Haleys? “My customers love the look of vintage women’s hats, but real vintage hats are difficult to find and very expensive if in excellent condition, while good replica hats are not common.”
And Haley’s solution? “I recreate hats from my collection of authentic designer vintage hats of the 1920s-60s and sell these affordably so my customers can own and wear hats in the style of their favorite vintage milliners.”
How clear is this! With this concise definition of what her customers want, Haley can easily fill their needs.
Why do your customers need the items you sell? What makes them like your products and place an order?
In “The Everything Guide to Selling Arts and Crafts Online” you’ll fine a simple common-sense chapter to help new business owners create a business plan. “Gathering this data, plugging in your own ideas, and writing everything down in a clear and concise plan are essential parts of growing a successful online business.”
If you have not yet written a business plan for your handcrafted arts business, do it today. What a powerful tool for the success of your Etsy shop!
Even better than the fictitious Haley, our illustration is from a REAL vintage hat designer on Etsy! Illustration courtesy and ©Kimberley at TheWaughdrobe on Etsy: etsy.com/shop/TheWaughdrobe