Starting up a business was a little mind blowing for me. I’d never done anything like it and there were so many steps. So many things to register and think through! I thought I’d compile a little list of things that I had to do for anyone else that might be considering starting up an etsy shop of their own.
- First off, create your name, brand and mission. I chose ‘Think Liz’ because it was open ended. I can take this brand with me for anything I choose to do. It won’t limit me to sewing, crafting or an age range for the product.
- Have shipping materials on hand, this includes packing tape, boxes, labels, packing materials, etc.
- Determine weights and postage for your items, that way you don’t have to guess how much to list shipping at
- Get your tax ID (the link is for Texas)
- Get your DBA if you’re not using your own name. Here’s the link for Austin’s registration info.
- Find a bookkeeping software. I use Outright, which is free and online. It will sync with paypal, your credit card and etsy.
- Get a business checking and business credit card to track expenses. Then you don’t have to worry about sorting through what charges are personal and which are for business.
- Get paypal set up with your business checking and credit
- Figure out a way to track business mileage to write off.
- Build an inventory.
- Create your policies.
- Figure out how much the item cost you to make in materials, then add in PayPal fees and etsy fees. Figure out how long it took you to make and list the item and determine what you want to charge for your time. Add it up. That’s your price (higher than you thought, huh?).
- Take good photos of your inventory.
- Track your expenses! This is important! You can write off many things. If you’re not sure about tax stuff, meet with a CPA to discuss.
What about the rest of you that run an etsy shop? Am I forgetting anything?