The strategy for managing dips in Etsy is really not much different than if you had a 9-5 job:
1. Keep as many oars in the water as possible. For us, that means a multi-platform approach: Amazon Handmade, Etsy, Ebay, Shopify, Pinterest, Wanelo…
2. Maximize revenue on the ups. Really play hard during the holidays, V-Day, Father’s Day… That might mean long days and nights that cut into leisure time or sacrificing sleep.
3. Create a business and personal budget with plenty of rainy day funds to hold you over.
4. Unless you are lucky to be in the 1%, hard work rarely gets you ahead. Invest and be creative with financing. Consider going long and holding some reliable dividend aristocrats stocks such as PG. Diversify and pick up a few REITs, some high risk players, and of course some of those trendy sympathy plays like yesterdays Bull Run on DRYS
5. Live below your means. Skip the new car, upgrading to a larger house, or taking an equity loan to remodel your kitchen.
6. Get an accountant to deal with the taxes. It’s amazing how many folks making less than 100k pay the most taxes, while billionaires walk away owing almost zero. Learn as much as possible about HSAs, DRIPs, SEPs….
7. Think small as well. If you have choice between .01% interest with fees at a major bank or 1% with no fees using an account like Capital One 360, HSBC… you could end up saving quite a bit. Factor in Cash Back rewards cards that you pay in full every month, the 2-3% adds up fast.
8. Always shop around for the best deals on supplies, business services, or even household products.
9. Always question advice along the way. Your portfolio manager probably receives payment per client and not a percent of your returns. Rarely do they truly care about you, unless you bring big bucks to the table. Slick sales-peoples, bankers, insurance brokers… are not your friends or friends of the family. The days of profit and trust are long over. Today’s word is “me.” It’s all about “me” and only “me.”
10. How do you manage sales declines on Etsy alone? You don’t