Pros:
1. Low startup costs – Etsy only charges a small fee to list products, and there are no manufacturing costs associated with selling handmade items. This makes it easy for entrepreneurs to start their own business without having to invest large amounts of money upfront.
2. Flexibility – Etsy entrepreneurs have the freedom to work from home and set their own hours, allowing them to control how much time they dedicate to running their business.
3. Reach – With a global marketplace of over 35 million buyers, Etsy entrepreneurs can reach potential customers all over the world with ease.
Cons:
1. Competition – With so many other Etsy entrepreneurs in the marketplace, it can be difficult to stand out and attract customers.
2. Fees – In addition to the listing fees, Etsy also charges a percentage of each sale, which can cut into an entrepreneur’s profits.
3. Shipping costs – For those selling physical items, shipping costs can be a major expense. Entrepreneurs must factor this into their pricing structure to remain profitable.
4. Marketing – It can be difficult to get the word out about one’s Etsy business without spending money on marketing and advertising. This makes it hard for entrepreneurs to reach potential customers without an initial investment of time or resources.