I started my small business of selling greeting cards on Shopify at the end of last year, but didn’t really have time to put into it because i was working 50-60 hour work weeks for my job. I quit my job at the beginning of this year and when quarantine happened, all my job interviews I had lined up were put on hold, so I put all my time into growing my business and decided to start selling on Etsy since it’s a lot easier to get noticed there first.
In 5 months, I made over 500 sales and it’s so exciting! I’ve now expanded to stickers, posters, and custom portraits. I have so many new products I want to add to the store in the next few months, but it is costing me a lot to order wholesale of multiple new products and in return, I have yet to really make a profit. My credit card is acquiring more debt than I’d like, but I’m telling myself you have to spend money to make money.
Do any of you small business owners have advice in whether I should wait to order my new products until I sell more of what I already have in stock? Or should I continue ordering more stuff because I never know which product may be the one that sells so well that I start making a lot of profit? Would appreciate hearing your experiences/advice, thank you!!
[Edit: Thanks for all your advice so far, I really appreciate it! Y’all have made me realize that I’m probably getting ahead of myself. I’ve been wanting to open a shop and share my creativity since I was young and now I think I’m just excited to make all the different products I wanted to, but I think I will slow down and focus on just growing and selling what I have now before adding more stuff to my shop. And yes, it’s true that I don’t have much savings to help me right now because the past few years I was diagnosed with some health issues that made keeping a job difficult so I wanted to try to turn this side thing I did for fun into a possible full-time business someday now that I have the time!]