ETSY SUCCESS IN 2023? My $1M Etsy Business Plan for 2023 | Etsy Lessons Learned from 2022

About this video

(Summarized from the Arabic caption track.) Jahraus recaps 2022 lessons and her 2023 plan. She says she has sold on Etsy since 2016, also sells on Amazon and Shopify, claims more than $1.4 million made on Etsy and more than $1 million in profit, and says her shop does $30,000 to $40,000 a month. 2022 was her family’s first year with two children; they bought their first multi-unit residential property — she cites an $800,000 multi-family property in Southern California — did two renovations, turned over three tenants, started a new business, and ran three e-commerce channels for a full year while she helped hundreds of Etsy sellers through her program. Lesson one is protecting health: under sustained stress she says she got pneumonia in the fall, which developed into a cartilage problem with severe nerve pain and complete numbness in her arm and hand for about a month. Lesson two is hiring before you need to and delegating low-pay tasks such as cleaning, cooking, housework, laundry, and delivery. She also says the two easiest ways she grew her Etsy store were stopping producing products herself — by year-end nearly all production and delivery was outsourced — and focusing first on profitable customers, then product diversification: customers first, products second, always. She stresses aligning with a spouse on whether the business is a joint or solo effort before growth, and shares a tax lesson for S-corps: she says that above $300,000 in annual profit, with no state income tax, taking the full business income as salary made more sense than distributions, whereas below $150,000 in net income an S-corp reduces health-care and Social Security taxes. Her final lesson is to ignore other people’s judgments of unconventional ambition. For 2023 she plans to hire four additional employees and stop producing entirely, reinvest cash flow (including online bank accounts paying 3 to 4% interest, up to $250,000 per account) toward one or two more properties, build a network in Southern California, spend more on experiences and travel, and grow the business to the $1 million to $10 million annual income level she says is required to work with a mentor she wants.

Key takeaways

• Protect your health as a business owner: she links a year of sustained overload to pneumonia and about a month of nerve pain and numbness in her arm and hand
• Hire before you need to and delegate low-pay tasks like cleaning, cooking, laundry, and delivery instead of doing everything yourself
• Grow by stopping your own production — nearly all production and delivery was outsourced by year-end — and by putting profitable customers before product diversification
• Decide with a spouse in advance whether the business is a joint or solo effort, and discuss sacrifices before growth forces them
• 2023 plan: add four employees, park cash flow at 3 to 4% interest for one or two property purchases, and grow toward the $1 million to $10 million level required for a desired mentor

Episode details: published December 22, 2022 · 10:11 long. Summary written by Self Growth Videos from the episode itself. Business results and any income figures mentioned are Dylan Jahraus’s own claims, shared for education — they are not typical or guaranteed.

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