It wasn’t too long ago that Etsy made headlines for going public, with an estimated valuation of $1.78 billion. At $16 a share, the company raised $266.66 million. It’s easy to get blindsided by the big numbers when in fact, the company is made up of individuals running “micro-businesses.”
This week, Issie Lapowsky (@issielapowsky) from Wired reports on how some of those sellers are headed to Washington to talk to congress about the unique issues facing their tiny businesses. Issues such as their opposition to the proposed Remote Transaction Parity Act, which would require online sellers to pay taxes in every state where their goods are sold, instead of only where they do business. Doing sales tax in every state would create an undue burden on small business owners.
These are businesses that are typically run by one person and consist of just a few employees. Anthea Erickson, public policy director at Etsy, expresses the consensus among them:
“We see the Etsy community as a really important force, and our voices need to be amplified in D.C., so rather than hiring an army of Washington lobbyists, we’re devoting our resources toward getting our sellers to speak for themselves,”
When you think of special interest groups, you normally don’t think of artists who specialize in wedding decor, or a person who knits scarves and hats as a full-time job. It’s exciting for us to hear about the ground roots organizing Etsy creators are initiating because, what might surprise you, many of them depend on their micro-business to support themselves fully. A report released this week based on a survey of 4,000 Etsy sellers, offers a picture of who Etsy sellers are and how much of their income relies on their business.
“In sharp contrast to recent accusations that Etsy has alienated small crafters in favor of mass manufactured items, the report indicates that around 30 percent of sellers (the majority of whom are women) say that Etsy is their sole occupation, and around 88 percent of them run their shops alone.”
The economy is shifting towards more self-employment, so a company like Etsy can bring much needed attention to the unique challenges micro-businesses face. Etsy is a fine example of how to disrupt a traditional marketplace. Who knew that handmade clothing and accessories would become a huge industry, with a loyal following and vendors to boot?
Have an idea for the next big thing? Near Me provides the platform and marketing tools to help entrepreneurs build and manage their business. Follow Etsy’s lead in narrowing down a niche, gather passionate vendors and make your voice heard.
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