‘My inflation-beating Etsy seller side hustle brings in £132,000′

One man is sharing how his lucrative side hustle as an Etsy seller earned him the equivalent of £132,000 despite operating during a time of high inflation.

Tim Riegel, 60, from Lamar, Missouri, spoke with CNBC about his experience managing his second job, Mozark Pit Fire Studio, in recent years.

He began by the side hustle by finding, welding and selling 275-pound steel fire pints to his neighbours and within half a year he was delivering to buyers on Etsy across the country.

Within the first five months of the business getting off the group, Mr Riegel brought in $50,000 (£39,138).

However, the 60-year-old realised that while his volume of orders continued to rise, his profit margins were shrinking.

This was primarily due to the impact of inflation on the US economy with the Consumer Price Index (CPI) rate reaching a high of 9.1 percent in June 2022.

According to CNBC analysis, the price of everyday groceries cost around 20 percent for the average American consumer during this time.

Speaking to CNBC: Make It, Mr Riegel shared how he was able to keep his side hustle afloat despite the impact of inflation.

He explained: “In today’s local weather, you need to actually watch the prices — of every thing from gas to your provides — to ensure paying your self what you should pay your self.

“It can get away from you, and the following factor you understand, you’re watching your margins dwindle. If you’re not making a revenue, it’s not price spending the additional 40 hours per week.

“I didn’t wish to worth myself out of the market, both. I’m continuously taking a look at my rivals — not simply on Etsy, however all through the U.S. — to see who’s making related varieties of pits, and their pricing. I make certain to remain inside that ballpark.”

Thanks to his means to gauge the market and worth accurately, Mr Rigel’s hearth pits price on common round $950 (£743).

This is up dramatically from the common worth of $650 (£508) reported within the Autumn of final 12 months.

Within the final 12 months, the Etsy aspect hustle has introduced him in $169,000 (£132,000) in gross sales.

On how he balances his second job together with his non-public life, Mr Riegel added: “In the last year, I started working as a general manager in a sheltered workshop called Lamar Enterprises.

“That, combined with my past experience restoring cars and working for a furniture company, has helped me get really good at predicting lead times. My side hustle production schedule is more or less scheduled around my private life.

“I know how long it’s going to source everything and make it, no matter what variations the person adds. I can be flexible, and as I schedule my pits, I also schedule date nights with my wife.”