Secondary sources of income. Ever wondered if you should have one? Or two? Especially as a creative during times of economic downfalls like we’re in right now. Thanks, COVID-19.
Think of the box store retail giants. They aren’t selling just groceries anymore. Many are selling clothing, home furnishings, electronics and more. So why, as a creative, shouldn’t you do the same? Limiting yourself to one source of income leaves a lot of opportunities on the table.
Check out the following ways you, an artist and creative, could possibly branch out and start making more money with secondary sources of income. That’s more opportunities to achieve your financial goals faster. And more opportunities to lessen the financial stress during slow seasons.
1. Sell Your Art at Fairs
Whether you’re a photographer, graphic designer, painter, you name it. Think outside your world of commissions, aka people seeking you out intentionally. I’ve had booths at high-end wedding shows and booths at craft fairs. While the high-end shows often bring in the ultimate, ideal-client who’s ready to get started right away. The craft fairs get your name into the minds of people who will recommend you to the ideal-client.
2. Do Commissions
If you’re creating lots of artwork with the intent to list on Etsy, thanks great! But, that isn’t guaranteed income and you’re waiting to get paid after already doing the work. That’s why commissions are so great. It’s guaranteed income upfront (yes, you should always get paid 100% before you begin work on commissions) and those clients are likely to refer you to their circle of friends who are looking for the same type of service.
The best way to build a good reputation is to share your knowledge. Whether by hosting workshops, or creating an educational resource like an ecourse. There are great opportunities to meet new artists and potential clients alike. And you gain exposure for your business at the same time!
Lastly, keep in mind secondary sources of income require a lot of effort. If you want to actually want to do it well in order to make money from them. Stay organized. Stay on top of your inventory. How many sources of income you need depends on where you are financially, what your financial goals are and how much time you have to commit to making these additional income sources great.
But the most important thing to remember is that relying on one source of income means you’ve got all your eggs in one basket. Meaning: if you concentrate all your efforts and resources in one area, you could lose everything. So why not diversify?