25+ Income Streams for Creatives (and HOW to start them!)

Summary

In this video, the speaker explores how creative individuals can turn their passions into profitable businesses. They break down various income streams, including active income (custom commissions, freelance work), passive income (digital products, online courses), and platform income (YouTube AdSense, social media sponsorships). The speaker emphasizes starting small, mastering one or two income streams, and gradually expanding, while cautioning against overwhelming oneself. They also stress the importance of focusing on what aligns with one’s creative practice and offers financial stability, concluding with advice on patience and perseverance in building a creative business.

Takeaways

• 😀 Start small and build gradually: It's important to not overwhelm yourself with too many complex business ideas at once. Focus on mastering one or two income streams before expanding.
• 😀 Active income requires you to directly trade time for money: Jobs, custom commissions, and freelance work are examples of active income, where you stop making money once the work is completed.
• 😀 Passive or leveraged income can be built through products: Digital products like tutorials, brush packs, or even online courses allow you to create assets that can be sold repeatedly.
• 😀 Print-on-demand is a great way to scale income: Upload your artwork and let a third-party manufacturer handle printing and shipping, while you collect a profit.
• 😀 Art licensing and wholesaling are viable options for passive income: Licensing deals with companies can generate royalties, while wholesaling allows you to sell to stores for bulk orders.
• 😀 Build a platform to leverage audience monetization: Platforms like YouTube, Twitch, and TikTok offer built-in monetization tools, such as ads and creator funds, to help generate income.
• 😀 Paid newsletters can offer a stable income: Platforms like Substack and Beehive allow creators to monetize their writing and build a sustainable revenue stream through subscriptions.
• 😀 Social media sponsorships provide financial stability: Partnering with brands for sponsored content is a great way to support your business and increase your income.
• 😀 Don't neglect email lists: An email list can significantly boost sales and conversions, as it helps you stay in direct contact with your audience and build loyalty.
• 😀 Focus on the long-term journey: Success in building a creative business takes years. Don't expect instant results; let your business grow organically over time.

Q & A

What is one of the most common questions creative people have about making money from their passion?

One of the most common questions is how to turn their creative passion into a viable source of income and make it a job. They want to know how to monetize their creativity.

Why do some talented creative people fail to succeed in building a business?

Some creatives start too complex a business too early. They try to do everything at once, which leads to burnout, and they quit before achieving real success.

What is an example of active income in the creative field?

Active income is when you trade your time directly for money. Examples include jobs like custom commissions, where you create something once, get paid, and then stop earning once the project is completed.

How can visual artists make more income from their original works beyond selling them?

Visual artists can create merchandise such as prints, stickers, and other products based on their original works. This helps leverage their art to generate more income.

What is the key distinction between active income and passive income streams?

Active income requires you to directly trade time for money, while passive income involves creating assets or products that generate revenue with little ongoing effort, such as digital products, online courses, or print-on-demand services.

What are digital products, and why are they valuable for creative people?

Digital products can include items like brush packs, textures, tutorials, and mockups. They are valuable because they allow creatives to generate passive income by selling the same product multiple times with little additional effort.

How does art licensing work, and what types of art are best suited for it?

Art licensing involves partnering with companies to license your artwork, which generates royalties. This model works well for artists who create patterns, abstract artwork, or cutesy illustrations, as these are often used in commercial products.

What is the difference between wholesaling and licensing in terms of art sales?

Wholesaling is when you sell your art products at a discounted price to a store, which then resells them. In contrast, licensing is about giving a company the rights to use your art for a fee, which is often paid out as royalties.

Why is having an email list important for a creative business?

An email list is crucial because it helps maintain direct contact with customers, enabling you to market your work more effectively. Emails convert better than social media posts, and having a dedicated list allows for a more reliable source of revenue.

What is the recommended approach for starting a creative business with low risk?

Start with a single platform for sharing your work, sell simple products with low startup costs (like digital products or prints), and focus on building an email list. This approach allows you to practice selling and develop a stable foundation before expanding.