My Biggest Tip for Making Money from Art
I think one of the most common struggles we have as creatives is getting out of that “starving artist” mindset and learning that it CAN actually be possible to have profitable art businesses. It’s something I definitely had to work on from the beginning, but I’m really glad I’ve kept at it! I’ve learned a few things along the way though and I love being an open book for fellow artists. So today’s post is all about my biggest tip for making money from art: incorporate passive income streams into your business.
My #1 Tip for Making Money From Art: Passive Income
I once read most millionaires have 7 sources of income and it’s stuck with me since. Because who doesn’t want to have a goal to reach a million dollars in your business?! I try to strive for this in my income streams for my business.
Now 7 is a LOT. As a one-woman business, there is no way I could run 7 income streams all at once. But I do agree that a business NEEDS multiple streams of income in order to be secure and profitable. And if there are passive income streams you can do, even better!
I like to call these income streams “mailbox money.” All of the work is done upfront, and then you get checks in the mail throughout the year with no extra work needed. This is so beneficial for your business because you’re earning income, but you’re also freed up to focus on other things!
My Current Income Streams
This is just a list to give you some ideas and inspiration, but here are all of the income streams I currently have in my business:
- Murals (not passive of course – but this is my primary focus and the work that I love doing!)
- Publishing books (passive – once I write and design the books, all of the income I receive from book sales from there is passive)
- Fabric design (passive)
- Dropshipping Alli K Design products on my website (passive)
- Mentoring/Public Speaking
- Graphic design
- Teaching a class
- Large scale canvases
- Freelance with other businesses (no shame in this! I love freelancing for florists when my schedule allows)
And then here are some other ideas of income streams you could incorporate into your business:
- Subscriptions/Patreon
- Brand sponsorships
- Selling digital art prints
- Doing an online course or selling digital PDFs of teaching materials
Now of course it’s true that very few passive income streams are completely hands-off – even things like digital products, books, etc. have to be marketed in order to sell. But once you do the work of creating the product, that hardest part is out of the way! I believe that making money from art really is possible, even good money! It just takes some work and planning.
So what do you think?! Will you add some new income streams to your business? I’d love to hear – leave me a comment below and let me know!
[Related artist tips: Can You Have a Successful Art Business and Still Maintain Your Voice?]
