5 Steps to Have Multiple Income Streams as an Artist
Are you wondering how to make more money as an artist? Making money from your art does not have to be limited to selling the original piece of artwork! There are so many different ways of having multiple income streams as an artist, from art prints, printing your artwork on products, teaching art, online classes, artist talks, licensing your work and more.
Sometimes, it can almost feel like too many options, so here we talk about how to identify what path works for you as you grow your art business. Our goal is that you find out what makes sense for you, and to avoid things that are not going to work with your goals, values, and talents.
The answers to what types of things to pursue are different for everyone, and we encourage you to use these steps to create multiple income streams that play to your strengths. We think the prospects are exciting, so dig in!
#1- Look Outward
Look at other artists you admire that have multiple income streams in their business. Make sure you are picking artists that show evidence of success in their multiple income streams, and take notes about how they do what they do. It’s one thing to have something set up, but we want to find evidence that these things are working. Identify the structure of the systems they are using. Ask yourself why you admire what they are doing, and also what aspects would not be a good fit for you.
#2- Look Inward
Your art practice is about you and your artistic dreams so if you are adding new products and ways to sell your work they have to feel good to you! Ask yourself some probing questions about what type of artist you want to be in the world. Reflect on the artists you researched and ask yourself: How do I want to present my work in the world? What forms of getting my art out there in the world would make me proud?
#3- Create Your Vision
Make a roadmap for yourself that outlines your new plan, order the types of things you want to do with the idea you are most excited about at the top. Putting things down on paper will formalize what your goals are, and you will be able to make decisions based on this plan to grow your offerings. Make sure to tap into the research and personal reflections you did in the first two steps as you create this vision. That was important work and here is where you see the benefits of doing that good work.
#4- Move Slowly
Start slowly and move slowly. Really think through what you are offering, and don’t put too many things out there at once, that could overwhelm your audience. Test things out and move toward what is successful. Work through your roadmap in order of importance and ask yourself important questions like: What product do you need to source? How will you price your offering? How will you market your offering? How will people make an order? How will you store your products?
#5- Assess As You Go
Do not offer something new until you have had success with your first new endeavor. Track sales, make sure what you are doing is worth your time, and that your client base is responding positively. Ask yourself what defines success for you in your new endeavors. There is no rush! Do a few things well rather than overwhelming yourself.
We hope to see your many new endeavors as you diversify your income streams as an artist! We are here for you, we are cheering you on, and we believe in the work you are doing as thriving artists! Join the Thrive Together Network to build your network of support! You can learn more about joining our community here.
