Revenue Streams for financial success

Did you know that financially successful people have multiple streams of income? 

And that includes financially successful artists.

Research shows that millionaires have, on average, seven sources of income (or revenue).

Why?

Multiple Revenue streams give you the ability to:

• 1) Address different markets, and your target audience at different stages of their art buying journey
• 2) Respond to different seasons
• 3) Introduce more potential clients and collectors to your work
• 4) Even out the income up and down that can come if you rely solely on one stream, like selling through an exhibition.

How many streams of income do you have? Is this something you have been considering?

For artists, there are a great many options available.

In fact, we had a Guest Expert yesterday take us through Brand Collaborations, which is just one revenue stream option, and quite a profitable one, at that.

Sometimes artists can jump at introducing something new – like putting their work on a clothing line, or making greeting cards available, or reproduction prints – without thinking strategically about whether that particular revenue stream is a good match for them at this time.

What is great for one artist may not be great for you and vice versa.

Choosing revenue streams that are a great fit is important.  The secret for artists is to find revenue streams that

1) Are profitable
2) Are congruent, or aligned with, your art vision
3) Don’t cannibalise sales from your main art practice
4) Don’t require lots of time, effort and upfront cost (and hence take away precious studio time), and
5) Fit with your personality and preferences – if you are incredibly introverted and private, you may not want to consider creating live for audiences, for example.

You also want to avoid offering so many different options that you potentially confuse your target audience and you want to have at least one that is ‘passive’ or ‘leveraged income’ – these are sources, that apart from getting set up, won’t require much ongoing time and effort.

The good news is there are so many revenue stream options and this includes ones that will suit you.

Here are just a few of the ways that artists can make money from their art

How many revenue sources do you have that are working for you?