Building More Than One Revenue Stream From Your Art Or Craft: All You Need To Know

As an artist or creator, selling what you bring to life may be a critical source of income. But what happens when you choose to leave your 9-to-5 life behind and make a living just out of your art? Will your current profits be enough to support your current lifestyle and future dreams? Fortunately, there is a lot that you can do to multiply your profits and build more than one stable income stream from your creations. 

In this guide, we’ll cover all the strategies you should be aware of to excel as an art in today’s digital-first, hyperconnected world. Ready to get started? Let’s dive in.

The first step to take is understanding the value of your art and how to position it in today’s marketplace. To do this, there’s more than one strategy that can help:

• Look at your competitors

• Learn more about current trends in art

• Evaluate your own experience and creations

• Work with a mentor or other artists to better evaluate your work

You can also consider working with a financial or accounting specialist. For example, if you have a music catalog, working with an accountant who specializes in assessing the value of a musician’s work can offer you an accurate music catalog valuation. With this, you can then adequately price your creations and gauge how much you’ll be able to make from your art.

Now, let’s look at the different options to build several income streams from your art or crafts. A first, excellent step to take is to explore different marketplaces. Let’s say that  you’ve been selling your art through your website. Now may be the right time to expand onto other platforms. Depending on the type of art you create, you may consider setting up a store or profile on platforms like:

• Etsy

• eBay

• Podbean

• Spotify

• Acast

• Buzzsprout

Another option is to create prints and replicas of your work. By numbering or signing these copies, you can create further revenue from the original artwork, and you can still project a sense of scarcity and uniqueness, which is what buyers will want!

When selling your prints or replicas, be sure to price them appropriately and craft a crystal-clear message for potential buyers.

Inviting custom commissions is a great option to increase your profits, but it also offers other benefits. Firstly, creating custom commissions will keep your skills sharp and force you to experiment with different techniques and strategies. Additionally, custom creations can be the bridge you were waiting for to build a community of fans of your work!

If you’ve always had a knack for training and teaching, you may consider the benefits of becoming an instructor and share the secrets of your art. Let’s take Udemy, for example. Although first-time instructors on Udemy get started by making around $200 a month, top-tier teachers can make over $17,000 a month in passive income from their courses!

If you are looking to learn more about the benefits of this money-making strategy, be sure to work with experienced creators or agencies that can help you craft the perfect course. Don't forget that the competition on these platforms can be extremely fierce, so you’ll need a high-quality course to excel!

If you are looking to tap into the opportunities offered by this digital-first age, consider creating digital downloads. These can be anything from prints, stickers, or templates to ebooks and guides. They can be a way for your fans to own products created by an artist or learn more about your way of bringing to life unique creations. These products can be a source of passive income and can be sold on more than one platform, including Etsy and your own social media pages.

Looking to seek the support of your community to support your art? There’s nothing better than checking our membership platforms and communities like Patreon. Creators on Patreon have, over the past years, earned over $3.5 billion collectively, and these numbers are only rising. While getting started isn’t always straightforward, keep in mind that, on this platform, there are nearly 230,000 creators with at least one patron!

There’s no doubt about it: as an artist, your local community (digital or not) is your lifeline! So, how can you become more involved in your community? And how can you build meaningful relationships with those who support you? Undoubtedly, there’s many options to get started, but if you are looking for the most effective one, take part in any local exhibitions, fairs, and festivals! These can get you the exposure you are seeking, and help you build recognition!

Once you start winning over the hearts of your fans, why stop there when you can also win over their style?! An effective and fun way to market your creations is to create your own line of cool merchandise. There’s endless ways to get started. Think, for example, of putting your logo or signature on hats and other accessories, or creating sweatshirts and backpacks. Be sure to find the right partner to bring to life cool, high-quality items that your fans will be proud of wearing!

When it comes to succeeding as an emerging artist, unity is strength! Collaborate with other artists in the area to organize and fund exhibitions and festivals that will offer visibility to everyone within your community of creators. Consider channels like social media profiles and forums to start building your network!

Although online jobs are becoming more and more popular, few self-employed professions offer the same benefits of becoming a social media creator! If you already have pieces of art to showcase and an aesthetic sense, building a successful social media profile will be second nature to you! And, in turn, having a successful social media page will bring more than one earning opportunity in the form of collaborations, influencer marketing, and ads!

Last but not least, don’t forget about the importance of investing in the greatest asset you have: yourself! Experiment with different styles and learn new techniques to create out-of-the-ordinary music, podcasts, paintings, or handicrafts!