Do Artists Need Multiple Income Streams?
It goes without saying that artists deserve to be making an income with their artwork (despite what society tells us – silly society!).
And consistent income being made from our artwork is even more beautiful.
Having multiple income streams as an artist is one of the best ways to ensure that you have a steady stream of cash flowing into your art biz, giving you more space to breathe easily and spend time in our beloved studio spaces creating more art.
Let’s jump into WHY you should aim to have multiple income streams as an artist.
To Create Consistent Revenue From Your Artwork
Until you have enough experience selling your artwork to know exactly how quickly you can create and sell it, your monthly art income is likely pretty chaotic. Some months are great, with huge cash injections and other months are…let’s say not so great.
But what will your art income look like with multiple income streams?
You’ll still see big spikes and dips, but that baseline income will be higher month to month, giving you more breathing room when it comes to your art income.
If you’re only selling original artwork, you might have some months that are very high if you’re selling multiple pieces, or you might see months where the crickets are chirping and you sell nothing at all.
Wouldn’t it be nice to have another stream of cash running into your art business so those quiet months don’t feel so harsh? I sure think so!
Not Putting All Your Eggs In One Basket
If 2020 has taught us anything, it’s that the only predictable aspect about life is that it is UNPREDICTABLE. And that chaos has a tendency to wreak havoc in so many ways – our art businesses are definitely not exempt from this.
Artists that relied on income from in-person events like conventions, trade shows and gallery exhibitions suddenly found themselves with virtually no form of reliable income when the world began closing its doors in early 2020 thanks to the rise of the pandemic.
But those artists that had multiple income streams found themselves hurting a little less, and were better able to weather the storm of sudden life changes.
Things happen. Sometimes a relationship with a gallery changes, you have to move across the country and no longer have access to your local art buying crowd that knows and loves you, and sometimes the world is slammed with a pandemic.
Better to be prepared than to be wishing we were!
You’ll Create A Stronger Art Business Over Time
Income streams will come and go as you learn what works for you, but those that DO work will only get stronger with time if you’re willing to work on improving them.
Things like improving sales copy that converts more fans into customers will obviously improve your bottom line over time, and success from this newfound skill will trickle into other areas too, compounding the effects.
Setting up automated processes that nurture new fans into becoming customers, or building out systems that bring in a steady stream of new faces will help you to grow a stronger art business over time.
How Do You Know When You Are Ready For Multiple Income Streams?
This talk of extra income streams is exciting, but let’s get to the bottom of something first.
Not everyone is ready to add a new income stream to their art business.
It can take a LOT of time and effort to set one up, so you need to consider carefully before you throw yourself into a new venture.
Consider the numbers – if you sell one original painting at $1000, you’ll have to sell a large number of smaller priced items to make up that same income. What’s easier for you? Selling a single $1000 original painting or fifty $20 art prints?
Implementing automated sales & nurturing systems that can increase your art sales on a constant basis are incredibly powerful, but they take time to set up (not to mention the time to optimize them so can increase the sales conversion rate).
Bottom line, get one income stream flowing before you add another. Focus on one effort and a time, and once you have mastered it then move onto adding another if it works for you and your art business.
Getting excited about adding a new stream of income into your art business? There are SO many amazing ways to fortify our revenue streams as artists.
Coming soon is a big beautiful list of income stream ideas for artists so stay tuned!
Want to take an even bigger flying leap towards your (inevitable) success as an artist?
Watch my FREE masterclass training, Scale Your Art Sales.
It’s the online class for beginner artists that are filled with a fiery creative passion, and want to grow an audience online that actually want to BUY their artwork