How Artists Can Create Multiple Streams of Income in 2021
Published on March 16, 2021
Estimated reading time: 7 minutes
Having multiple streams of income is more important than ever, especially for artists. The coronavirus pandemic continues to affect people’s jobs. Because of the pandemic’s economic impact, many people have to make do with lower salaries. There are cases where people find themselves jobless. While almost every industry took a massive hit due to the virus, many fail to mention the music industry.
If you are an aspiring artist in the music industry, there is a big chance that you are facing difficulty. Even if you do have a stable source of income, saving some cash in your bank account never hurts. Music artists and other creative types should especially consider opening multiple income streams.
You might be getting steady work now, but there is no telling what the future holds. That’s why it is best to be ready. Some of you may be wondering why the idea of having more than one income stream is being stressed. Well, the answer is simple – having more than one offers an added layer of security during these times of uncertainty.
The Top 8 Tips on how Artists can create Multiple Streams of Income in 2021
Making some bucks here and there is easier than ever. What’s more, you don’t even have to leave your house. If you are already working multiple part time jobs or full time jobs, or don’t have a job at all, the tips mentioned below will help you earn some extra money, some of which won’t even require extra time.
- Create Memberships or Courses
You’d be surprised to learn the amount of people willing to learn your skills. Whether you have a knack for playing music, physical fitness, shooting movies, or anything else – you can teach it to loads and loads of people willing to learn and charge a decent fee. It is all about leveraging your expertise and skills around your preferred niche.
You can create a personalized member ship group or course on various online platforms. Remember, merely teaching a skill is not enough. There is a massive chance that there are several other courses and memberships similar to yours. So, make sure you think out of the box to stand out.
Setting up courses is relatively straightforward and requires some investment. However, no matter how big or small your investment is, it will pay off, as long as what you are offering is worthwhile. Once your membership becomes available on your preferred platform, you can gain a decent passive income for a long period. These courses can help you earn as high as $50,000 per year, which is great, especially considering it will be from a passive income stream.
- Merchandize and License
Merchandizing and licensing are excellent ways to add to your income. Many musicians and creative types get their artwork printed on tee shirts, cups, and other items and sell them through online and off-line stores. However, before you start licensing and selling your art, make sure you have a recognizable personal brand. If you don’t, make sure you start working on one to develop your audience’s interest in your product.
- Try Your Hand at Writing
Most artists have something to say and experiences to share that could help inspire others. If you are one of those individuals, it is never too late to try writing. Sure, you may need to polish your grammar and writing style a bit, but if what you say resonates with others, chances are that you can earn good money. You can do plenty of things besides monetizing your blog. Many people make their words count through online gigs. All you need to do is create some samples and register for a job.
The best thing about writing is that it gives you much freedom on what you want to discuss. As long as your sentences are comprehensible and resonate with readers, people will be willing to receive your services. You can even get paid for each view or click on your article, so the better you write, the more money you can make.
However, if you do not want a steady gig, yet want to earn some money for your knack of writing, consider sending pitches or articles to print or online magazines like the Rolling Stones, entertainment weekly, What culture, Pop Justice, etc. You can even try creating your own blog and provide people with informative, easy-to-understand content, helping them develop their skills.
More artists are entering affiliate marketing, and it is proving to be a deal for most of them. All you need to do is refer a company’s products to your audience and you will get paid for it. Yes, it’s that simple! You don’t even need a high-traffic website for making this happen. However, having a well-established following is a must (at least five to six hundred).
Consider collaborating with and promoting, renowned, trustworthy brands. But keep in mind that you have to offer value to your audiences to make your affiliate marketing efforts work. Usually, partnering with companies is a onetime deal, however, if you do it right, your efforts will pay dividends for a long time. If you want to earn through affiliate marketing, search a list of items that you are passionate about and search their websites or social media for opportunities to partner up.
- Sell Stuff
Whether you are a musician, fitness expert, painter, or any other artist, you may have something that other might be willing to buy. You can either create new stuff or sell things you no longer need. There are a variety of platforms that you can use for selling your art. Etsy, in particular, is becoming increasingly popular among artists because of how easy to use it is. eBay, Upwork, Fiverr, YouTube etc. are also excellent platforms to promote and sell your art for gaining a passive stream of income.
- Become a Teacher
Let’s say for instance that you are good at playing a musical instrument, interior design, or personal development but it isn’t a full-time pursuit. Teaching that skill online or offline can help you earn good money. Most people with specialty knowledge often teach their skills to gain passive income. Once you offer your audience with value, it will eventually develop your trust and create interest, allowing you to charge a decent amount of money.
No matter which skill you end up teaching, make sure that you monetize everything by selling your offers on social media groups or by including numerous paid advertisements on your website. You can start this venture by creating your own vlog, blog, or website.
Taking advantage of social media, especially Facebook groups can help you gain a decent following, increasing your website’s traffic. If you are new to all of this, know that creating websites is simple and several companies offer attractive templates that would suit your online brand.
- Broaden Your Horizons
Whether you are a musician, writer, or skilled at any other thing, it’s always good to explore and expand your horizons. For instance, musicians can always find creative ways to earn money besides live shows. You can also become a booker for other artists and earn money by promoting them. If you are good at writing songs, pitching your work to renowned publishing companies will not only help you gain recognition, but will also increase your income.
There are tons of other ways to broaden your horizons on anything you are passionate about. If you play rock songs, exploring other forms of music could be a great way to expand and offer your followers something new. You can also post gigs on fiver, advertising your skills and portfolio. However, all of this will only be possible if you are willing to try something new, but once you do, you will learn that there’s a lot more that you can offer.
Most artists go through ups and downs during their careers. It is reason enough to have multiple streams of income, making sure they don’t have to take a financial hit. The tips discussed in this piece are some of the best and helping artists thrive in 2021 and hopefully, beyond. You may not notice the results right away, but if you remain consistent, good things will follow.
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