[96] Passive and Alternative Income Streams

 

It can be very daunting having to rely on only one income, especially if it is from your handmade business.

I know many successful makers who also have an income stream other than just their craft business – and I am, of course, one of them!

Why? Well, I enjoy having a few different things going on, so having a few different businesses/projects going on fulfils the need for variety and challenge; and, I also like the fact that my income is not 100% tied to one thing – my handmade business only. Could we live on the income from our handmade business? Sure. But there is a security in cultivating alternative and passive income streams – both to live more comfortably, and to tide you over if slow times hit.

In short: you can still be a ‘successful maker’ if you don’t make 100% of your income from selling handmade goods. It’s okay – and I think, a really good thing – to have other income streams coming in.

In this episode I discuss a few different forms of passive and alternative incomes that you could consider running alongside your biz, and I hope this inspires you to think outside the box and consider setting up some form of alternative or passive income stream for yourself.

 

 

 

Quotes and highlights from this Episode:

  • Passive income and alternative income are very different things.
  • Passive income is where you get paid over and over again for work you did once.
  • Alternative income is another way of bringing money into your life such as working for someone else.
  • Over time you can work towards not needing an alternate income stream.
  • There are numerous options and paths you can take to make the extra money you need and these include the following:
  • 1. You can teach your craft to others in-person.
  • 2. You can create online workshops, courses, videos or e-books.
  • 3. You can join third party sellers to sell your designs online such as Society6 or Redbubble.
  • 4. You can design, package and sell your own patterns, kits or printables.
  • Think about these as possibilities on top of your craft as it can be so worthwhile.
  • ‘What you want ideally is a passive income stream or an alternative income stream that reinforces your main income stream.’ {Jess}

 

 

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