How to Generate Passive Income for Artists
There’s this idea that passive income is a magic income stream that lets you make money while you’re sipping drinks on the beach…without putting in any effort. That sounds super dreamy…but unfortunately…we’re calling BOLOGNA!
We love passive income, but it’s certainly not what it’s typically portrayed to be.
Despite the name, passive income streams actually require a lot of work upfront, and plenty of TLC, maintenance, and marketing down the line.
It’s not a “get something for nothing” kind of deal.
Instead, passive income is all about thinking strategically and working hard to set up systems for bringing in income.
Typically, that means creating a product that needs little maintenance and can be sold again and again without much intervening on your part.
Examples of Passive Income Streams for Artists
Digital Downloads – You could create a typeface, photoshop brushes, procreate brushes, mockup templates, or even downloadable artwork (all of which require minimal maintenance).
Sites like Creative Market allow you to upload your digital products for sale. Once a purchase is made, they handle the transactions and file delivery to the customer, so you don’t have to worry about any of the logistics.
The great thing about using sites like Creative Market or even Etsy is that they offer organic traffic. However, it often requires a ton of marketing & email list building on your end to actually be successful and making consistent sales on these sites.
If you’re interested in making digital products, you can learn more by checking out these resources by our friend Jen Wagner!
Online Education – You could create courses, masterminds, or e-books.
But don’t forget, just because you make it doesn’t mean people will find it!
It’s important to do a lot of work behind the scenes to help people find out about your course. That might look like YouTube videos, showing up on social media, guest-starring on podcasts, using Pinterest, and so on.
Art Licensing – This is one of our absolute favorite income streams because it allows you to see your work on products without having to worry about manufacturing or shipping!
Also, depending on the terms of the license, you can license your work for multiple products (aka making money from the same piece of work in different ways).
What’s next?
Passive income allows you to make sales while you’re on vacation and even while you’re sleeping, but there’s still a ton of work that goes unseen behind the scenes!
Want to learn more about generating passive income streams for your art business? Check out our YouTube video on it here!