3 Steps to Creating an Extra Source of Income
Being self-employed is a blessing so many have worked their entire lives for. Many of us within the creative industry face struggles incomprehensible to our nine to five counterparts. In pursuit of our dreams, we have generated an opportunity to obtain financial freedom. But, are you doing enough? As many of us know too well, unexpected restrictions can bring the cashflow to a grinding halt if and when the perfect storm hits. Take the recent Covid-19 pandemic and the havoc it wreaked on the wedding industry. In a perfect world, you would have a nest egg to sustain you throughout a calendar year; but this isn’t always possible for those in the creative industry. As the saying goes, “putting all of your eggs in one basket” can be disastrous, but having multiple streams of revenue can keep you afloat when disaster strikes.
If you’re anything like us, you probably have a million different ideas. The inspiration isn’t the problem, it’s putting it into action. Don’t worry, we’re here to help.
1. Make a List
The most effective and certainly the least “sexy” of all places to start on this new venture, is to simply make a list. Putting ink to paper allows you to fully commit to the idea while also providing a visual of the bones needed to set your foundation. If you want to open up an Etsy storefront, fantastic, put it on paper. What are you going to offer? How much product can you produce with the materials you have on hand. How much upfront costs are you going to incur to get started? Writing all of these ideas down will help narrow down your list and paint a better picture of what can actually be. Trust us, we’re dreamers, we have a thousand different ideas for new ventures before our breakfast, you are not alone.
2. Play to your strength
Now that you have a clearer picture, it’s time for you to do the heavy lifting. Create that shop. Pick up that camera and capture portraits. Attempt to coordinate your first event. Do whatever you can to get that brand recognition and show your audience that you are legitimate. If you already have a primary source of income, use this secondary source to be more daring because it’s the perfect time to take that leap of faith. We had a background in graphic design, so naturally that’s where we were destined to take our second business. Playing to your strength is a sure way to set yourself up for success. Never take your skills for granted, embrace them and bet on yourself, chances are other creatives have yearned to start up the same project but haven’t taken the leap yet.
3. Share Your Work
Once you have a solid foothold on your new venture, be sure to cross your t’s and dot your i’s in every aspect of the brand. Create all the social media accounts, remain active, promote where needed. Be seen as much as possible doing what you love. Which brings us to the most important aspect of your new brand. Be sure to have a website! Your following needs to be able to find you, they need to be able to share your work among their friends. Social media is an amazing tool for hobbyist, but don’t be fooled into thinking that it is comparable to the legitimateness of a fully fledged website. It doesn’t matter if you buy a template or opt for a fully customized site. Have something, anything, online. This is how your secondary stream of revenue will begin to boom.
Once your extended audience begins to take notice, you will have generated a sustainable secondary source of income. Copy and paste the same effort and dedication into your next big idea, and voila, you’ll have set yourself up for even more financial freedom. Now, there are going to be hiccups along the way. Don’t get discouraged, like all things built to last, sometimes you have to iron out the wrinkles. Continue to focus on maintaining high quality service and the inquiries will come organically. You got this!
When you’re prepared to take your second, third or fourth stream of revenue to the next phase. We would love to help design a website for you. Mariposa Design Co. , a ShowIt Design Partner, is held to the highest standards of the industry. Our templates offer stunning websites at an affordable price, you can check them out here! Best of luck on your new venture!
