As an entrepreneur. The most important lesson that the Pandemic taught me about running a business is the essential need to diversify your streams of income and create multiple streams of income and not put all your eggs in to one basket.
I have been an entrepreneur for over ten years, and in the last two years I have developed 13 streams of income that in 2021 earned me over $700,000 in revenue.
There are a lot of YouTube videos that are going to give you hypothetical situations of ways that you could potentially earn money, but I want to break down for you exactly what I have done to earn that income, in a hope that inspires you to add at least one, hopefully more streams of income to your business.
Selling stock photos
Kevin Shutterstock Getty Images are some of the sites which allow photographers to create an account and upload photos and videos to be sold as stock within their database. Each time a photo is purchased, you are paid of royalty.
Freelance writing on Medium
Medium is a freelance writer platform where authors publish articles for readers. After you receive your 1st 100 subscribers and have 10 reads, you can join the Medium Partner program and receive royalties for your articles based on how many times they are read.
Selling low content books on KDP Kindle Direct Publishing
This is something that anyone can do. A low content book is a book with notebook like pages, such as a journal planner or meal planner. So you’re creating a covered design in a program such as Canva, creating blank or minimal content pages to be filled in as a journal and uploading the book as a PDF file to KDP. This is your book on Amazon. KDP then prints it themselves and ships it automatically.
Selling digital products on Etsy
This is another stream of income that anyone can create. Using Canva to create templates, PDF, guides, and printables is hugely profitable, and there is a variety of digital products that can be made, such as business templates like invoices resume templates, social media templates, or even printable quotes and artwork.
As a photographer, I utilize Adobe Lightroom to edit my photos. The settings that I use in order to achieve a certain look to my photos can be saved as presets, and I then sell those in packs to photographers who want to achieve a similar look in their editing.
Publishing my own children’s book
I hired an illustrator from Fiverr to bring my writing to life and published the book using a distributor called Ingram Fart, who distributes and prints whenever it is purchased. This book is now available online through major distributors as well as in bookstores.
Studio or space rental for photographers
Anyone who has an aesthetically pleasing space can list that space to be rented by professional photographers, videographers or as a meeting space by listing it on websites such as peer space. This is essentially the airbnb of creatives and you can charge by the hour or by the day for creatives to rent your space to do things such as shoot portraits, film a commercial or hold a meeting.
I use canva to create slide presentations paired with voiceovers and video content in order to teach concepts and how to guides to photographers and business owners. Once lessons are created, I then upload the course to a platform called Kajabi where the course lives and can be purchased and viewed.
One on one and small group business coaching allows me to help businesses with specific needs and problems that they need some support and guidance in order to help them grow.
Though I’m doing this less these days, I am still a wedding photographer who travels anywhere in the world to photograph love stories.
Because I have built up my brand, companies often want to partner with me in order to have me present their products or services to my own. If the product and brand is a fit for me, then in exchange for a fee, I share the brand’s talking points on their particular product or create a tutorial video.
Affiliate marketing is when you share a company’s product or service using a unique link. That link tracks which sales are made as a result of your viewer clicking on the link tracks which sales were made as a result of clicking on your link, and then the company pays you commission for each sale that you help them to make.
This is coming in as my number one because it is the reason why affiliate marketing and sponsorships have been effective streams of income for me. In addition to earning income through affiliate marketing and sponsorships, YouTube ad revenue is the money that YouTube pays you as a result of your viewers seeing the ads placed in your videos by Google Ads.
Once your channel reaches 1000 subscribers and 4000 watch hours, your channel can be monetized and you can start earning ad revenue on your videos. For those of you who are interested in starting or growing a YouTube channel, I have an extremely comprehensive course called my 30 Day YouTube Kickstarter Course, which is almost ready to go live now.
If you are someone who wants to start a YouTube channel or you have a YouTube channel and you want to grow it towards Monetization, I want you to click the link in the video description down below and get on the list to receive email updates for when my YouTube 30 Day Kickstarter Ecourse goes online. Okay you guys, I hope that was helpful in giving you some ideas for some new streams of income that you can hopefully incorporate into your business.