by Carolyn Edlund
Adding new methods of earning can even out your art business income and help your bottom line.
There are many ways for artists to sell their work. Some typical ways are through selling retail, wholesale or on consignment. Artists may also take commissions, teach a class, license their work, or bid on public art projects. Sales may take place in person, through galleries, or online.
The global marketplace is within reach, and offers so many possibilities that it can be hard to decide where to start. But those possibilities mean that any artist who is serious about building a sustainable income through their creative work has options.
One reason for cultivating more than one method of earning is to keep your income steady throughout the year. If you only retail at fairs and festivals in the spring and summer seasons, winter can spell a real money crunch unless you travel to shows in warmer climates. Here’s where bringing in other types of income can help. For example, if you also wholesale your work, repeat sales throughout the year can fill in those valleys where retail income is slow.
Another reason for adding more streams of income is to take advantage of the benefits of passive earning. If you pursue licensing your work through contractual agreements with manufacturers or art publishers, you can earn ongoing quarterly royalty payments for the length of those contracts. Licensing is a great form of passive income and frees up your time to work on current projects while you earn.
Internet platforms that help you sell your art online are legion, and many artists use them. Third-party providers may offer another outlet for exposure and sales, such as a traditional gallery-type site. Or, you may choose to expand the variety of products you sell by using print-on-demand providers. That can put your art on clothing, cell phone cases, notecards, mugs and many other products that expands your offering, with no personal investment involved.
Another forms of income may also involve teaching skills if you are so inclined. Education of all types takes place online. There are plenty of platforms available where you can offer a course on making art, designing and inspiration, business skills or other topics where you have knowledge that others may find useful.
What income streams will work for you? Pursuing too many directions at once can be distracting and actually slow you down. Take a good look at your options. What do you realistically see yourself doing? How much time do you want to devote to an additional income stream? Can you be profitable with that method of selling?
You might be trying to avoid burnout, reduce the need to travel extensively for fairs and festivals, or you might want to reach a new audience altogether. Since your first move should be to identify potential streams of income, do the research. Select those income streams that are a good fit for what you enjoy doing, and offer the highest potential sales growth for your particular business.
Want to stay current on cutting edge business articles from Artsy Shark, plus artist features, and an invitation to the next Call for Artists? Click below to sign up for our twice-monthly email. You’ll get all this plus opportunities and special offers that you can’t get anywhere else!
