[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}     Download or Listen to This Episode (You can also subscribe to the podcast and listen to this episode on iTunes + Stitcher – just search ‘Create & Thrive’.)

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Do you want to turn your creative hobby into a thriving business? The Create & Thrive podcast exists to help you do just that, with the help of host Jess Van Den - who has been running her own full-time handmade biz since 2010. If you're ready to get serious about growing your handmade business, join Jess and hundreds of other makers from around the world in her membership community for makers - ThriverCircle.com. Members also get an exclusive extra podcast episode each month, plus early access and promo-free episodes of the show.