SPEAKER: Did you know, a recent study showed that the average millionaire has seven streams of income? When I first heard that stat, I was like, I got to get in on that. And one of the most amazing things about being a creator is you can. Whether your goal is to make $1,000,000 or your first $1,000 with your creator business, the key here is this diversification. One of the greatest things about being a creator is you can use your creativity to produce multiple offerings to share with your community and in return develop multiple streams of income.
Since the creator economy is always quickly changing, it’s also a wise strategy that gives you power and stability long term. Quick tip– as we go through the list, know that you don’t need to go after all seven income streams right away. Just take note of the ones that make the most sense for your business at this point intime. All right, so here are seven ways to diversify your creator income. Number one– sell digital products.
Digital products are booming more than ever and come along with huge benefits. They’re low cost to produce, have potentially great profit margins, can generate evergreen passive income, no shipping hassle, unlimited supply, and the list goes on. Some top examples that creators are selling are courses, eBooks, templates, patterns, guides, exclusive videos, photos, and audio across many different creator types. Number two– offer services. Whether it’s one-on-one, groups, virtual, or in real life, offering services can be a big moneymaker.
No matter the creator type, services range from coaching, consulting, production, songwriting, commissions, cameos, anything you want to charge for that brings value to your community.
According to a recent study in “The Tilt,” serving 1,058 creators, coaching and consulting were creators’ number one revenue stream. Number three– sell physical merch. T-shirts, mugs, hats, stickers, you name it, fanbases love swag and love representing your brand through physical items. Print-on-demand is the go-to option for many creators selling physical merch.
It’s easy to upload a design and sell in just a few minutes. No storage or upfront cost required. Number four– event tickets and fees. Calling all you entertainers, musicians, speakers, and influencers. Events, both livestream and in-person, can be a primary revenue stream to focus your efforts on.
You can either sell tickets or charge an upfront fee for offering your voice, presence, or performance at special events. Number five– Mint NFTs. Oh, yes, NFTs. Love them or hate them, NFTs are simply a new type of revenue stream on the blockchain that can offer benefits such as deeper community connection and investment support. To learn more, check out our next video in the series, NFTs 101, What are They, and Why Should I Care?
Number six– royalties.
Royalties can be a huge revenue stream, particularly for artists, songwriters, producers, and NFT creators. In all these cases, the more your work is streamed or purchased, you generate passive income automatically. Number seven– tips. Many creators utilize virtual tipping on social media and other tipping platforms.
The more value you provide your community, the more they want to support you financially. These new contribution channels make it fun for everyone by gamifying the tipping experience.
And there you have it, seven ways to diversify your creator income. So which revenue streams are you using in your business today? And which new ones are you interested in trying?
Leave a comment and let us know.
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