Understanding multiple revenue streams in today’s economy can give you a leg up over other photographers competing in your industry. Over at the Virtual Photography Studio blog, the writers posted an interesting article on expanding your photography income so you are not relying on only one source of income to pay all your living expenses and retire on. It’s more common for less experienced photographers to only have one source of income and not diversify their streams of income. This could potentially set themselves up for money troubles if that revenue stream dries up one day. The article talks about setting up multiple streams of income so that as a photographer you can have several sources money coming in, thus making it more unlikely that all your cash will dwindle to zero because you have been relying on one source to supply you with all your money. If you are a photographer, who is just starting out or need a few ideas for how you can make more money with your photography this is a great way to educate yourself on other money making options your photography skills can bring you.
Here are the top three extra sources of revenue that we found to be the most interesting for our readers.
1. For obvious reasons- Stock/Microstock
As you are shooting an event or a portrait, why not spend a little extra time creating stock images? Microstock may not pay well per image, but add it up over time with a bunch of different images selling well, and you’ll quickly have a very effective stream of income.
Why not teach your clients how to use their digital cameras better? Or bring them in for a fun craft project involving their portrait experience? Great add-on sale with a portrait experience.
Many different product and service businesses offer partnership opportunities where you make a commission if you bring in a sale. While it may not be much, every little bit helps. And if you end up bringing in $100 from to different partnerships every month, it quickly becomes a pretty significant part of your monthly revenue.