I’m sure you’ve heard the phrase, multiple streams of income before. Lots of business people throw it around on blogs, articles, and podcasts. If you haven’t, picture an octopus in your head with eight different tentacles. At the end of each tentacle, imagine one way that your small business earns money. This is what is meant by multiple streams of income.
The concept behind multiple streams of income is awesome – create as many streams of income in your small business as you can. If one stream has a slow day, week, or month; the other revenue streams will continue making money. The term multiple streams of income goes hand in hand with the old saying, “Don’t put all your eggs in one basket”.
This is great and all – but what the business experts don’t tell you is HOW. How can you create multiple streams of income in your craft business? Let’s take a look at three different craft businesses and how they are arranged to have multiple streams of income.
Example 1: Handmade Seller – Physical Products
- Business Information: This seller does handmade vinyl work including cups, tumblers, tee shirts, and decals.
- Number of Streams of Income: 5
- Sells through stand alone website.
- Sells products through an Etsy shop.
- Sells products through a Facebook page and group.
- Sells wholesale shirts through a local boutique in her home town.
- Sells at craft shows and events throughout the year; attending at least one show a month.
Example 2: Handmade Seller – Digital Products
- Business Information: This seller sells digital cut files.
- Number of Streams of Income: 6
- Sells digital cut files through a stand alone website.
- Sells (the same) digital cut files through Etsy.
- Sells (the same) digital cut files through Creative Market.
- Sells digital bundles through font and design bundling websites like Design Bundles or Craft Bundles.
- Writes a weekly tutorial on her website using her designs with supplies that can be purchased on Amazon. Earns money through the affiliate program every time someone purchases supplies. (Learn more about affiliate programs in this post.)
- Earns money passively through ads on her website. (Learn more about passive income in this post.)
Example 3: Silhouette or Cricut Instructor
- Business Information: This seller teaches new Silhouette or Cricut owners how to use their machine.
- Number of Streams of Income: 6
- Earns money from one-on-one classes in her area.
- Earns money from group classes in her area.
- Offers videos on a YouTube channel, which makes passive income.
- Sells project kits at the end of each group class she teaches.
- Sell project kits online through a stand alone website.
- Attends craft shows to sell seasonal items, but talks to customers about classes during the show.
Before you get out there and starting selling everywhere, know that you’ll need to be able to keep up with each income stream as you add it. First, create a plan. Then, put your plan into action.
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How does a person become a Cricut “teacher?”
Learn how to use the machine, then offer classes/sessions. There’s no official training offered.