How and Why I Diversify My Income as an Artist
When I first started my business, I really only focused on two things: hand-lettered original art and envelope calligraphy, both of which I only sold on Etsy. This was a great way to dip my toe into starting my own business, especially since I was a graduate student with very little money to invest upfront. It didn’t take long for me to realize that if I wanted to see this business grow and have any kind of consistent income, I needed to diversify.
There are many ways to accomplish this and I have found it to be vital in the financial success of my business. Like anything in life there are seasons of bounty and times when, well, things are quiet so having a few different revenue streams can be extremely helpful in helping you through those quiet seasons. I also love that it allows me to use my skills in a variety of ways. Here are the main ways I earn a steady income as an artist and stationer:
Products: When I first started out, I had no clue how to reproduce my work, so I focused on selling originals. Sure, I could charge more for an original, but it meant that every time I sold one, I would have to replace it by making another original. That got old FAST. I just didn’t have the time to constantly make new work to sell, so I was losing out on opportunities. Once I joined the A to Z Directory by Biz Birthday Bash, my eyes were opened to all of the possibilities! I started out with art prints, and quickly added greeting cards. Before long, I had built a whole product shop featuring things like stickers, notepads, tea towels, and more. While these products are sold at a lower price point than original works of art, it allowed me to sell higher quantities and expand into things like wholesale. It was a total game changer! Having a product line allows me to have year round somewhat passive income. Sure, I have to update with new products seasonally, but I’ve built up a library of pieces I can sell anytime. I can also sell them across multiple platforms, such as Etsy, my own website, wholesale platforms, and in-person markets. Products now account for about ⅓ of my revenue.
Weddings: I dipped my toe into weddings early on, offering hand-lettering for envelopes and place cards. I stayed in that arena for about 3 or 4 years before I decided I wanted to expand into signage. I started offering calligraphy on wood, chalkboard, and acrylic signs, and would rent the pieces out to couples along with easels and stands for their weddings. I worked hard to build up this part of my business, and it was booming for about 2 years. I decided to retire that component back at the end of 2021 because I no longer wanted to house inventory for rentals, and it was no longer feeling aligned with where I wanted my business to go. That was a really tough decision, as it was a big part of my income stream. I put all of that energy into growing my custom stationery business, and I am SO glad I did! I am able to utilize my talents in new ways, and I was able to double my signage revenue in the first year. Weddings are somewhat seasonal up here in the Pacific Northwest, so when that season slows down, I am able to switch gears and focus on other parts of the business, like my product shop. Wedding stationery now accounts for another ⅓ of my business revenue. It just goes to show that it’s okay to change your mind, and to say no to things that aren’t bringing you joy in order to make room for bigger and better things ahead!
Custom Work and Licensing: I still do a fair amount of original paintings, except now they are custom orders! This includes things like pet portraits, house portraits, murals and more. These are offered at a higher price point than the rest of my products, since they are one of a kind paintings made to order. I also included my licensing work in this bucket, since most of my licensing clients request custom artwork versus choosing pieces from an existing library of work. These clients (which are often companies I partner with who use my artwork on their products, websites, or as marketing content) pay a fee for the original artwork, as well as an additional licensing fee that gives them specific permissions to use the artwork for agreed upon uses and timeframes. Custom work accounts for the final ⅓ of my revenue.
These are by no means the only ways to diversify your business. You can also consider things like teaching workshops or online courses (this was a big part of my business when I was just starting!), creating passive income sources like selling your designs on Society6, Redbubble, or Casetify, creating a YouTube channel, and more. It might just take a bit of trial and error to see what works for you and your business. Don’t be afraid to try things out, and if they aren’t working for you - switch gears! Now go out there and get ‘em tiger!
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