Have you ever heard of the concept “multiple streams of income”? I first learned of the concept through one of my long time mentors, Robert Allen.
Multiple streams of income simply means having several income sources from different means, so that you never have to rely on one source to supply you with all of your funding. If one source dries up, you’ll have others in place to ensure you are never completely without revenue or income coming in.
So if you work full time, your paycheck would be one income source. If you have a rental property, that would be another revenue source. If you have dividends coming in regularly from a stock, that would be another source. And so on.
We’ve been living the “multiple streams of income” lifestyle for quite awhile now, and in today’s society, it really is hard to live any other way. But I also like to place “multiple streams of income” within as many revenue sources as possible as well. So for a photography business, how many different revenue sources can you have coming in that are totally unrelated to one another, and can be worked to each provide a small part of your revenue.
Here’s an idea on building a photography business with 10 streams of income.
With your wedding photography, you market to both brides and potential referral partners, such as wedding coordinators and reception sites.
Event photography can range from corporate events and parties, to bar/bat mitzvahs, to birthday parties and special occasions. Continue building referral partners from your wedding business, and concentrate on finding meeting planners as well as wedding coordinators.
I’ve lumped everything into portraits, but you can break out into children, famiy, engagement/couples, business or pet portraiture. Each can become its on niche, depending on how you market your business.
4. Baby Plan
Baby plans work well because there are babies born every day of the year. They will only be little once, so it mandatory you capture them at specific points in time.
Expand beyond bringing in clients, and start teaching your expertise. Love Photoshop? Start up a class. How about building a business, or marketing a business? Start up a class. I’ve been teaching at the Arapahoe Community College here in Denver for years, and I love the interaction between my students and me.
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 two different partnerships every month, it quickly becomes a pretty significant part of your monthly revenue.
8. Product Line
Ever wandered into a bookstore and found a book that made you think, “I could have done that”. You can. Our first book, “Being A Bride” was based on a book I found at the Pottery Barn called “Santa Claus”. In addition to gift books, you can also create a variety of items: calendars, greeting cards, journals, and artwork.
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.
10. Fine Art
Have you ever visited an art show or a gallery? They have 10 to 20 fine art pieces for sale – not hundreds or even dozens. If you work at capturing a few top notch images, you can approach galleries, or travel to your favorite cities and participate in an art fair.