Income Streams for Artists: Why More Is Better — Ella Lama (2024)

This is the first part of my Income Streams for Artists series. In Part 2 I discuss what income streams are available to artists. In Part 3 I talk about ways to manage having several income sources going all at once.

I don't know about you, but where I'm from, the general consensus seems to be that there is no money in art. From a young age we are told this again and again, and this limiting belief can really take root and discourage people from pursuing a creative path. I am lucky in the sense that I'm stubborn and I don't listen, so I managed to build a sustainable freelance and business practice, not without a lot of hard work, of course. When I talk to my workshop students, they keep on bringing up uncertainty as one of the reasons they have not been able to commit 100% to starting an art business. I fully understand that fear, because I have been there before.

Benefit #1: It lessens money anxieties

The first and most obvious benefit is you stress less about money. As freelancers and small business owners, the conventional definition of "job security" doesn't really apply to us. The best way we can protect ourselves from financial worries is to have money come in from different sources.

When the city-wide lockdown and community quarantine was announced, and I found out that my retail arm would have to be paused indefinitely, I ramped up my efforts in finding clients who still needed my illustration services during this time. Since I had already established other income sources, I felt secure in my financial position, and instead of scrambling to find immediate ways to earn, I was able to use my time to plan my next steps because money was still coming in.

Benefit #2: It widens your reach

People who buy my products are almost always not the same people who hire me for custom illustration work. At first I thought there was something wrong with my work; people only liked my art when they see it on something concrete, but they could not imagine other applications.

Now I realize that my market need not be a single group. By showing my work to many different sets of people, I am able to take advantage of opportunities that I did not think were open to me before. I understand that my audience is not hom*ogeneous, and that by offering something that will be helpful or beneficial to each of my market segments, I have the potential to earn more.

Benefit #3: It gives you the power to say no

When I was starting out, I was desperate to make the freelance life work for me, so I accepted all the projects that came my way. I did weddings, ads, personal commissions, magazine work, portraits, mixed media lettering, live art demos—you name it, I did it. I accepted jobs that did not match my skills and my style because I wasn’t when the next offer would roll in.

Having multiple income streams has enabled me to say no to projects that are not my forte or that I do not enjoy. I still experience desperate moments sometimes, particularly when I don't have a lot of prospects, but instead of jumping on whatever project that comes my way, I am able to take a step back and evaluate if it fits in my bigger picture or if I'm just doing it to earn a quick buck.

(Sidenote: There's nothing wrong with doing work just for the money, but personally I want to be mindful of what I make and how I use my time.)

Benefit #4: It frees up time for personal work

I do not have clients knocking on my door all the time, and having other income sources has allowed me to take a more relaxed stance in terms of promoting myself and finding new prospects. Because I don't rely exclusively on commissions, I use my free time to work on personal projects. Sometimes these are purely for fun like using a new medium or trying a new technique, but most of the time they are geared towards marketing myself to potential clients in an industry I want to enter, or thinking of ways to earn more. I do not want to sound like I think about money all the time (maybe I do?), but I've come to accept that this is part of running a sustainable business. I always have to be on the lookout for ways to bring in the cash. And since I am not busy going after clients, I am able to use my time to plan, launch, and test my ideas.

Benefit 5: It allows you to reinvest in your business (and yourself)

Diversification has given me more chances to not only save but also spend and invest on things that will help me down the line. I’ve been able to purchase actual material investments, like machines for my merchandise production or tools for illustration. I’ve also been able to allot money for soft investments like books, classes, and travel. All of these help me run an efficient operation while keeping me inspired and recharged.

Benefit #6: It gives you more time to breathe

Rest is important, especially in the creative field where ideas are our main currency. Diversifying my income streams has let me take breaks not just physically but also mentally from all the hustling. Chasing one lead after another can feel like an endless race to nowhere and can lead to burnout. Since I have money coming in from different places, I can schedule breaks without feeling guilty about being lazy or not doing enough.

—

When you have little to no income, it is easy to feel sad and blame your art and yourself for not being good enough. What I've learned from my experience is that's simply not the case. I took the risk of putting all my eggs in one basket, and my gamble did not pay off. Losses can be avoided when you diversify. When one door closes, you don't immediately think "it's the end of the world," you learn to say "okay, what can I do with the rest of my resources that remain." It's not easy, but it's worth it, especially if the reward is confidence in your work and in yourself, and peace of mind.

My next entry will be about the actual income streams you can explore, so watch out for that later this week. Please watch out for it!