Less is more when it comes to income streams – I know, shocker.
However, I think it’s important to stir away from the shiny object syndrome and only focus on one thing at a time. There is something to be said about putting all of your eggs in one basket, obviously, but before opening up to more avenues, make sure you are reaching the goals you set for yourself regarding your current products.
In this piece, we’ll look at the different types of writing income streams creatives can tap into, and a final part about my favourite way you can manage multi-purposed brands with a variety of offerings – just like I do, dear reader.
Most income streams for creatives
Making good money on freelance writing is incredibly hard, and mastering tools like Medium is no easy feat. It requires consistency, grit, and a lot of patience – she says, having spent over 9 months on the platform. Still, evergreen articles will undoubtedly prove to be quite beneficial in the long run and learning how to use writing as an asset as a creative can pay dividends.
Depending on your level of proficiency, you can also share your knowledge by writing thought-provoking pieces that editors will pay for. This project work is incredibly efficient and can pay for one of your favourite activities – writing.
Services like Patreon or Substack allowed creatives to ask for the support of their fans without breaking the bank. Content membership is a specific type of recurring subscription, usually at a much lower price than others, allowing people to release monthly content for their fans. This is definitely a slower burner.
Take it from a published author, dear reader. Writing and marketing your book requires a lot more work and resources than you may think/ Whether you are looking to write a book from scratch or collate a series of articles and essays and turn them into a book, self-publishing is becoming the favourite weapon of choice for new authors.
Since having a traditional publisher brings little to no true benefit over self-publishing for most authors these days, the tide is truly changing.
Sponsored articles and affiliate marketing
As a creative, you can also write in-depth pieces on platforms and tools you personally use and would love to recommend to other people and your targeted audience. From Amazon affiliates to individual, bigger companies, you can make the most of social proof and make money but just spreading the word about things you love.
When it comes to sponsored content, which requires an upfront fee and is usually a shorter-term endeavour, the content should be focused on a sponsored topic related to your client’s product or service. Some people don’t like to do this kind of work because it dampens their creativity and doesn’t allow them to have full freedom in writing.￼
A favourite of mine, a masterclass is usually made of an agenda, a plan of action, and an interactive element. We personally run a host of online workshops for groups of 30–50 people, counting that a good half of them will end up watching the replay of the class.
I use masterclasses in conjunction with online courses to cover timely topics (Instagram changes, SEO, etc.) and answer questions from our students in real-time. It’s slightly time-consuming, but you get instant feedback, which is a bonus.
Online mastermind and programs
Like masterclasses, as they rely on an active teacher, masterminds are longer-term streams with a specific goal or outcome. They usually include a series of video calls or coaching sessions instead of one-off classes.
Finding the perfect platform to host your mastermind is key—we always recommend our friends at Mighty Networks.
Online courses are the goldmine of passive income, yet most people still have the wrong preconceptions about courses.
Not all courses are created equal, and to create a successful course; you should equally focus on validation, curriculum, and marketing. We helped hundreds of people creating and developing courses, so you can say we know what we are talking about. We use Teachable to host our courses.
The baby version of a course is an email course, as all materials are delivered via email and tend to be much shorter than a video or audio online course. Email courses are traditionally an entry-level offer, while online courses with a more extensive curriculum will tend to be a mixture of audio and video content.
How to promote multiple streams of income
Once you created, tested, and successfully started making money from any of your products (there is nothing worse than constantly promoting a product that you did not validate – have at least 10 people commit to what you have to offer before spreading it wide and far), you can start a promotion schedule.
My favourite ways to promote multiple streams of income (and the system we use as Creative Impact) is based on a cyclical promotion of various services we offer. We create a yearly calendar, and every 3 months, we change the focus. January to March are online courses, April to June is our online membership, and so on.
In our example, the first step is for people to get a copy of our magazine, after which we suggest they join our membership. Through the membership, they can purchase our premium marketing courses at a discounted rate.
What would be the ideal journey of my audience, from one product to another? How would it support them with their problem?
Simply creating a spreadsheet and colour-code it with specific products can help you immensely. Take enough time to create compelling content about the products depending on your monthly focus, and keep the guesswork out of the equation.
For evergreen promotion – that goes beyond campaigns and quarterly focus, go back to your hero journey. What I mean by that is to take the time to create a user journey for your potential customers.
Are you looking for more ad-hoc support launching your digital product? Check out our Digital Product Launchpad here.