How to Replace Your Income with Passive Income Streams
Did you know that the average millionaire has at least 7 streams of income? This would be nearly impossible to achieve with one-on-one clients.
As a photographer, I quickly learned that there was a limit to how many clients I could serve. When I took on too much client work I watched my client service experience diminish. This could have easily resulted in unhappy clients which could have ruined my business. Even if you get to the point in your business where you can hire a team, the fact is that there is still only one of you. If you’re tired of the overwhelm, it might be time to explore a way to earn passive income.
THE BENEFITS OF PASSIVE INCOME
You might be wondering how earning some side cash here and there can actually make a difference. Or you might be thinking it sounds like a lot of work for selling a few stock photos.
Five years ago I began my first passive income stream, stock photography. Stock photography really opened my eyes to the opportunity of passive income. I began making income I didn’t rely on, which ultimately led to paying off over $20,000 in student loan debt in the first couple years. Every vacation I took was paid off through the stock photos I later sold from that trip.
Next time you are deciding to take on one more client project that you don’t necessarily align with, think about building your passive income stream instead! Here ate three different paths you can take to get started”
Path #1: Create Something completely different
When building a creative passive income stream, it doesn’t have to be connected to your brand- you can branch out and create something you otherwise wouldn’t. If you’re a brand designer, come up with assets to sell on creative market that may appeal to a completely different type of client than you normally work with. These days we’re told everything has to be completely on-brand. My creative market account is a collection of wellness-themed photos that don’t even appear on my business photography website.
Doesn’t everyone want to be excited about the work they’re doing? You might discover creative passions you didn’t even know you possessed once you start working on your passive income streams, or finally start creating work that lights you up. I started taking food photos for my stock photography portfolio and to me, it’s incredibly creatively fulfilling. If I hadn’t been motivated by my stock photography portfolio to take food photos I most likely wouldn’t have had the opportunity to acquire these skills within my wedding photography business.
Maybe you’ll begin to create work to share that you’re excited about and actually attracts your ideal client! When you’re excited about a project it really shines! When you’re creating work for a client, this isn’t always the case because you’re carrying out someone else’s vision instead of pursuing your own.
Path #2: Sell the digital assets you’ve already created.
Stock is a great way to offer the photos, video footage, and illustrations you’ve already created. Yes, I teach the exact steps that I took to begin earning 5-figures each year through stock photography inside my course, Stock Photography Academy. But agencies like Shutterstock and Wirestock will let you sign up and start submitting work right away!
Path #3: Build a personal brand
Path #3 is the most lucrative and takes the most time to build. But by building a personal brand and establishing your expertise, your possibilities are nearly endless! From affiliate marketing on a blog (like this one), to creating courses, to selling workbooks and other digital tools, you can build an entire passive income empire! I know this sounds intimidating. That’s why I’ve created an entire coaching program to help save you the headache and lead you right to your goals!
If you’re tired of feeling overwhelmed by being overbooked with client work, I encourage you to take a minute to reflect on if starting a business earning passive income could be a good fit for you. Whether it’s stock photography or another income stream, earning a passive income can provide you with an income stream that allows you to pursue work you’re excited about AND provides you with more financial freedom.
Ready to start making a passive income, but need a little more guidance to help you reach your goals? Sign up for my coaching program and I’ll be there to guide you every step of the way!