In this post, we'll unveil a few highly effective ways for handmade business owners to earn passive income, while focusing on your artistic endeavors and securing a steady revenue stream.
As a dedicated handmade business owner, finding the right balance between creative pursuits and financial success is a constant journey.
There's always a tug of war between taking the time needed to enjoy making and putting together your handmade creations, and having enough products on hand to reach your income goals.
For example, how do you earn life changing income when it takes you three days to make one product? How do you continue to enjoy the craftsmanship, level of detail and quality required to create a true work of art when you have to meet tight deadlines?
Does having a "business" take away from your creative process and the sense of enjoyment you had when making your unique pieces? Did the joy go away when you started your business?
If you answered yes to any of these questions, you're in the right place... There are only so many hours in a day, so there is a limit to the number of items you can create. Especially if you're a one person business.
What is Passive Income?
If you're not sure what passive income involves, it's basically income that is earned when you provide something of value to the market, and you get paid for it without having to be physically present.
It means setting up systems that tell potential customers what you have to sell, handles payment processing, delivers products and services, and places the money into you bank account. All of this happens without your involvement, allowing you to focus on other aspects of your business and personal life.
Wouldn't it be amazing to wake up each day to notifications of more sales and leads delivered to your inbox on auto-pilot? The methods we will discuss in this post will give you the blueprint needed to help you build a passive income generating system for you handmade business.
To learn more about active, passive and residual income check out our blog post that explains in detail how it works.
1. Create and Sell Digital Products
- eBooks, Patterns, and Printables: Leverage your expertise by creating digital products related to your craft. Whether it's an e-book on advanced knitting techniques or downloadable patterns for intricate jewelry designs, the digital realm offers endless possibilities.
- Online Courses and Workshops: Share your skills through online courses or virtual workshops. Platforms like Teachable or Udemy provide a space for you to craft engaging lessons, reaching a global audience. Thrive Suite has a learning management tool called Thrive Apprentice.
- Subscription-based Content: Consider a subscription model for exclusive content. Subscribers receive regular digital goodies, fostering a sense of community while generating ongoing passive income. You can set up a membership site using WooCommerce and Thrive Suite, as well as other membership plugins for WordPress.
2. Establish Affiliate Partnerships
- Curate Artisanal Product Recommendations: Partner with brands that align with your handmade products. Share your favorite tools, equipment, materials, or complementary products through affiliate marketing. Earn a commission for every sale made through your unique affiliate link.
- Collaborate with Crafty Platforms: Join affiliate programs of platforms catering to handmade products. Promote your products on these platforms while earning a commission for sales originating from your referrals.
- Share Your Creative Process: Document your creative process through blog posts or videos, incorporating affiliate links for tools and materials used. Not only does this engage your audience, but it also opens up opportunities for passive income.
3. Create an eCommerce Shop
Add eCommerce functionality to your business and sell your affiliate, handmade and digital products, courses and services in a shop that you own and control.
For example, use a platform like WordPress for blogging capabilities and add a free plugin like WooCommerce or Shopify to capture sales.
Having a platform that you own and control has several advantages:
- You have the ability to set up and control your product listings and online presence in the way that works best for you.
- You have the ability to build relationships and establish an audience of new and existing customers.
- You have a platform that helps you build a brand and establish yourself as an authority.
- Easily add eCommerce, courses, testimonials, and optimized content that can be shared.
- You can earn passively by generating targeted leads and sales that come directly to you.
You can also earn by selling your products on platforms like Etsy, Koji, Gumroad, eBay and more. There are a number of limited use platforms you can use to promote your products and services to get the word out.
However you'll want to have a home base, using primary platform that allows you have control over your online business.
4. Sell Services and Consultations
With this model, you have control over your time, what you offer and how often you meet with clients. This is a model that uses active income, but it can help you establish your credibility and authority while helping you bring in steady income.
Build a Platform That Supports Your Business
To incorporate these business models into your handmade business, you'll need a platform that you own and control.
A platform that will allow you to build your brand, establish yourself as an authority and operate a central hub that you own and control.
Building your business on a WordPress platform that incorporated blogging and eCommerce has the following advantages:
- Gives you the ability to control your content, products, services and online presence.
- Easily add a shop, and sell courses and other products, make it easy to receive product reviews and create content that can be shared.
- Earn passively (24/7) by incorporating sales tools like flash sales, upsells, cross sells, buy one get one, etc., that will allow you to earn more over time.
- Accept pre-orders for handmade goods that might take longer to produce.
Earning passive income as a handmade business owner is not just a financial boon; it's a pathway to nurturing your artistic soul. By venturing into the digital realm and establishing strategic partnerships, you can create a sustainable income stream that supports your creative endeavors.
Embrace these methods, and watch as your passion for crafting flourishes alongside a thriving business.
Remember, the key lies in combining your unique craftsmanship with savvy business strategies. Here's to unlocking the full potential of your handmade business while enjoying more time for what you love most—creating art that inspires.
A platform that will allow you to build your brand, establish yourself as an authority and operate a central hub that you own and control.
Building your business on a WordPress platform that incorporated blogging and eCommerce has the following advantages:
- Gives you the ability to control your content, products, services and online presence.
- Easily add a shop, and sell courses and other products, make it easy to receive product reviews and create content that can be shared.
- Earn passively (24/7) by incorporating sales tools like flash sales, upsells, cross sells, buy one get one, etc., that will allow you to earn more over time.
- Accept pre-orders for handmade goods that might take longer to produce.
Build an Audience by Driving Traffic to Your Online Business
You'll need an audience of people you can talk to about who you are, what you do and how you help people reach their goals.
Once you've established the place where you'll send potential customers to do business with you, your next job is to start attracting potential customers!
Drive traffic to your online platform using the methods described below.
These methods are free in many cases and easy to implement:
- Email Marketing
- Social Media Marketing
- Send Free Samples to Influencers
- Use Search Engine Optimization (SEO) to Improve Discoverability
- Add Your Store to Online Directories
- Use Pinterest to Encourage Product Discoverability
- Optimize Your Google My Business Listing
- Create Relevant Content
- Join Discussions in Your Industry and Niche
- Social Bookmarking Sites
- Show Products in Free Listings on Google Shopping
Wrapping Up
Earning passive income as a handmade business owner is not just a financial boon; it's a pathway to nurturing your artistic soul.
By venturing into the digital realm and establishing strategic partnerships, you can create a sustainable income stream that supports your creative endeavors.
Embrace these methods, and watch as your passion for crafting flourishes alongside a thriving business.
Remember, the key lies in combining your unique craftsmanship with savvy business strategies. Here's to unlocking the full potential of your handmade business while enjoying more time for what you love most—creating art that inspires.
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