Passive Income for Creatives | Lindsay Marsh | Skillshare
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7 Lessons (16m)
    • 1. Class Preview

      0:48
    • 2. Passive and Active Incomes

      3:18
    • 3. Building Your Content Library

      4:41
    • 4. Selling Creative Resources

      2:39
    • 5. BONUS: Online Courses and the Virtuous Cycle

      2:45
    • 6. Goals and Final Thoughts

      1:05
    • 7. Project!

      0:24
27 students are watching this class

About This Class

Passive income for creatives. Are you an illustrator, graphic designer, watercolor artist, photographer or any aspiring creative and you want to learn what passive and active incomes are?

The goal of this quick class is to get you thinking about generating passive and active income streams by building your library of resources in a diverse amount of offerings across several different platforms.

We will learn passive income basics, how it works, and go over ways you can sell your content and art in a wide variety of ways.

So, let’s learn together!

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Transcripts

1. Class Preview: passive income for creatives. Are you an illustrator, wrapping designer, watercolor, artist, photographer or any aspiring creatives? And you wanna learn what passive and active incomes are? And the differences, then this classes for use. The goal of this class is to get you thinking about generating passes and active. It comes screams by building your library of resource is and a diverse amount of Papuans across several different platforms. We will learn passive income basics, how it works and go over ways you could sell your content heart in a wide variety of ways, so let's learn together. 2. Passive and Active Incomes: who wants to be a starving hearts. I want to be an artist but not starving. He wants to be a creative and get paid for. I do, but I want to earn a respectable amount for my work. I wanted to take the time to go over the many opportunities creative artists, designers and illustrators have to make money online. There are a few types of money generating. The activities will go over in this class, passive income and activity. Active income can be freelance jobs or gigs that could be side hustles, which are all the rage side jobs, part time jobs there, many names for active income generating activities. I like to think of side hustles as the opportunity to try out new business ideas that could eventually go full time and maybe even eclipse or exceed our income that we're currently receiving. If we start to think of a side hustle as opportunity to grow in new business, unless it's just extra income, we could start the elevate the way we think about making money. Passive income is a little bit different, and sometimes you can combine the side hustle or a side job and do something that is passive and active and income the key difference with passive income, as once you create a product or service, and once you place it on the market, you will get continual sales and income from that product or service without much additional worker effort on your part. That's the key. Passive income is only passive if it does not require additional time to maintain. For example, if you want to teach an online course on skill share, for example, I place my class on skill share and I do not end any additional content. I will continually make money for every minute someone watches my class. I could do some on front marketing and, of course, get it to trend, which will give me a great jump start. The money I make each month from that course is passive income. But let's say I'm a little more active. I give feedback to students. I do more promotion. Each month after a launch, I add more content. I now have a mix of both passive and active income. The passive income would have come without any additional efforts, but since I added a little extra work, I can add on top of that passive income, additional active income to sweeten the pot. What is great about this is this will increase my potential for passive income as I slowly release more classes and build a following. Another example of passive income is, let's say, a release, an iPhone case designed on a website. Cold Society six. I received $12 sales from our iPhone product each month for every year, kind of on an average, without doing much additional promotions. The income I received throughout the year is truly passive income. I added no additional worker effort outside of creating the case and putting it online. I can release other products and build a following on instagram and Pinterest. So when I release a new product line, my sales triple without a huge amount of additional effort, that is where active income comes in so you can see how you could work a lot less by creating passive income products and services to add to your overall income. As you get your income streams going, you could start to make less active income because you already have passive income from your library products. Now that you know the difference between true passive income and active income. Let's start to build our business ideas and maybe even start to build our Library of Products services. 3. Building Your Content Library: think of your library of products and services as your passive and active income workers. For example, let's say have 10 poster designs I sell on my website and other community websites. I have 10 posters recruited in my income army that will each generate a certain dollar amount per month. Let's say five of those posters produce $0. Okay, that happens. Maybe they miss my target audience. Maybe I should have promoted them more. Three of them make around $10 per month and two over make around $50 a month. So for my first month, I make 100 $30. That might cover the cost of working on a few of this posters. But not all my time is covered quite yet. I want to pay myself for the time it took to design these posters. So let's say I want to make around $30 per hour being creative, having fun and doing these poster designs. At a minimum. If it takes me two hours to do a post resign, that's $60 proposed her that I'd like to make. I would want to make a minimum of $60 just to pay myself for that time. But get this. I can pay for my time creating those 10 posters and around 4 to 5 months of time, according to the first month's projected income. If that continues for 4 to 5 months, so any income after that is truly passive and truly extra. That means if I sell those posters at the very same rate for the next two years, they would generate $130 per month. At 24 months and two years, that'll be $3120 or $2520 of passive income, which would be after I paid myself for my hours of work for creating the posters. So if you break it down hourly $3120 divided by 20 hours, which is the total hours I spent creating the posters and uploading them, I come to $156 an hour. That's not bad for being creative and having fun. When creating your library, you have to think about creating a larger library of worker bees. The more work you have for sale, the greater chances of increasing your income with each new addition to your library as you continue to build your library and add more work services, classes, product artwork, whatever you're creating that slowly builds a following. Each new product of art that's released gets shown toe a larger and Lauder larger audience as you build your following, making income generated from each new addition greater and greater. I like to call this the slow build side hustles and passive income streams take time to develop, because you have to slowly build your audience with each new content release. But do not expect to make a ton of money in your first few product launches unless you already have a huge following. I think believing in this will set you up for a big disappointment. Think of it is a nice surprise if it takes off early and you get some social media shares and maybe some very vocal early followers. Each new piece in your library will have a greater chance for success and bringing in some nice passive income in the long run. Also, diversifying your library and releasing new items in different categories is great, too. Let's say I produce online courses, but also self photography on stock websites. If the online course sales are down for the month, my sales of my photography may do well, giving me a chance to stabilize my income streams. This is very true for certain product income streams, as some of them tend to be very seasonal. Certain products don't sell well in the summer, as a lot of jewelry and other type of products sell really well in the winter. I wanted to talk about content stretching a little bit. This is one of my favorite things to do with my library. Let's say one cell of vector illustration. I can sell that on one site that generates X dollars each month of income, but without any additional content creation efforts, I can place that same vector graphic on another website and generate X amount of money for it. Content stretching is amazing because you're getting a different audience from each website . That increases the chance of a sale each hour of the day. And what's great about this is you don't have to create new additional products. Just list them wherever you are getting sales consistently and drop websites that are delivering on any sales of long run off course, check with websites where your listing your products are items, as some may have excluded in exclusivity rule our rule that prevents you from placing another product on another website with the different price. But most of the websites I worked with do not have this rule. Once you have a starter library of content items, products, art, whatever you're wanting to build. Now we can go for some different types of places where you could build and create and sell just about anything. 4. Selling Creative Resources: selling creative resource is. This can consist of vector illustrations, vector graphics, Photoshopped brushes, Photoshopped actions, aftereffect, templates, photography, anything that someone can use as a creative asset at the project. There are a few major websites to check out if you're interested in this and as I suggested earlier, if you're an illustrator or designer, for example, try to diversify your product offerings and sell a few of these different products in different websites to see what works. The creative market dot com is one of the larger markets out there where you can create your own products shops and have them listed on the website. Of course, any time you're building a library of products, each new product will ads and followers, but takes a few months of slowly releasing products to start to gain traction. The make sales uploaded products and not doing anything else may lower your earning potential. What is great about the creative market? It has a white amount of products offered as a graphic designer. Conceal brushes, textures, fall inspector resource is and build an extensive library of products. Of course, this website takes a cut of your sails once you gain a large following building room platform would be suggested so you can keep a larger portion of sales. But that will take some time, and you have to build up a long list of loyal followers or email lists. They can continue to market all on your end. A great way to build a following on any of these platforms I'll be going over is to offer a few of your products for free. You can cross sell your free customers. Your premium products are paid products. This will allow you to grow an audience list organically without having do so much promotion all the time. If that's not your thing, people enjoy your free products. They're gonna want mawr and they make O and purchase your premium products, especially if they Seymour comes with your premium product offerings. Society six of Red Rubble Let's say I'm a pattern designer or even a graphic designer and illustrator. I can apply my patterns or illustrations to a wide variety of products on society. Six. For example, these platforms are currently oversaturated with patterns, so it's really difficult to make organic sales from these websites unless you have a large following already and market your products accurately. Sometimes it could be hit or miss, but if it's not generating money for me, I'll either delisted are no longer list in the additional products and focus on other items and websites that may be selling well. In my case, it was online forces. It doesn't hurt to try different things. You never know what might be your next big thing. 5. BONUS: Online Courses and the Virtuous Cycle: This is my biggest and best current passive and active in country. This used to be a side hustle, but now it's not a full time job. I've used all the tactics discussed in my last video. I've consistently released new classes every day built in my library and in turn, that has built by following each new course product artwork released gave me X amount followers that next my next next product or class launch easier to gain trending status and must reach more organic followers on these many websites, you could see how this is a virtuous cycle that snowballs until larger and larger profits each month. The virtuous cycle is a basic economics principle that acts like a feedback loop. One action builds on another in this late Casey. Want your content to grow followers and then make you more profits to increase your products? Reach invisibility so you can create new products and then gained new followers. Of course, I practice content stretching and have the same classes on over four platforms, each generating their own set of income each month. Teaching online is very rewarding on multiple levels. First, it's fun I could to help others, and it makes me some pretty good income. I also get to be creative and teach topics on just about anything. This class is an example of something I'm excited and passionate about. This helps others make money by being creative. Let's say you're an aspiring watercolor artist. You have built a library of different products. Let's say art prints, iPhone cases, maybe even some T shirt designs. You may have your very own store or you want to host your products on different websites. You could teach a class on how to create a designed for one of your products as you're creating actual product. Then you can sell your product at the end of the class by providing a link to students to check it out. You're also creating class as well as creating a product you can end up selling. Knocking two birds out with one stuff. Thistle is a great way for artists and designers to diversify their income. You can make money selling products. We can also make money showing others had it creates is very safe products. Still, share happens to be a great place to host classes. For a few reasons. They're popular with other creative types students. They tend to benefit shorter bite sides clashes, which are much easier and quicker to produce the film. And lastly, you could build a following here much like a YouTube channel, which makes future class launches more successful. It has taken nine months, but I am now generating more from reading classes like freelance graphic design business ever made in your creative type person, which is classes targeting. And this starts to excite me. There's some wonderful classes that you could pick on still share on building online forces . 6. Goals and Final Thoughts: the goal of this class was to get you thinking about generating passive and active income streams by building your library of resource is in a diverse amount of offerings across several different platforms. You'll start to know what is working, and then you'll focus on the one that is working. Continue to perfect it. After a year of slowly building your library, you should start to enjoy a nice following that will make your second year ah, year for building wealth and income streams. Side hustles and passive income streams are not built overnight, and Rome was not built in the day. Do not be discouraged if the first month you make less than $10 selling your products the second month you may sell $50. And if you continue to add products and services dagger generating $150 by the end of the year you may be jittering $1000 plus an income stick with it. Continue to build that library, build that audience and following and of course and joy being creative and getting paid for it 7. Project!: time for a class project. I want you to create a plan for building your library of creative content. Go to the project section of this class and answer. A series of basic questions will be the starting point toe launching a library building plan. Look forward to seeing your ideas on where you might start next. Passive and active income streams.