Why Your Craft Business Needs Multiple Streams of Income

Sharing is caring!

Is your craft business set up to have multiple streams of income? If not, you are missing out on a huge opportunity for your business. In my opinion, it is so important to utilize your business to its fullest potential and to do that you need to have multiple streams of income.

“Don’t put all your eggs in one basket”

You’ve heard that quote before haven’t you? Basically, it means don’t rely on just one source of income. If one stream of income is having a slow day or month; the other revenue streams can continue to make money.

How do you set up multiple streams of income

Well simple, I’m doing it right now! I’m currently at one of my other main jobs while working on this blog post, in my downtime of course! But, let me show you a few other ways you can incorporate them into your craft business, without getting a 2nd job.

Take my Business as Example #1 Ribbon & Hair Bow Supplies

#1 Facebook Retail – Main FB page/group selling products at full price

#2 Facebook Wholesale – Secondary Group selling products in bulk for discounted price

#3 VIP Subscriptions – Handful of members only, but guaranteed monthly income. Not sure how to set up a subscription VIP membership? Here is a link to join my ECourse teaching all the ins and outs of growing your business, with details on this specifically as well!)

#4 Free standing website – Has its ups and downs. Keeping it updated is the hardest part.

#5 Etsy – Same with the website, has its ups and downs but keeping it updated helps!

#6 Could even go to craft events locally – Just do your research on each specific event. (more to come on this)

So as you can see, if etsy sales are down for a month, I still have income from other sources at any given moment. I highly recommend setting your craft business up similar to something like this. Just be care to not get yourself too overwhelmed by it all. Start with just two streams and work your way up as you are able to handle more.

Another example:

SVG or Digital Download Business

#1 free standing website

#2 Etsy – Don’t have Etsy but want to open one? Here is a link to 40 Free listings.

#3 selling individual files on creative market

#4 selling bundles on varies sights

You could put this concept into action with basically any craft or handmade business you may have.

Before you get started with multiple streams just make sure you come up with a plan on how you’re going to put it into action. Once that’s in place, get started and make that money!

Other ideas are things such as:

-Selling through local boutiques in your town.

-Selling digital items on Creative Market.

-Selling to PTA’s or School events.

Join Local Facebook Groups

One more tip. Hopefully you’ve already done this but, join local neighborhood Facebook groups. If you live in Plano, Texas, look up groups for Plano Neighbors or sell groups etc. And for your specific neighborhood too. Make sure you’re surrounding area knows who you are and what products you offer. This way when someone is looking for something specific you’re name will start getting mentioned more and more. Get yourself and your business name out there!

Hopefully reading over these key ideas on growth you learned why your business needs multiple streams of income. And now you can move forward with creating a game plan on how to make that happen.

We paid off over 70k in a Year…here’s how

Edited later to add a few things…if you’ve happened to make it this far.
I started writing this blog with the idea of sharing multiple streams of income from ONE business. But I realize maybe I should share a tad more of what that really looks like for me and my family.

We are following Dave Ramsey (ish) to get out of debt and live on the cash we actually have instead of credit cards like most of America. So far, we’ve managed to pay off over $70k worth of debt, ($74,616.83 to be exact) in less than a year. We’re still going, but we’ve done this by having multiple streams of income. For example, over the last several months, I’ve held at least 4 jobs at one time. I owned this boutique supply business (you know the one this site is ran on), I worked weekend nights as a dominoes delivery driver (don’t knock it, it pays GOOD!), I clean houses for people in my neighborhood (again this pays GOOD), and I worked at the High School as the Receptionist. My husband did the same thing! He worked his regular IT job full time, mowed lawns for neighbors, worked the dominoes gig, sold stuff on eBay, and worked doing cleanouts for a company that does insurance flood/fire work on homes.
I will say, none of this was easy. We basically haven’t seen much of each other in the last year and really had to sacrifice a LOT of family time, and focus really, REALLY hard on not spending money excessively. But now that the end is near and we will be 100% debt-free (minus our home) in the next 2 weeks, it feels good to look back at all that hard work and see it paying off. My car is paid off, we don’t owe any credit cards, we paid off our new roof and new air conditioners for our home. Now our income is just that OURS!
I’m only sharing this in hopes of encouraging you, if you’re in a tough spot financially, see where you can fit in some side gigs, and get to work!