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How to diversify your photography business with passive income, using your photography skills.
Some of the most successful entrepreneurs of our time diversify their income and/or have multiple businesses. The entrepreneur’s life is not for the faint of heart, but you can ease some of that stress by having income coming in from several revenue streams.
Diversifying your business is not only lucrative but smart. It makes the slower booking months less stressful, gives you the freedom to re-invest in your business (which in turn helps you grow it even more), and allows you to take time off for vacations, maternity leave, or just a creative re-boot. Not to mention you could actually start saving for your future.
1| Stock Photography
I’ve been selling stock myself since 2014 with an average of 4 figures a month in extra income. The beauty of stock is if you are a photographer you have hard drives full of images just collecting dust that could be making you money. Stock isn’t a high dollar income, but it is evergreen and as your portfolio grows, so does your average revenue. I know photographers in the industry that have made stock their full-time job and generate an average 5 figure income each month. Stock income can fluctuate monthly based on the season, your portfolio and your continuous contribution to it. With the stock industry, you get out of it what you put in it. The more you build your portfolio, follow the trends, and continually upload the more lucrative your stock career can be. I’ve personally been on and off again with it so my income varies, but even on the months that I don’t even touch it, I am still able to pay some bills with my stock income.
There are a lot of stock agencies out there that vary in body of work and commission. Be sure to take some time to study them all and find what fits your photography style and income goals the best. I work with Stocksy United, but recommend Offset, Adobe Stock and Ghetty Images as well.
Interested in learning more about how to get started with stock photography? I am creating a tutorial on how to get started with stock that will be released soon. Sign up here to be the first to know when it releases!